Homes in Canada’s largest real estate markets are big premiums to own, especially in larger markets like Toronto, Vancouver, Victoria and Edmonton.
According to an analysis by Canada Mortgage and Housing Corporation (CMHC), there is a gap between the cost of owning and renting in 2020, with the cost of owning in the largest markets almost double that of renting.
In Toronto, condo buyers are paying an 86% premium to own property instead of renting, with the real estate market in the Greater Toronto Area having the biggest gap between owning and renting.
Condo owners are paying 86% more to own than rent in 2020. This is down from a peak of 101.47% in 2018 which is attributed to increasing market rents and falling interest rates, but this number is still fairly higher than it was in 2015 and the biggest premium paid in any Canadian real estate market.
Source: Better Dwelling
Photo: Toronto Storeys