The Royal LePage 2025 Canadian Renters Report includes insights into renters’ decision making, financial realities and future homebuying intentions.

According to the report, 28 per cent 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 per cent of respondents said they are choosing to wait for property prices to decline; 29 per cent are choosing to wait for interest rates to decrease further; and 28 per cent say they are working towards buying a property, and continuing to rent allows them to save for a sufficient down payment.

More than half of all renters surveyed (54%) say they plan to buy a property in the future; 16 per cent say they plan to do so within the next two years, and 21 per cent 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 per cent 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 five per cent annually, running consistently ahead of inflation. The window of opportunity may be narrower than it appears, and strategic buyers are beginning to move.”

Key highlights:

• 54% of renters in Canada say they plan to purchase a property in the future; nearly one third of whom plan to buy within the next two years.
• Nationally, 28% of renters say they considered purchasing a property prior to signing or renewing their current rental agreement; 40% are waiting for home prices to decline and 29% are waiting for further interest rate cuts.
• More than half of tenants in Canada (52%) spend more than 30% of their net income on rental payments.
• Nationally, rental prices have declined for eight consecutive months, but remain above long-term averages.
• Consumer survey results include provincial and city-level data.