Waiting in the wings: Renters continue to eye path to home ownership, watching for deeper drops in interest rates and home price declines

More than 1 in 4 renters in Canada say they considered buying a property prior to signing their current lease

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.

TORONTO, June 19, 2025 /CNW/ - As interest rates decline and the supply of homes for sale grows, affordability is improving, shifting many residential real estate markets across the country in favour of buyers. This would seem to open the door for renters considering the move to home ownership. However, behaviour is more nuanced and many are approaching the opportunity strategically.

According to a recent Royal LePage^® survey, conducted by Burson,¹ 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. Respondents could select more than one answer. 

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¹Burson used the Leger Opinion online panel to survey 1,854 Canadian renters, aged 18+. A robust oversample was collected in Quebec (n=878) as well as in 9 major cities across Canada (Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Ottawa-Gatineau, Sherbrooke, Quebec City, and Montreal) The survey was completed between June 2 and June 9, 2025. Weighting was applied to age, gender, regions, and cities based on 2021 census figures. No margin of error can be associated with a nonprobability sample (i.e., a web panel in this case). For comparative purposes, a probability sample of 1,854 respondents would have a margin of error of ±2%, 19 times out of 20.

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."

Nationally, nearly one third of renters (31%) say they do not plan to purchase a home. Of those respondents, 53 per cent say they don't believe their income will allow them to buy a property in the neighbourhood they want to live in. Forty per cent say that renting remains more affordable, and 40 per cent say they don't want to take on the responsibilities of maintaining a property. Respondents could select more than one answer. 

Rents on the downslide, but affordability remains a long-term battle

After surging in response to interest rate hikes and rising mortgage costs in 2022, rental prices in many cities across Canada have been on the decline for the last several months, offering those seeking rental accommodations more favourable market conditions.

According to the latest National Rent Report by Rentals.ca and Urbanation Inc.,² the average national price of a one-bedroom rental unit in Canada decreased 3.6 per cent year over year to $1,857 in May 2025. Meanwhile, the average price of a two-bedroom unit decreased 4.6 per cent year over year to $2,225.

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² June 2025 Rentals.ca Rent Report, Rentals.ca Network data and Urbanation Inc., June 2025. The data used in the National Rent Report analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS). The Rentals.ca Network of ILS's data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses. Properties listed for greater than $5,000 per month, and less than $500 per month are removed from the sample. Similarly, short-term rentals, single-room rentals, and furnished suites are removed from the sample when identifiable.

"Softening activity in the rental market has been driven by a combination of factors. On one hand, the completion of purpose-built rental projects and condominiums in major cities like Toronto and Vancouver has introduced a surge of new supply to both the resale and rental markets. On the other, demand has tapered slightly as international student permits have been capped and lower interest rates have encouraged some renters to make the leap into home ownership," said Soper. "As a result, tenants may now be in a better position to secure rentals with more space, upgraded amenities, or more desirable locations, often at more competitive prices.

"Rental markets tend to respond more slowly than resale housing to changes in the economy. Home prices have softened in many regions through the first half of the year, and we're now seeing that relief begin to flow through to the rental sector. For the first time in years, some tenants are seeing more choice and negotiating power," added Soper. "Yet, for those aspiring to own, this may be the moment to take a harder look at what's possible. With prices down in many markets, rates easing, and wages growing faster than the cost of housing, the path to ownership – long a distant beacon for many – may now be coming into clearer focus."

Despite the improvements, affordability continues to be a challenge for renters. While rents have eased for eight consecutive months, they remain well above historical norms. Nationally, rents are 5.7 per cent higher than they were two years ago and 12.6 per cent higher than three years ago, according to the report. Over the past five years, average asking rents in Canada have risen by an average of 4.1 per cent annually, outpacing wage growth.

Thirty-seven per cent of renters in Canada say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while another 37 per cent are spending 30 per cent or less. Fifteen per cent of respondents are spending more than 50 per cent of their income on rent.

