Across the country, homeowners spend almost $300 more on shelter costs per month than renters – although the average is a stark contrast to that of Kelowna.
According to real estate study website Point2, Kelowna homeowners pay just $78 more on average per month than Kelowna renters, the smallest gap between the two in all of Canada’s major cities.
The average homeowner in the city pays $1,614 for shelter, while renters sit at $1,536.
“Beyond financial means, choosing whether to own or rent can be reduced to pros and cons,” said Point2 analyst Alexandra Ciuntu.
“Renting means less responsibility, while owning is a long-term investment; renting might mean freedom, while owning can bring stability. But, the reality is that we can’t bypass financial means, which often make the decision for us.”
Richmond came in at number three on the list of the smallest gaps, with a difference of $122.
Surrey was among the highest in the nation in terms of homeowners paying more than renters, paying an average of $2,018 a month compared to $1,434 for renters – a difference of $584.
In determing the shelter costs, the census took into consideration mostly rent payments for renters, along with mortgage, property tax and condo fees for homeowners.