![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/09\/rlp-price.jpg\")
<\/a>Photo: James Bombales<\/em><\/p>\nThere\u2019s the old adage in the industry that buying a home is cheaper than renting long-term. Despite sky-high property prices in many Canadian cities, that still rings true according to research published today by Royal LePage.<\/p>\n
In a study conducted on behalf of the company<\/a> by economist and housing market analyst Will Dunning, new data shows that for those who are able to secure a \u201csufficient downpayment,\u201d it is still more financially advantageous to buy compared to renting in 91 per cent of cases studied.<\/p>\n\n The study used pricing data from 278 scenarios that are organized by city and housing type, and is said to approach the question of \u201cIs it better to buy or rent?\u201d from multiple angles, including historical data and views on home ownership as an investment. The scenarios also assume that the homeowner has secured a 20 per cent down payment.<\/p>\n \u201cFor many people, buying a home \u2013 especially the first \u2013 is a landmark event and one of the most challenging decisions we\u2019ll make in our lives,\u201d said Will Dunning, president of Will Dunning Inc, in the report.<\/p>\n \u201cIt is a decision that is usually based on a lot of hard work. This research tests a belief that is held by a lot of Canadians, that owning is better financially than renting. And, it finds that this belief is very often correct,\u201d he added.<\/p>\n