Most renters have no plans to buy a home in the near term: Royal LePage
BNN Bloomberg
The majority of Canadian renters say they have no plans to purchase a home, as only one quarter intend to buy over the next two years, according to new survey data from Royal LePage.
In a press release on Thursday, Royal LePage said that 27 per cent of renters are planning to buy a property in the next two years, a figure that rises to 40 per cent among renters aged 18 to 34. However, the majority of renters, 69 per cent, say they do not plan to purchase a home in the near term.
“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,” Phil Soper, president and chief executive officer of Royal LePage, said in the press release.
Among those who do not plan to purchase a home, the survey found 54 per cent said they did not view their income as sufficient to afford a desirable property, this figure rose to 61 per cent among those between the ages of 18 and 34.
