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More than a quarter of renters in Canada plan to purchase a home within the next two years
More than a quarter of renters in Canada plan to purchase a home within the next two years ...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n\n \n \n \n More than a quarter of renters in Canada plan to purchase a home within the next two years\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Among those who expect to continue renting, insufficient income noted as greatest hurdle to home ownership amid tight competition in supply-strapped market\n \n \n \n \n \n Highlights:\n \n \n \n \n 27% of renters plan to buy a property in the next two years; 40% among renters aged 18-34\n \n \n 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\n \n \n 29% of Canadian renters say they considered buying a property before signing or renewing their lease; 41% of them lacked a sufficient down payment\n \n \n In\n \n British Columbia\n \n , 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 20, 2024\n \n \n /CNW/ - One third of Canadians live in rental accommodations, and that figure has been gradually increasing in recent years, as affordability challenges in the resale market persist. According to a recent Royal LePage survey, conducted by Hill & Knowlton,\n \n 1\n \n 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to li...