As Canada’s housing landscape continues to tilt in favour of buyers – thanks to lower interest rates and a growing supply of homes in many major markets – affordability is
Despite falling prices and lower interest rates, many renters are still pressing pause on home ownership
Dated: June 23 2025
Views: 14
As Canada’s housing landscape continues to tilt in favour of buyers – thanks to lower interest rates and a growing supply of homes in many major markets – affordability is improving in some of the country’s most expensive markets. For many renters, this signals a long-awaited opening into the market. But rather than rushing in, prospective buyers are taking a more thoughtful, strategic approach, carefully assessing their timing, finances and long-term goals.
According to a recent Royal LePage® survey, conducted by Burson, 28% of Canadians who currently rent say that, before signing or renewing their current lease, they considered buying a property rather than renting. When asked what factors influenced their decision to rent instead, 40% of respondents said they are choosing to wait for property prices to decline; 29% are choosing to wait for interest rates to decrease further; and 28% say they are working towards buying a property, and continuing to rent allows them to save for a sufficient down payment. Respondents could select more than one answer.
More than half of all renters surveyed (54%) say they plan to buy a property in the future; 16% say they plan to do so within the next two years, and 21% plan to buy in the next two to five years.
“We continue to see that many tenants are motivated to get a foot on the property ladder,” said Phil Soper, president and CEO, Royal LePage. “In Canada’s least affordable cities, entry-level opportunities have improved significantly, with home prices off last year’s peaks, incomes up and borrowing costs trending lower. Still, many renters – including the 40% who told us they’re holding out for further price declines – are choosing to wait. History suggests they may be disappointed. Over the past 75 years, Canadian home values have risen approximately 5% annually, running consistently ahead of inflation. The window of opportunity may be narrower than it appears, and strategic buyers are beginning to move.”
Nationally, nearly one third of renters (31%) say they do not plan to purchase a home. Of those respondents, 53% say they don’t believe their income will allow them to buy a property in the neighbourhood they want to live in, 40% say that renting remains more affordable, and 40% say they don’t want to take on the responsibilities of maintaining a property. Respondents could select more than one answer.
Katharine vanderburgh
Meet KATE VANDERBURGH – Your Trusted Real Estate Visionary in Oakville & surrounding areas. As the Founder and Lead Agent of the Kate Vanderburgh Realty Group, Kate brings 38+ years of ....
Latest Blog Posts
Active listings across the GTA surpassed the 30,000 mark in May for the first time in housing history. Total active listings finished the month at 30,964, marking a 13% monthly increase, a
Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
The information on this system is from sources deemed reliable, but should not be relied upon without independent verification. All data contained in the system is property of REALTORS ® Association of Hamilton-Burlington © 2018 or the originating source board/association.
Data provided by the Ontario Regional Technology & Information Systems. The information is deemed reliable, but is not guaranteed. Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned
Toronto Real Estate Board (TREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested