2022 was a financial whirlwind, with record-breaking gas prices, rising inflation rates, and overall high living costs.
A recent Point2Homes survey reports that Canadian homeowners spend 24 per cent of their income (or almost $300) more than renters on monthly housing costs.
Although many young Canadians dream of home ownership, renters have increased threefold in the last 10 years.
On average, homeowner shelter costs increased by 14 per cent since five years prior — about $1,498 per month. It is true that renters saw a 20.66 per cent increase in shelter costs, but the average monthly cost was still below homeowners': $1,209.
Highest shelter costs
It's no secret British Columbia and Ontario have some of the nation's highest shelter costs. It's a fact that the survey's data emphasizes. Only cities from these two provinces make up the top 15 Canadian cities with the highest housing costs for owners and renters.
For homeowners, Lower Mainland municipalities took the cake.
Vancouver placed eighth for highest housing costs, followed by Surrey, Langley, and Coquitlam.
The renters list had a slightly different order. Richmond, B.C. ranked seventh for highest shelter costs, followed by Vancouver, Langley, and Coquitlam.
Not a single B.C. made it into the 'lowest shelter costs' list.
In general, the survey confirms a truth many British Columbians know: average monthly housing costs for both owners and renters exceed the national average.