Report finds only half of British Columbian renters plan to buy a home in the future

As life continues to get more expensive in BC and across Canada, only around half of renters say they plan on buying a home in the future. 

According to Royal LePage’s annual Renters Report, only 53% of British Columbian renters plan on buying a home down the road. Furthermore, only 16% plan to buy in the next two years. 

According to Royal LePage, this is because many BC renters are taking a “wait and see” approach, hoping that buying a home becomes cheaper for them down the line. 

In addition to these statistics, 44% say they will continue to rent as they save for a down payment. 

Perhaps the bleakest of all the report found, 59% of BC renters spend over one-third of their monthly pay on rent and affordability challenges have pushed most to prioritize rent payments over savings and retirement. 

Worse-still, around one-quarter of respondents are spending more than 50% of their income on rent. 

Across Canada, the report found that 56% of renters in BC support the notion of building more affordable housing, while 47% want to see better renter protections put in place and 42% want stricter rent control measures enacted by their governments. 

“The rental market looks very different today than it did a year ago. There is a surplus of inventory available, much like in the mainstream market,” said Nina Knudsen, property manager, Royal LePage Sussex, North Vancouver. 

“In fact, the slowdown in resale activity is having a knock-on effect in the rental market. Some property owners who weren’t able to sell their units, specifically condos, are choosing to list them as rentals instead.

She added that despite ongoing affordability challenges, the goal of owning a home remains a priority for many young people in the region.

However, according to the report 26% of BC renters say they couldn’t qualify for a mortgage or financing, making the dream of home ownership more of a fantasy than a possible reality. 

Rental markets in BC

Royal LePage says that according to their most recent data, the rental price of a one-bedroom unit in Vancouver was around $2,544 per month in May 2025—a 4.8% drop, year-over-year.

Meanwhile, the price of a two-bedroom in Vancouver was around $3,358 per month—a 7.4% drop from May 2024.

This data aligns with the most recent rental report from Zumper. 

According to Zumper’s report on June’s cost of rent, Vancouver one-bedrooms cost an average of $2,520 per month and two-bedrooms are around $3,490 per month. 

“Overall, affordability in Vancouver’s rental market has improved over the last year, and it’s not unusual to see renters moving units because they’ve found a better deal. By and large, renters are in the driver’s seat today. But, I do think we’ve reached the bottom of that opportunity,” said Knudsen. 

“The biggest drop in rental prices is likely behind us. Looking ahead, I expect steady activity and price flattening for the foreseeable future.”

According to Zumper, Victoria is significantly cheaper than Vancouver, but remains the fourth most expensive city to rent in throughout Canada. 

In Victoria, a one-bedroom will cost the average renter around $2,160 per month, whereas a two-bedroom will go for $2,890. 

In order to pay for the cost of rent, or to save up for a down payment on a home, Royal LePage says that 26% of British Columbians have taken on a second job or “side-hustle.”

Do you plan on buying a home in BC? Would you be willing to move to a cheaper province to buy? 

Let us know your thoughts in the comments section below.