Climbing the Property Ladder: Despite Affordability Challenges, a Quarter of Canadian Renters Plan to Buy a Home in the Next Two Years

The Canadian dream of homeownership may seem elusive, but it’s heartening to see that amidst the skyrocketing housing prices and tight competition, a considerable number of renters are steadfast in their pursuit to own their own home. According to a recent Royal LePage survey, nearly a quarter of Canadian renters are gearing up to make the leap from renters to homeowners within the next two years!

The Pulse of Canadian Renters

The survey, expertly conducted by Hill & Knowlton, covered the insights of 1,506 Canadian renters aged 18+. Here are the game-changing revelations:

  1. A Spirited 27%: Yes, you read that right. About 27% of renters have their sights set on purchasing a home within the next two years. This ambition is particularly strong among the younger crowd, with a whopping 40% of those aged 18 to 34 ready to trade in their rent for a mortgage.
  2. The Reluctant Majority: Meanwhile, 69% of renters are not planning to buy anytime soon. More than half (54%) of this group cited insufficient income as the primary roadblock.
  3. A Why-Not-Try Spirit: Before signing their leases, 29% of renters had actually considered buying a property. The major deterrents? A lack of down payment (41%), high interest rates (33%), and soaring property prices (30%).

The Rental Market: No Playground

Canada’s rental market has its own share of challenges. High mortgage rates have indirectly impacted rental prices by keeping more people in the rental pool. This compounding effect, along with a tight housing supply, has pushed vacancy rates to alarmingly low levels—1.5% for purpose-built rentals and an astonishing 0.9% for condominium apartments.

The Financial Struggle Is Real

Renting isn’t easy on the wallet either. A significant portion of renters face financial strains: - Nearly 36% of Canadian renters spend up to 30% of their net income on rent. - 37% are shelling out between 31% and 50% of their income. - A troubling 16% spend over 50% of their income on rental costs. In the high-stakes markets of Vancouver and Toronto, these figures are even more extreme, reaching 27% and 19% respectively for those spending more than half their income on rent.

Charting the Course: Resources and Solutions

So, what’s a hopeful homebuyer-to-be to do? Royal LePage offers a treasure trove of resources to help. From comprehensive guides on making the transition from renting to owning, to detailed glossaries that demystify real estate jargon and tips on saving for a down payment—there’s something for everyone. Not to mention, expert Q&A sessions and moving day tips provide that extra layer of confidence and preparedness.

Final Thoughts: A Dream Deferred but Not Denied

Despite the daunting affordability issues and stiff market competition, the aspiration for homeownership among Canadian renters is alive and well. The Royal LePage survey shines a light on this resilient spirit, showing that with the right tools, resources, and a dash of perseverance, the dream of owning a home is far from out of reach. Now, it’s your turn. Share your thoughts and experiences. Are you one of the 27% ready to climb the property ladder, or are you finding it challenging to make the move? What resources or strategies have you found helpful? Join the conversation and let’s navigate this journey together!


1. Royal LePage Blog. (2024, June 7). Despite Affordability Challenges, a Quarter of Canadian Renters Plan to Get a Foot on the Property Ladder in the Next Two Years.

2. Canada Mortgage and Housing Corporation. (2024, January 31). Rental Market Report.