What Renters Really Think

A new Royal LePage survey reveals rents have eased slightly, affordability is still a major challenge for Canadians- especially renters:

* 54% of renters hope to buy eventually; only 16% expect to do so in the next two years

* 52% are spending more than 30% of their net income on rent

* 28% thought about buying before signing their current lease

* Among those who keep renting:

     *40% are waiting for prices to fall

     *29% are waiting for interest rates to drop

*Many renters are making sacrifices: 45% in BC cut grocery shopping spending, 35% cut savings, and 26% took on side gigs

Phil Soper, Royal LePage CEO notes that "entry level opportunities have improved...borrowing costs are trending lower, "but also warns that waiting for the perfect moment may cost renters- historically, home prices grow faster than inflation.