Renting a property is a great way to save money, and a report from the Vancouver Sun suggests that the majority of the city’s residents are taking full advantage of it.
This news is in complete contrast to national average, which indicates that 30 per cent of Canadians rent, as opposed to nearly 70 who own. The only exception to this is Montreal. Despite affordable average rents in that city, there are there are far fewer homeowners per capita.
It’s become almost commonplace to hear reports about rising home prices in the Vancouver market these days. As housing becomes less and less affordable for residents, a total of 52 per cent of Vancouverites have chosen to rent a home over buying one.
“Greater Vancouver’s rental rates provide today’s resident with outstanding dollar value, as compared to ownership,” said David Goodman, co-publisher of The Goodman Report, which analyzes Vancouver’s housing market.
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