The Royal LePage 2024 Canadian Renters Report includes insights into regional rental market trends and the sentiments of renters from coast to coast, including their plans to transition into home ownership.

According to the report, 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34).

“The rental sector is not immune to the significant affordability challenges stemming from Canada’s acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market,” said Phil Soper, president and chief executive officer, Royal LePage. “Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low.”

Here are some key highlights from the report:

• 27% of renters plan to buy a property in the next two years; 40% among renters aged 18-34
• Of those who do not plan to buy a home in the next two years, 54% say they do not feel their income will be sufficient to afford a property they desire; 61% among those aged 18-34
• 29% of Canadian renters say they considered buying a property before signing or renewing their lease; 41% of them lacked a sufficient down payment
• In British Columbia, 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%