This article is a look at some interesting statistics about renting a strata unit in Vancouver as a pet owner and a look at why buying might make more sense in this market.
Renting a condo in Vancouver with a pet
Following are some statistics taken from the SPCA's power point presentation to stakeholders available on their website.
I found these stats to be quite remarkable, especially the first one where, despite all the benefits of being pet friendly, only 5% of rental buildings choose to allow dogs in the complex.
The good news is that this is not the case with stratified condo buildings in Vancouver. My best advice is that if you are a pet owner and are looking for a condo to rent, it probably makes more sense for you to buy. Here's why:1 2 3 5% Down 5% Down 5% Down 25 Year Amm 30 Year Amm 35 Year Amm Purchase Price $350,000 $350,000 $350,000 Down payment $17,500 $17,500 $17,500 Loan to Value 95% 95% 95% CMHC Premium 2.75% 2.75% 2.75% Total Premium $9,144.00 $9,144.00 $9,144.00 Total to Finance $341,644.00 $341,644.00 $341,644.00 Term 5 Years 5 Years 5 Years Amortization 25 Years 30 35 Cost of Borrowing 2.35% 2.35% 2.35% P & I $1,505.00 $1,321.00 $1,192.00 Strata Fees $200.00 $200.00 $200.00 Taxes $100.00 $100.00 $100.00 Total Monthly Payment $1,805.00 $1,621.00 $1,492.00 (Principle, Interest, Strata & Taxes) Est.
So, if you are renting a place for anywhere between $1400 and $1800 per month (which is typical rent for a one-bedroom in Kitsilano), then you should make the decision to buy. Don't abandon your pet and don't stress about having to please some miserable landlord.
You'll never get ahead by renting.