A recent analysis looking at the cost of renting vs. owning a home reveals that Canadian homeowners spend 24 per cent (or almost $300) more than renters on monthly shelter costs. Conducted by Point2, the study includes breakdowns of the top Canadian cities with the cheapest and most expensive housing.

Findings show that 85 per cent of owned households spend less than 30 per cent of income on monthly shelter costs compared to almost 67 per cent of renter households. However, in cities like Kelowna, BC, Kingston, ON, and Richmond, BC, renters and owners spend almost the same on housing costs.

Record-high rates of inflation have also impacted monthly housing costs, putting more pressure on most Canadian household budgets. Whether it’s costs specific to renting vs. owning, Canadians have it cheaper depending on where they live.

Specific findings:

• On average, Canadian homeowners spend 24% (or almost $300) more than renters on monthly shelter costs.

• Major Ontario cities boast the most expensive housing costs: homeowners in 9 cities (including Toronto, Brampton and Markham) pay more than $2,000 a month.

• Oakville, Vaughan and Milton, ON, are the only cities where all residents (renters, as well as owners) spend more than $2,000 on shelter costs.

• Renters in 9 Québec cities (including Montréal and Québec City) pay less than $1,000 on housing costs; Trois-Rivières enjoys the cheapest housing costs for both homeowners ($956) and renters ($676).

• Renters and homeowners in Kelowna, BC, spend almost the same on housing, while owners in Brampton, ON, pay $676 more than renters.

• 79% of Canadian households spend less than 30% of their monthly income on housing costs. In Lévis and Saguenay, QC, about 88% do so.

• Renters who want to take on a mortgage to become homeowners in Canada need to spend almost 71% (or $857) more per month, but it’s cheaper to do so in metros like Winnipeg or Québec City

The bottom line is that 2022 was a rollercoaster no matter which side of the housing fence Canadians found themselves on. With heightened monthly expenses for utilities and other municipal services, the key difference between the two groups is that while renters have monthly rent payments, homeowners are responsible for property taxes, condominium fees and mortgages.

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