Nowhere more expensive to live in Canada than Oakville, Milton and Burlington
Published January 10, 2023 at 11:56 am
Oakville, Burlington and Milton continue to top lists of the most expensive places to live in Canada.
The latest information comes from Point2Homes.com, an online site for buying and renting homes across the country.
According to the survey, Canadian homeowners spend about 24 per cent (or almost $300) more than renters on monthly shelter costs.
Oakville and Milton, are two of only three cities where all residents (renters, as well as owners) spend more than $2,000 on shelter costs.
Oakville leads the country in shelter cost, both owning and renting, at $2,384 and $2,146, respectively. Milton is fourth in Canada for owning cost at $2,274 and third in rental cost at $2,042. Burlington is 14th in owning cost at $1,918 and sixth in rental at $1,706.
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Point2 analyzed Canada’s 50 largest cities to determine how these cumulated housing costs affect the owners and renters living there.
Nationwide, homeowners spend 24 per cent more than renters on housing costs. However, more than 85 per cent of owned households spend less than 30 per cent of their income on monthly shelter costs compared to almost 67% of renter households
The number of owners (9,955,975) is almost double that of renters (4,953,840), making up more than 66% of Canada’s residents. However, the latest Census shows the country’s homeownership rate on the decline, with many Canadians putting ownership dreams on hold.
The gap is narrowing as renter households grew three times faster this past decade — proof that homeownership is becoming increasingly out of reach.
Historically high prices and market volatility steer more and more Canadians away from owning their own homes, but monthly housing costs are also a contributing factor to renting gaining ground: On average, renters spend $289 less than owners on shelter expenses.
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