Canada more affordable than most believe




With an average monthly mortgage payment of US$2,188 and average rent for a three-bedroom home at US$1,414 per month, Canada is ranked tenth in the world for having the widest gap between renting and buying a home.
Research by Australia-based Compare The Market shows that in 2021 typical Canadian mortgage payments were 32.6 per cent more expensive than renting.
Luxembourg has the largest price gap at a staggering 51.1 per cent, reflecting the high cost of living. Luxembourg also has the highest rent and house prices on average at US$3,017 in monthly and an estimated monthly mortgage payment of US$4,558. 
Latvia came in at No. 2 with a substantial gap between rent and house prices of 42.5 per cent. While house prices in Latvia are much cheaper than those in Luxembourg, it has a similarly high gap between the cost of renting and buying—an average monthly rent of US$582 and average monthly mortgage payments of an estimated US$830.
Slovakia comes in third with a 42.3 per cent difference, just behind that of Latvia. Home prices have been on the rise in Slovakia over the last few years and with an average rent of US$771, the average monthly mortgage payment is estimated at just over US$1,000.
Lower down the ranking list, Canada is sandwiched between Germany (ranked ninth) and Netherlands (ranked eleventh) for having the widest gap between owing and renting a home.