This graphic was created by REW.ca to show the comparison of owners vs. renters in the Lower Mainland on British Columbia based on the most recent national household survey.
Renting in Vancouver can be really expensive. However, buying a home is a big decision that requires a huge financial commitment as well. One of the most common questions from would be first time buyers is, “Should I rent or should I buy my first home?”.
It takes more than looking at your mortgage payment to answer this question. The first step in buying a new home is ensuring you can afford to place at least 5% of the purchase price of the home as a down payment and determining your budget.
[hr]Related: What’s the minimum down payment for a mortgage in Canada?[hr]
Watch this video to learn more about renting vs. buying, then tryout the rent or buy calculators below to help you weed through the fees, taxes and monthly payments to help you make your final financial decision.
Rent or Buy Video
Rent or Buy Mortgage Calculator
Have more questions on renting vs buying?
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