Is Your Rent Keeping You From Owning a Home?

One of the biggest roadblocks to homeownership—especially in high-cost markets like Vancouver, Richmond, and Ladner—is saving up for a down payment while still paying rent. Month after month, renters hand over a big chunk of their income for a place to live, without building a single cent of equity. But have you ever wondered just how far that rent money could go if it were redirected toward buying a home?

You might be surprised: in many Canadian cities, five years of rent could have paid for your down payment—not just once, but two or three times over.

Rent vs. Down Payment: A Costly Comparison

Zoocasa crunched the numbers using average rent data for a one-bedroom apartment between 2020 and 2024. Then they compared that five-year total to the minimum down payment needed to buy an average home in February 2025. The results are eye-opening:

In Vancouver, for example, five years of rent adds up to 41% more than the minimum down payment needed for the average home. In other cities—like Edmonton, Regina, or Saskatoon—you could have paid for a home three or even four times over with what you’ve spent on rent.

Could You Already Afford a Home?

The truth is, in many markets, renters could have saved enough for a down payment in less than two years. In Regina and Saskatoon, it would take just around 16 months of rent. Even in Edmonton—where housing is still relatively affordable—five years of rent totals nearly three times the minimum down payment.

What’s more, those larger down payments don’t just help you buy a home faster—they also reduce your overall borrowing costs, helping you save even more in the long run.

A Closer Look: Rent Over Time (2020–2024)

Here’s how average monthly rent has changed over the past five years across Canadian cities:

As you can see, rent prices have steadily risen, which means renters are spending more without getting any closer to homeownership.

Renting Strategically: Choosing the Right Market

If you're currently renting in Metro Vancouver, even small shifts in location can have a big impact on your ability to save and buy.

Take Ladner for example—a hidden gem that often offers better value per square foot than central Richmond, with quieter neighbourhoods and more family-friendly options. If you’re working from home or don’t need to commute daily into Vancouver, renting or buying in Ladner can mean lower monthly costs and a quicker path to homeownership.

By contrast, central Richmond tends to come with higher rents, especially in newer high-rises near SkyTrain hubs. While it offers convenience and lifestyle perks, it can take longer to save up the down payment if you’re renting here—especially with current pricing trends pushing the average one-bedroom well above $2,400/month.

If you have flexibility in where you live, shifting your focus from a high-demand urban core to a more accessible neighbourhood nearby can dramatically change your financial trajectory. It’s all about finding that sweet spot between affordability, livability, and long-term value.

Programs That Help Renters Become Homeowners

If you’re ready to start turning rent payments into equity, there are tools available to help:

• First Home Savings Account (FHSA) – A tax-free way to save for your down payment.

• Tiered Down Payment Rules – Homes up to $1.5M now qualify for smaller down payments (less than the traditional 20%).

• Build Credit Through Rent Payments – Services like the Landlord Credit Bureau let you report rent payments to boost your credit score—helping you qualify for a mortgage with better rates.

Let’s Talk About Your Plan

At the end of the day, the goal isn’t just to stop renting—it’s to own smart. Whether you’re thinking about buying now or just planning ahead, having a strategy tailored to your financial situation makes all the difference.

If you’re tired of paying someone else’s mortgage and want to explore your path to homeownership, let’s connect. I’ll help you understand your options, weigh the pros and cons, and find a solution that makes sense for you.

📞 Let’s talk strategy—reach out today and let’s take the next step toward your own front door. If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!