Canadian Renters' Path to Homeownership: Provincial Insights

Across Canada, more than one in four renters considered buying a home before signing their current lease. However, the journey to homeownership remains complex, with regional variations shaping renter behavior and affordability.

Ontario: Renters Watching for Market Shifts

In Ontario, 28% of renters reported considering buying a property before signing or renewing their lease.

Key barriers included:

• 43% waiting for home prices to decline

• 34% waiting for further interest rate cuts

• 34% unable to qualify for a mortgage or financing

Homeownership Outlook:

• 55% plan to buy a home in the future

• 15% plan to buy within 2 years

• 21% plan to buy within 2–5 years

• 31% do not plan to buy, citing:

• Income constraints (50%)

• Perceived affordability of renting (43%)

• Reluctance to maintain a property (43%)

Rental Market Trends:

Toronto rents have softened:

• 1-bedroom average: $2,302 (-7.1% YoY)

• 2-bedroom average: $2,933 (-10.7% YoY)

Ottawa’s market is more stable:

• 1-bedroom average: $1,994 (flat YoY)

• 2-bedroom average: $2,559 (+2.4% YoY)

Affordability Pressure:

• 38% spend 31–50% of net income on rent

• 15% spend more than 50% on rent

• 39% are cutting grocery budgets to afford rent

Outlook:

More supply is expected in the short term, but developers are scaling back for future years. Renters currently have more negotiating power, but this may not last.

Quebec: Strong Aspirations, Strategic Waiting

In Quebec, 31% of renters considered buying before renewing their lease. Key reasons for renting:

• 37% waiting for home prices to drop

• 27% waiting for lower interest rates

• 27% renting to save for a down payment

Homeownership Outlook:

• 56% plan to buy a home

• 16% within 2 years, 23% within 2–5 years

• 32% do not plan to buy, due to:

• Income constraints (50%)

• Maintenance avoidance (41%)

• Renting perceived as more affordable (35%)

Rental Market Trends:

Montreal rents are easing:

• 1-bedroom average: $1,727 (-2.0% YoY)

• 2-bedroom average: $2,255 (-2.6% YoY)

Affordability Pressure:

• 37% spend 31–50% of net income on rent

• Only 8% spend more than 50% (lowest in Canada)

• 31% are cutting food budgets to afford rent

Outlook:

Quebec remains more affordable than other provinces. Homeownership remains a priority, but renters are pacing themselves, waiting for better conditions.

British Columbia: Renting to Save, Buying Remains a Goal

In British Columbia, 21% of renters considered buying before signing their lease.

Key factors for continuing to rent:

• 44% saving for a down payment

• 42% waiting for home prices to drop

• 26% unable to qualify for financing

Homeownership Outlook:

• 53% plan to buy a home

• 16% within 2 years, 19% within 2–5 years

• 26% do not plan to buy, primarily due to:

• Income constraints (66%)

• Renting perceived as more affordable (53%)

• Reluctance to maintain a home (33%)

Rental Market Trends:

Vancouver rents are softening:

• 1-bedroom average: $2,544 (-4.8% YoY)

• 2-bedroom average: $3,358 (-7.4% YoY)

Affordability Pressure:

• 36% spend 31–50% of net income on rent

• 23% spend more than 50%

• 45% are cutting grocery budgets to afford rent

Outlook:

Vancouver’s rental market has reached a rare moment of balance, but price declines may have bottomed out. Renters are currently in a strong negotiating position.

Alberta: Canada’s Most Eager Potential Buyers

In Alberta, 34% of renters—the highest among provinces—considered buying before signing their lease.

Key barriers:

• 38% waiting for home prices to drop

• 28% unsure about employment stability

• 27% undecided on property type or location

Homeownership Outlook:

• 58% plan to buy a home

• 21% within 2 years, 23% within 2–5 years

• 29% do not plan to buy, citing:

• Income constraints (49%)

• Reluctance to maintain a property (35%)

• Renting perceived as more affordable (27%)

Rental Market Trends:

Calgary rents are adjusting:

• 1-bedroom average: $1,591 (-8.2% YoY)

• 2-bedroom average: $1,944 (-9.2% YoY)

Edmonton rents are stabilizing:

• 1-bedroom average: $1,336 (-2.3% YoY)

• 2-bedroom average: $1,679 (-0.7% YoY)

Affordability Pressure:

• 35% spend 31–50% of net income on rent

• 18% spend more than 50%

• 50% are cutting grocery budgets to afford rent

Outlook:

Calgary’s rental market remains competitive, particularly for larger homes. Migration to Alberta continues to fuel demand.

Saskatchewan & Manitoba: Affordability Still Drawing Renters

In Saskatchewan and Manitoba, 28% of renters considered buying before signing their lease.

Key barriers:

• 53% renting to save for a down payment

• 48% waiting for prices to drop

• 38% unable to qualify for financing

Homeownership Outlook:

• 53% plan to buy a home

• 19% within 2 years, 21% within 2–5 years

• 36% do not plan to buy, citing:

• Income constraints (56%)

• Renting perceived as more affordable (49%)

• Reluctance to maintain a property (34%)

Rental Market Trends:

Regina rents are rising:

• 1-bedroom average: $1,262 (+0.2% YoY)

• 2-bedroom average: $1,576 (+3.9% YoY)

Winnipeg rents are steady:

• 1-bedroom average: $1,443 (+1.9% YoY)

• 2-bedroom average: $1,762 (-0.2% YoY)

Affordability Pressure:

• 34% spend 31–50% of net income on rent

• 14% spend more than 50%

• 48% are cutting grocery budgets to afford rent

Outlook:

With new purpose-built rentals on the rise, rental inventory is expected to grow, though steady population increases will continue to support demand.

Atlantic Canada: Renters Facing the Greatest Strain

In Atlantic Canada, 16% of renters considered buying before signing their lease—the lowest rate nationally.

Homeownership Outlook:

• 45% plan to buy a home

• 9% within 2 years, 16% within 2–5 years

Rental Market Trends:

Halifax rents remain high:

• 1-bedroom average: $2,064 (+7.2% YoY)

• 2-bedroom average: $2,623 (+5.4% YoY)

Affordability Pressure:

• 27% spend 31–50% of net income on rent

• 31% spend more than 50% (highest in Canada)

• 53% are cutting grocery budgets to afford rent

Outlook:

Vacancy rates are improving, and tenants now have more selection. However, demand remains strong for central, affordable units. Many landlords are offering incentives to attract renters to larger or higher-end units.

Summary of Key Provincial Differences

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 symbol TSX: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.

[1]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.

[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.