The dream of homeownership in Canada is alive and well. According to new data from Royal LePage’s 2025 Canadian Renters Report, more than half of Canadian renters say they’re actively planning to purchase a home within the next five years. A third of them even hope to do so within the next two. But here’s the catch — many are still sitting on the sidelines, unsure when or even how to make their move.
The optimism is real, but so are the roadblocks.
Despite recent improvements in housing affordability, many renters remain locked out of ownership. They’re not simply procrastinating — they’re waiting. Waiting for house prices to drop. Waiting for the Bank of Canada to slash interest rates. Waiting for the market to give them a sign.
The problem? That sign might never come.
Phil Soper, CEO of Royal LePage, put it bluntly: “Waiting rarely, rarely works out well.” And he’s right. Housing prices in Canada tend to trend upward, just like the cost of living. Betting on a market crash or even a meaningful dip might feel logical in a climate of economic uncertainty, but it’s not a sound strategy. Trying to time the housing market is like trying to time the stock market — rarely successful, and often costly.
Still, many renters aren’t just hesitating because they’re cautious — they’re being priced out entirely. Over a quarter of renters surveyed said they simply couldn’t qualify for a mortgage. It’s not always about bad credit, either. Sometimes, it’s the brutal math of an insufficient income or a down payment that feels perpetually out of reach — especially in cities where rent alone eats up more than a third of their take-home pay.
In fact, 30 per cent of renters reported they’ve had to scale back on retirement savings or other financial goals just to keep up with monthly rent. That paints a sobering picture: aspiring homeowners who are making sacrifices today for a future that still feels uncertain.
The structural issue here is one Canadians have heard before — we don’t have enough homes to meet demand. And the homes we do have are disproportionately located in cities where job opportunities are concentrated and competition is fierce. As Soper notes, living in a vibrant city comes with a price tag — whether you’re renting or buying.
Meanwhile, political promises around affordability, like those made by Prime Minister Mark Carney during his campaign, offer some hope. Measures such as GST relief for first-time buyers and modest income tax breaks may help chip away at the problem, but they don’t fix the core issue: supply. And until that improves in a meaningful way, renters may continue to feel stuck — even those who are more than ready to become owners.
The recent uptick in home sales this May — a 3.6 per cent rise according to the Canadian Real Estate Association — suggests that some have decided to stop waiting and take the plunge. But for every one who buys, there are still many more stuck in limbo, hoping the next year will be their year.
So where does that leave us? With a generation of renters ready to own — financially squeezed, emotionally exhausted, but still holding onto hope. The desire is there. The will is there. Now we need a market that meets them halfway.
