November 18, 2024
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“Is it better to rent or buy?” or renting vs buying. It’s real estate’s eternal question – one that sparks endless debate and has grown even louder amid headlines of soaring interest rates, cooling markets, and predictions of price corrections. But newly released Statistics Canada data should finally put this argument to rest. The numbers tell a stark story across every generation of Canadians: homeownership isn’t just a better path to building wealth – it’s dramatically better. From millennials to boomers, the wealth gap between owners and renters isn’t just significant – it’s staggering.
The Wealth Gap: Renting vs Buying Across Ages

The data reveals a stunning disparity:
Young families (Under 35):
- Homeowners: $457,100 median net worth
- Renters: $44,000
- Most dramatic wealth growth: Under-35 homeowners saw their net worth climb 45% from 2019-2023
Mid-career owners (35-44):
- Homeowners: $673,000
- Renters: $61,200
- Nearly 11x difference in wealth
Established owners (45-54):
- Homeowners: $972,200
- Renters: $50,800
- 19x wealth gap
Pre-retirement (55-64):
- Homeowners: $1,241,800
- Renters: $43,000
- Nearly 30x difference in wealth
Retirement years (65+):
- Homeowners: $1,081,000
- Renters: $72,000
- 15x wealth advantage

Beyond Traditional Investment Vehicles
Even without a pension plan, homeowners build more wealth:
- Homeowners without pensions: $914,000 median net worth
- Non-homeowners with pensions: $359,000 median net worth
Long-term Performance Speaks Volumes
Despite significant headwinds in the real estate market over the last 3 years, the national picture shows remarkable stability and growth:
- Average home prices up 30% over five years
- 64% increase over the past decade
- Premium markets like Metro Vancouver have seen even stronger appreciation
- Major urban centers consistently topping $1-million average prices
Why Buy Real Estate Now?
While current headlines might give pause, Statistics Canada’s data reminds us that real estate’s wealth-building power persists through market cycles. It is time in the market, as they say, and StatsCan data demonstrates this.
For potential homebuyers:
- The reduced competition provides more opportunities
- Time to make careful, considered decisions
- Chance to enter the market when others are hesitating (though this hesitancy seems to be changing)
- Focus on long-term wealth building over short-term market timing
The Verdict Is In
The Statistics Canada data makes it clear: whether you’re just starting out or planning for retirement, homeownership has proven to be a cornerstone of wealth building for Canadians. While renting might offer flexibility, the long-term financial implications are profound:
- Young homeowners establish a 10x wealth advantage early in life
- This gap widens to 30x by pre-retirement years
- Even without a pension plan, homeowners accumulate more wealth than renters with pensions
- The wealth-building power of real estate ownership persists through market cycles
Metro Vancouver’s SkyTrain corridor continues to offer accessible entry points into homeownership, & many exceptional deals today, combining location advantages with long-term appreciation potential. The age-old debate of renting vs buying might rage on, but the numbers speak for themselves.