Challenges with affordability are also forcing renters to make hard choices. When asked if they've made any sacrifices in order to afford their rent, 40 per cent of tenants said they have reduced spending on groceries and food; 30 per cent said they have reduced contributions to savings or retirement; 21 per cent said they are accumulating credit card debt; and 20 per cent said they are taking on a second job or side hustle. Respondents could select more than one answer.

"Even with several months of decreases, rents are still significantly higher than they were just a few years ago," said Soper. "Meaningful policy action is needed to restore long-term affordability."

Ensuring rental housing is affordable for future Canadians

Housing policy remains top of mind for Canadians and the government. In recent years, the debate over how to solve Canada's housing crisis has been front and centre during election campaigns at every level of government, across cities, towns and provinces from coast to coast. The newly-elected federal government has committed to materially improving housing affordability by increasing the rate of construction, cutting taxes, simplifying approval processes for developers of purpose-built rental housing and offering financial incentives, such as the GST break for first-time buyers of new construction homes.

"There's no single fix for Canada's housing challenges," said Soper. "Restoring affordability – without undermining the equity that millions of Canadians depend on – will take more than just building homes. It demands coordinated action from all levels of government and the private sector. Yes, we need to dramatically increase housing supply across the spectrum, from purpose-built rentals to entry-level ownership. But, cutting red tape, modernizing zoning and strengthening tenant protections will be critical to ensuring fair and lasting access for all."

When asked which policies would be most effective in improving rental affordability, 56 per cent of renters said they support the building of more affordable housing units; 47 per cent selected increasing tenant protections against eviction and unfair rent increases; 42 per cent said they'd like stricter rent control measures implemented. Respondents could select more than one answer.

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart

REGIONAL SUMMARIES

ONTARIO

In Ontario, 28 per cent of renters 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, 43 per cent of respondents said they are choosing to wait for property prices to decline; 34 per cent said they are choosing to wait until interest rates decrease further; and 34 per cent said they couldn't qualify for a mortgage or financing. Respondents could select more than one answer.

Looking ahead, 55 per cent of renters in Ontario say they plan to purchase a property in the future; 15 per cent plan to do so within the next two years and 21 per cent plan to buy in the next two to five years. Of those not planning to purchase a property (31%), 50 per cent say their income will not allow them to buy a property in the neighbourhood they want to live in; 43 per cent say that renting remains more affordable, and 43 per cent say they don't want to take on the responsibilities of maintaining a property. Respondents could select more than one answer.

"Rental prices in Toronto have declined as demand continues to soften. A surge in supply, driven by the completion of thousands of new condo units, has added to inventory in recent months. At the same time, reductions in international student visas and the issuance of work permits have hampered activity, leading to fewer multiple-offer scenarios on rental units – something that had become typical for in-demand properties, especially during the peak of the pandemic rental surge in the second half of 2022 and 2023," said Amrit Walia, sales representative, Royal LePage Signature Realty, Toronto. "That said, activity has picked up in certain pockets of the city. With many downtown companies now requiring employees to return to the office nearly full-time, demand for rentals in the Financial District and surrounding neighbourhoods has increased."

Walia added that one-bedroom units with dens – particularly those near restaurants, green spaces and the vibrancy of downtown life – remain highly sought after.

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Toronto decreased 7.1 per cent year over year to $2,302 in May 2025, a modest 0.7 per cent dip over the prior month. The average price of a two-bedroom rental unit in the city decreased 10.7 per cent year over year to $2,933, but increased modestly by 0.3 per cent month over month.

In Ottawa, the average price of a one-bedroom rental unit was flat, remaining at $1,994 year over year in May 2025. On a monthly basis, rental prices dipped 0.8 per cent. The average price of a two-bedroom rental unit in the city increased 2.4 per cent year over year to $2,559, but decreased modestly by 0.6 per cent month over month.

