The rent vs buy conversation in Calgary is certainly not something "new" on the scene in 2021. Clients ask on a regular basis if we think it's a good time to buy or if they should keep renting. In the past 5 years in Calgary, we've seen reasonable vacancy rates and market rents have been affordable. Because of this, finding a great accommodation to rent hasn't been a difficult task in Calgary and lots of newcomers to the city have chosen to rent instead of buy. But, the question to ask is, "What is the best for your long term financial goals?"
Renting a Home in Calgary
Equity Gained Buying a Home in Calgary
Comparing Total Costs of Renting vs Owning
Here's an interesting take - Back in 2020 this thread came up in r/personalfinancecanada a popular subreddit focused on stocks, financial advice, housing, and more titled ' buying a house vs renting an apartment in Calgary ' - 61 comments, the top voted comment echo's another users posts saying
Renting in Calgary vs Vancouver
Rent trends for apartments in Vancouver - According to the stats, rent in Vancouver is on the rise, in reviewing opportunities to rent apartments in Vancouver command prices upwards of $1,900 for one bedrooms, presently we are seeing homes (basement suites) renting for $2500 - $3,000 and homes renting for $3,000+ but typically in the $4,500 to $5,000 ranges.
Rent trends for apartments in Calgary - Calgary (presently) is a much different story, and while we don't anticipate Calgary prices to ever match Vancouver prices, it's a possibility, that in the future we'll see Calgary reach the levels that Vancouver is presently at, where average home prices are significantly higher than they are.
Renting vs buying Final remarks
The fact of the matter is, there really isn't a right answer for anyone. A lot of these choices come down to personal preferences, risk tolerance, and individual circumstances (being able to purchase, stability, plans to move, etc)
Whether you're a buyer considering the rental route vs buying route, or a seller deciding whether they should be selling vs holding onto a property, we believe it's important to have clear conversations that ultimately will allow you to know all of the avenues, possible outcomes, risks and exposures, and potential gains or benefits.Posted by Calgary Homes Real Estate Partners Team on