A Mortgage On That Kelowna Home For Sale Could Be On Par With Rent

In the current Canadian housing market, the financial burden of homeownership often outweighs renting. Homeowners across the country are spending nearly $300 more per month than renters. However, this is to be expected as many renters do so because they can’t or don’t want to pay the price of owning. Despite this fact, Kelowna presents a unique exception. According to a study by Point2, Kelowna homeowners pay only $78 more on average per month than renters. As a result, Kelowna has the smallest gap between renting and owning in all of Canada’s major cities.

In this article, we will be breaking down what this means for buyers looking to purchase Kelowna homes for sale. 

To Rent or Own A Kelowna Home for Sale?

For Kelowna residents, the typical monthly rent amounts to $1,536. Conversely, homeowners in the area face an average monthly mortgage expense of $1,614. This comparison underscores the slight disparity between renting and owning a home in Kelowna. If you are currently renting, this information presents a distinct opportunity for you to take your first steps on the property ladder! 

Nevertheless, transitioning to homeownership requires careful consideration. Owning a house involves significantly more responsibility than renting. However, there are numerous advantages to ownership. For instance, you have greater freedom to renovate and personalize your living space to your liking. It also affords you more flexibility to live without constraints on aspects such as pets, noise levels, and privacy.

Homeowners also benefit from tax advantages, a heightened sense of stability, and the potential for improved credit. Additionally, as your home appreciates, you will be accruing equity that you can leverage in the future to upgrade. Furthermore, by investing in a home that is uniquely yours, you are making a pivotal investment in your future!

Contact me Today!

Kelowna is an excellent place to invest in real estate. If you are looking to work with a REALTOR® in Kelowna to find your dream home, contact me today! I’d be happy to help you through the buying or selling process. Be sure to come back next month for more real estate-related blog content. I look forward to helping you in the purchase of a Kelowna home for sale!