Thirty-eight per cent of renters in Ontario say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 35 per cent are spending 30 per cent or less. Fifteen per cent of respondents are spending more than 50 per cent of their income on rent. Thirty-nine per cent of tenants in the province say they have reduced spending on groceries and food in order to afford their rent; 32 per cent have reduced contributions to savings or retirement; and 22 per cent have accumulated credit card debt. Respondents could select more than one answer.

"With more rental supply expected to come online in the coming months, we anticipate modest price growth in the short-term, presenting a favourable window for renters looking to upgrade their living space. However, though the competitiveness of the rental market has eased, prospective renters shouldn't let their guard down. Even in a slower market, landlords remain selective, prioritizing reliable tenants and consistent income," said Walia. "Softer market conditions are unlikely to last. With builders scaling back construction activity, the influx of new supply is expected to taper off significantly in 2027 and 2028, setting the stage for renewed demand and upward pressure on prices once again."

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart

QUEBEC

In the province of Quebec, 31 per cent of renters 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, 37 per cent said they are waiting for property prices to decline; 27 per cent said they are choosing to wait until interest rates decrease further; and 27 per cent said they are planning to buy a property, and continuing to rent allows them to save for a sufficient down payment. Respondents could select more than one answer.

Looking ahead, 56 per cent of renters in Quebec say they plan to purchase a property in the future; 16 per cent plan to do so within the next two years and 23 per cent plan to buy in the next two to five years. Of those not planning to purchase a property (32%), 50 per cent say their income will not allow them to buy a property in the neighbourhood they want to live in; 41 per cent say they don't want to take on the responsibilities of maintaining a property; and 35 per cent say renting remains more affordable. Respondents could select more than one answer.

"The desire for home ownership remains very strong among Quebec renters. Even in a climate of high interest rates and property prices that are out of reach for many, nearly one in three renters seriously considered purchasing a home this year," said Aline Zafirian, real estate broker, Royal LePage Village, Montreal. "It's proof that the goal of owning a home remains deeply rooted, despite the obstacles. For those who aren't there yet, I say, keep preparing. Every step – whether it's building your credit, saving or becoming informed – brings you closer to the day when that dream can become a reality."

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Montreal decreased 2.0 per cent year over year to $1,727 in May 2025, a modest 0.4 per cent dip over the prior month. The average price of a two-bedroom rental unit in the city decreased 2.6 per cent year over year to $2,255, a 0.8 per cent dip over the month prior.

"Although rental prices have risen significantly across the province in recent years, Quebec remains a more affordable market than much of the rest of the country," adds Zafirian. "Compared to other provinces, we see a higher proportion of renters whose housing costs represent a reasonable share of their income, which points to a certain balance still present in this market."

Thirty-seven per cent of renters in Quebec say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 45 per cent are spending 30 per cent or less. Eight per cent of respondents are spending more than 50 per cent of their income on rent, the lowest among the provinces in Canada. Thirty-one per cent of tenants in the province say they have reduced spending on groceries and food in order to afford their rent; 23 per cent have reduced contributions to savings or retirement; and 15 per cent have delayed or foregone medical or dental care. Respondents could select more than one answer.

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart 

BRITISH COLUMBIA

In British Columbia, 21 per cent of renters 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, 44 per cent of respondents said they are planning to buy a property, and continuing to rent allows them to save for a down payment; 42 per cent said they are waiting for property prices to decline; and 26 per cent said they couldn't qualify for a mortgage or financing. Respondents could select more than one answer.

Looking ahead, 53 per cent of renters in British Columbia say they plan to purchase a property in the future; 16 per cent plan to do so within the next two years and 19 per cent plan to buy in the next two to five years. Of those not planning to purchase a property (26%), 66 per cent say their income will not allow them to buy a property in the neighbourhood they want to live in; 53 per cent say renting remains more affordable; and 33 per cent say they don't want to take on the responsibilities of maintaining a property. Respondents could select more than one answer.

