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.

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.

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.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: