Should I rent or buy a home in Vancouver right now?
With home prices still at historic highs and rental rates steadily climbing, making the right choice depends on more than just numbers. It’s about your goals, your lifestyle, and where you want to be in 5 to 10 years.
📍 Renting vs Owning in Vancouver: Quick Snapshot
Upfront Costs | 1st month + deposit vs. 5–20% down payment + closing costs |
Monthly Costs | Rent + tenant insurance vs Mortgage + property taxes + strata |
Flexibility | High – easier to move vs. Low – property sale needed |
Flexibility | High – easier to move vs. Low – property sale needed |
Equity Growth | None renting vs Builds over time |
Maintenance| Landlord handles vs. Homeowner responsibility |
Maintenance| Landlord handles vs. Homeowner responsibility |
Stability | Subject to rental increases vs. Fixed mortgage payments (if fixed) |
💰 Let’s Talk Real Numbers: Example for 2025
Here’s a look at the real numbers for a 2-bedroom condo in Vancouver, valued at approximately $900,000:
Expense Type | Renting | Owning (20% down) |
Monthly Rent | $3,200
Mortgage Payment | $3,800
Property Tax | $250
Strata Fees | $500
Maintenance Fund | $100
Property Tax | $250
Strata Fees | $500
Maintenance Fund | $100
Total Monthly $3,200 vs $4,650 ( owning) Renting is cheaper. But the long-term picture tells a different story.
📈 5-Year Projection: Renting vs. Owning
Total Rent Paid (5 years)vs . Total Homeowner Costs (5 years)+ Equity Built (Estimate)
Rent $192,000 vs. Own $279,000 | $125,000+ equity gain
While homeownership requires more upfront commitment, it also builds long-term wealth through equity, appreciation and stability.
✅ Why Renting Might Be Right for You
Planning to move or change careers soon
Saving for a larger down payment
Unsure if Vancouver is your long-term home
✅ Why Buying Might Be Right for You
Ready to settle and build wealth over time
Want to lock in predictable housing costs
Prefer ownership and control over your living space
Buying a home in Vancouver isn’t for everyone—but if you’re planning to stay for 5+ years, homeownership is often the smarter long-term financial move.
It’s not about chasing headlines—it’s about your goals, time your life not time the market.
📞 Let’s Map Out Your Next Move
Whether you’re ready to buy or just want to explore your options, I’m here to help you build a plan that fits your life and your budget.