"The rental market looks very different today than it did a year ago. There is a surplus of inventory available, much like in the mainstream market. In fact, the slowdown in resale activity is having a knock-on effect in the rental market. Some property owners who weren't able to sell their units, specifically condos, are choosing to list them as rentals instead," said Nina Knudsen, property manager,³ Royal LePage Sussex, North Vancouver. "At the same time, as resale prices come down, it's becoming increasingly common for tenants to purchase the very units they've been renting. It's a unique dynamic we're watching unfold in real time. Despite ongoing affordability challenges, the goal of achieving home ownership remains a priority for many young people in the region."

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³Property manager is a licensed designation in the province of British Columbia

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Vancouver decreased 4.8 per cent year over year to $2,544 in May 2025, a modest 0.3 per cent increase over the prior month. The average price of a two-bedroom rental unit in the city decreased 7.4 per cent year over year to $3,358, a decrease of 1.6 per cent month over month.

Thirty-six per cent of renters in British Columbia say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 28 per cent are spending 30 per cent or less. Twenty-three per cent of respondents are spending more than 50 per cent of their income on rent. Forty-five per cent of tenants in the province say they have reduced spending on groceries and food in order to afford their rent; 35 per cent have reduced contributions to savings or retirement; and 26 per cent have taken on a second job or side hustle. Respondents could select more than one answer.

"Overall, affordability in Vancouver's rental market has improved over the last year, and it's not unusual to see renters moving units because they've found a better deal. By and large, renters are in the driver's seat today. But, I do think we've reached the bottom of that opportunity," said Knudsen. "The biggest drop in rental prices is likely behind us. Looking ahead, I expect steady activity and price flattening for the foreseeable future."

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart

ALBERTA

In Alberta, 34 per cent of renters say that before signing or renewing their current lease they considered buying a property rather than renting, the highest rate among all provinces. When asked what factors influenced their decision to rent instead, 38 per cent of respondents said they are choosing to wait for property prices to decline; 28 per cent said their employment situation is precarious, and they do not feel secure enough to buy a home at this time; and 27 per cent said they haven't made up their mind yet about the type of property they want to buy, or the location. Respondents could select more than one answer.

Looking ahead, 58 per cent of renters in Alberta say they plan to purchase a property in the future; 21 per cent plan to do so within the next two years and 23 per cent plan to buy in the next two to five years. Of those not planning to purchase a property (29%), 49 per cent say their income will not allow them to buy a property in the neighbourhood they want to live in; 35 per cent say they don't want to take on the responsibilities of maintaining a property; and 27 per cent say renting remains more affordable. Respondents could select more than one answer.

"Following a red-hot rental market in 2024, Calgary recorded a slight dip in prices and a rise in vacancy rates, particularly in the condo segment. Unlike the resale market where sellers can choose when to list, vacant rental units represent a direct cost to landlords, especially in an environment where carrying costs and taxes are on the rise. As a result, many are motivated to price competitively to attract tenants and minimize downtime," said Andrew Hanney, sales representative and property manager, Royal LePage Mission Real Estate, Calgary. "Since the federal election, consumer confidence has rebounded, leading to a noticeable uptick in rental viewings and applications. Demand is especially strong for single-family homes with multiple bedrooms and large living spaces. Calgary continues to draw families from across the country, many of whom are choosing to rent first as they settle into the city and prepare to purchase a home."

Hanney added that the city continues to attract a diverse mix of tenants, including homeowners who choose to rent locally while owning an investment property in other markets where they don't necessarily wish to live full time.

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Calgary decreased 8.2 per cent year over year to $1,591 in May 2025, yet increased a modest 0.7 per cent over the prior month. The average price of a two-bedroom rental unit in the city decreased 9.2 per cent year over year to $1,944, but increased 1.6 per cent month over month.

In Edmonton, the average price of a one-bedroom rental unit decreased 2.3 per cent year over year to $1,336 in May 2025, yet increased 1.6 per cent over the prior month. The average price of a two-bedroom rental unit in the city decreased by a modest 0.7 per cent year over year to $1,679, but increased 1.5 per cent month over month.

