The Royal LePage 2025 Canadian First-time Homebuyers Survey includes insights into the aspirations of first-time buyer hopefuls and the challenges they face in today’s market.

The survey shows declining interest rates, higher inventory levels and softening home prices in major cities are opening new doors for first-time buyers in 2025. Still, despite more favourable market conditions, many are choosing to delay their purchase plans, intending to hold off for at least another year. 

“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into home ownership, especially in costly cities like Toronto and Vancouver. Yet, hesitation remains,” said Phil Soper, president and CEO, Royal LePage. “For some, ongoing economic uncertainty, particularly surrounding trade relations with the United States, is prompting them to hold off until there are signs of stability. Buying a home is the biggest financial decision most people will ever make, and first-time buyers naturally want to do so with as much certainty as possible.

Key highlights:

• 13% of Canadian adults are working towards their first residential property purchase within the next two years; a majority of them plan to buy in the next 12 to 24 months.
• More than half (53%) of first-time buyers plan to put at least 20% down on their purchase; while 39% will not and will therefore need to buy mortgage insurance.
• 41% of first-time buyers say they will receive financial assistance from family or friends, while 51% will not.
• Single-family detached properties remain the most popular housing type among first-time buyers.
• Finding a home that is move-in ready is the most important non-price related factor for first-time buyers, according to Royal LePage professionals across the country.