It's harder than ever to go from renting to owning a condo in Canada: RBC
Housing Affordability Survey Finds It's Harder Than Ever To Go From Renting To Owning A Condo In CanadaFile photo of a rental sign.
Runaway price growth for single-family homes is a thing of the past in Toronto and Vancouver today, thanks to rising interest rates and tougher mortgage rules. But with prices still high, buyers have turned to other options. Or really the one other option that exists: condos. To go from renting a two-bedroom apartment to owning an average condo in Toronto, you need to spend an additional $1,138 per month. In Vancouver, that premium is $1,553, while Montrealers need to spend an additional $904 per month.Of 14 cities for which RBC crunched the numbers, in only two -- Saskatoon and Winnipeg -- is it cheaper to own a condo than to rent an apartment.
"And it's not because rent is cheap or became less expensive over that interval," the RBC economists noted."Rent increased by an average of 6.4 per cent in Vancouver, 4.4 per cent in Toronto and 7.6 per cent in Victoria in the past three years.""Expect rental demand to grow rapidly in the years ahead," Wright and Hogue wrote.
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