Thirty-five per cent of renters in Alberta say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 37 per cent are spending 30 per cent or less. Eighteen per cent of respondents are spending more than 50 per cent of their income on rent. Fifty per cent of tenants in the province say they have reduced spending on groceries and food in order to afford their rent; 32 per cent have reduced contributions to savings or retirement; and 30 per cent have taken on a second job or side hustle. Respondents could select more than one answer.

"As migration to the province continues, we anticipate the current momentum in the rental market will be sustained in the months ahead. Professional property management will continue to be an important factor in helping rental units stay competitive and attracting long-term tenants in today's evolving market," said Hanney. "While average rental prices have softened, well-priced units with desirable amenities continue to lease quickly. With several multi-family developments reaching completion, supply is expected to remain strong in certain segments of the market."

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart 

SASKATCHEWAN & MANITOBA

In the provinces of Saskatchewan and Manitoba, 28 per cent of renters 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, 53 per cent of respondents said they are planning to buy a property, and continuing to rent allows them to save for a sufficient down payment; 48 per cent of respondents said they are choosing to wait for property prices to decline; 38 per cent said they couldn't qualify for a mortgage or financing. Respondents could select more than one answer.

Looking ahead, 53 per cent of renters in Saskatchewan and Manitoba say they plan to purchase a property in the future; 19 per cent plan to do so within the next two years and 21 per cent plan to buy in the next two to five years. Of those not planning to purchase a property (36%), 56 per cent say their income will not allow them to buy a property in the neighbourhood they want to live in; 49 per cent say renting remains more affordable; and 34 per cent say they don't want to take on the responsibilities of maintaining a property. Respondents could select more than one answer.

"The rental market has been highly active over the past couple of years, driving vacancy rates to low levels. While Manitoba has traditionally experienced slow population growth and limited migration, that trend has shifted as more tenants have been drawn to the Prairies for their relative housing affordability," said Anthony Bertrand, sales representative, Royal LePage Prime Real Estate in Winnipeg, Manitoba. "This surge in demand has put particular pressure on the single-family detached and townhouse-style segments, which continues to attract strong interest from young families relocating to the area. As a result, rental prices across the region have been steadily climbing, though provincial rental protections have sheltered renters from dramatic upswings in pricing."

Bertrand added that rental development in the city is undergoing significant growth. Incentives from both the provincial and federal governments have motivated builders to increase the supply of purpose-built rental housing, with new construction developing throughout Winnipeg and infill projects on the rise.

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Regina was essentially flat, increasing just 0.2 per cent year over year to $1,262 in May 2025. However, compared to the prior month, prices increased 2.6 per cent. The average price of a two-bedroom rental unit in the city increased 3.9 per cent year over year to $1,576, and increased 4.4 per cent month over month.

In Winnipeg, the average price of a one-bedroom rental unit increased 1.9 per cent year over year to $1,443, and remained flat on a monthly basis. The average price of a two-bedroom rental unit in the city was essentially flat, dipping just 0.2 per cent year over year to $1,762, and decreasing 1.0 per cent month over month.

Thirty-four per cent of renters in Saskatchewan and Manitoba say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 39 per cent are spending 30 per cent or less. Fourteen per cent of respondents are spending more than 50 per cent of their income on rent. Forty-eight per cent of tenants in the region say they have reduced spending on groceries and food in order to afford their rent; 30 per cent have reduced contributions to savings or retirement; and 28 per cent have accumulated credit card debt. Respondents could select more than one answer.

"Over the next five years, a steady stream of new purpose-built rental housing is expected to enter the market. However, increasing rental supply isn't a quick task – it often takes several years for projects to move from planning through to completion," said Bertrand. "With Winnipeg's population growing steadily, demand will likely continue to meet or outpace supply in the near term. As a result, tenants should anticipate modest increases in rental prices this year."

