Across the country, homeowners spend almost $300 more on shelter costs per month than renters - though the average is a stark contrast to that of Kelowna.

According to real estate study website Point2, Kelowna homeowners pay just $78 on average per month than Kelowna renters, the smallest gap between the two in all of Canada鈥檚 major cities.

The average homeowner in the city pays $1,614 for shelter, while renters sit at $1,536.

鈥淏eyond financial means, choosing whether to own or rent can be reduced to pros and cons,鈥� said Point2 analyst Alexandra Ciuntu. 鈥淩enting means less responsibility, while owning is a long-term investment; renting might mean freedom, while owning can bring stability. But, the reality is that we can鈥檛 bypass financial means, which often make the decision for us.鈥�

Richmond, B.C. came in at number three on the list of the smallest gaps, with a difference of $122.

Surrey was among the highest in the nation in terms of homeowners paying more than renters, paying an average of $2,018 a month compared to $1,434 for renters - a difference of $584.

In determing the shelter costs, the census took into consideration mostly rent payments for renters, and mortgage, property tax, and condo fees for owners.

Jake.courtepatte@kelownacapnews.com
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