Royal LePage recently released the results of the Canadian Renters Report.
Key highlights from the national release include:
- 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%
- Of renters who say they plan to buy within the next two years, half (50%) say they will have a down payment of less than 20%
- 44% of renters planning to purchase in the next two years believe they will be able to afford a home in their current city of residence, while 37% do not