Royal LePage 2025 Canadian Renters Report - Data Chart:
rlp.ca/2025-Canadian-Renters-Report-Chart

ATLANTIC CANADA

In Atlantic Canada, 16 per cent of renters say that before signing or renewing their current lease they considered buying a property rather than renting. Looking ahead, 45 per cent of renters in the region say they plan to purchase a property in the future; nine per cent plan to do so within the next two years and 16 per cent plan to buy in the next two to five years.

"The rental market has seen a noticeable shift in recent months. Vacancy rates are beginning to rise, and units are taking slightly longer to lease in comparison to the heavier competition seen in recent years. Landlords now need more runway to market their rental properties as tenants are able to be more selective," said Scott Moulton, sales representative, Royal LePage Atlantic in Halifax, Nova Scotia. "Rental demand is largely driven by students and young professionals, many of whom are choosing to rent rather than buy due to affordability or proximity to schools and workplaces, especially in areas like downtown Halifax."

Moulton noted that affordable units are generating the most interest, while larger or higher-end rentals are sitting on the market for longer. In response, landlords are increasingly offering incentives to attract tenants to these properties. New developments are adapting as well, with many developers shifting their focus toward more cost-effective projects due to the growing demand for more affordable units. 

According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price of a one-bedroom rental unit in Halifax increased 7.2 per cent year over year to $2,064 in May 2025, but decreased 1.2 per cent over the prior month. The average price of a two-bedroom rental unit in the city increased 5.4 per cent year over year to $2,623, and increased 1.1 per cent month over month.

Twenty-seven per cent of renters in Atlantic Canada say they are spending between 31 and 50 per cent of their net income on monthly rent costs, while 25 per cent are spending 30 per cent or less. Thirty-one per cent of respondents are spending more than 50 per cent of their income on rent, the highest among all the provinces. Fifty-three per cent of tenants in the region say they have reduced spending on groceries and food in order to afford their rent; 36 per cent have reduced contributions to savings or retirement; 28 per cent have accumulated credit card debt. Respondents could select more than one answer.

"Overall, rental prices are beginning to stabilize, following significant increases. We've seen a healthy boost in supply across a range of unit types, from luxury spaces to smaller, budget-friendly units ideal for students or young professionals," said Moulton. "With more options available on the market, renters have more choices and can take their time finding a property that fits their needs. That said, many renters in urban centres like Halifax are willing to pay a premium to live in central areas near amenities, keeping demand and rental prices high in these neighbourhoods. Newer purpose-built rentals with more modern amenities also come with a higher price tag, due to increased construction costs."

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey

Royal LePage resources for aspiring homeowners:

To help aspiring homeowners, Royal LePage has published a number of online resources available at the following links:

• Moving to a new province? Here's how to relocate like a pro
• Federal government announces landmark adjustments to mortgage rules for first-time buyers in Canada
• 5 financial factors first-time buyers should consider on their path to home ownership
• 30-year amortizations on insured mortgages for new build homes now available for first-time buyers
• From renter to homeowner: Your complete guide to home ownership in a competitive real estate market
• Real estate terminology 101
• Expert Q&A: What you need to know about buying a property pre-construction
• Saving for your first home? Here's what you need to know about Canada's First Home Savings Account (FHSA)
• What is the Home Buyers' Plan?

About the Survey

Burson used the Leger Opinion online panel to survey 1,854 Canadian renters, aged 18+. A robust oversample was collected in Quebec (n=878) as well as in 9 major cities across Canada (Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Ottawa-Gatineau, Sherbrooke, Quebec City, and Montreal). The survey was completed between June 2 and June 9, 2025. Weighting was applied to age, gender, regions, and cities based on 2021 census figures. No margin of error can be associated with a nonprobability sample (i.e., a web panel in this case). For comparative purposes, a probability sample of 1,854 respondents would have a margin of error of ±2%, 19 times out of 20.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage^® Shelter Foundation^™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services^® Inc. company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca.

Royal LePage^® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services^® Inc.

SOURCE Royal LePage Real Estate Services

For further information, please contact: Charmaine de Silva, Burson on behalf of Royal LePage, [email protected], (604)-360-2328