One out of four respondents from British Columbia and the Maritimes say they spend more than half their income on rent, according to Royal LePage report
Renters in the Maritimes and B.C. appear to be the most pessimistic of all Canadians about moving into home ownership, even as a quarter of them say they are spending more than half their income on rent, a new survey has found.
The tough situation for renters has been a steady trend since at least 2020, said Nina Knudsen, a Royal LePage property manager in North Vancouver. Tenants who had thought they would move into ownership quickly have ended up staying as renters because they can’t qualify for mortgages or find anything affordable in the places they want to live if they do qualify.
Atlantic Canada and Quebec registered the lowest proportions of those thinking they will buy soon, at 22 per cent, although the situation in Quebec is likely a product of the prevalence of renting there and a lot of renter security – which means people feel less driven to buy in order to feel like they have stability.
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