Today I want to talk about a powerful force that's shaping housing demand across North America, and it's not population growth, immigration, or even job creation.

It's the growing gap between the cost of renting and the cost of homeownership.

For years, we've heard that homeownership is part of the American dream. But at the end of the day, households make economic decisions. When the monthly cost of owning a home becomes dramatically higher than the cost of renting a comparable property, many families simply choose to rent.

A recent analysis of the fifty largest metropolitan areas in the United States found that renting is cheaper than buying in every single major market. Not some markets. All of them.

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