It can cost twice as much per month to buy a condominium in Vancouver than to rent an apartment, and the price gap narrows only slightly across the region, according to an expert panel at the Vancouver Real Estate Forum, held March 30.
The panel of developers and investors, moderated by Mark Kenney, COO of Canadian Apartment Properties Real Estate Investment Trust, broke down the real costs of buying a condo versus renting a Vancouver apartment, and provided stark evidence why more young tenants may opt to keep renting.
IIn downtown Vancouver, the panel agreed, it costs 79% more per month ($2,347) to buy a one-bedroom condo than to rent a similar-sized apartment ($1,313). At the two-bedroom level, it costs 108% more to buy ($4,064 per month on average) than to rent ($1,951). The gap is narrower in suburban Metro Vancouver; 60% more to buy than rent a one bedroom apartment and 73% more expensive to buy ($2,371) a two-bedroom condo rather than renting ($1,368) a two-bedroom apartment.
In March, the benchmark price for a Metro Vancouver resale condominium apartment was $415,200, reports the Real Estate Board of Greater Vancouver.