22 per cent of Atlantic Canadian renters plan to buy property in the next 2 years: report

Homeownership out of reach for many Maritimers A new report shows 59 per cent of Maritimers have ruled out buying a home because they can’t afford it.

Royal LePage has released its 2024 Renters Report and it shows 27 per cent of Canadian renters plan to buy a property in the next two years.

More specifically, in Atlantic Canada, 22 per cent of renters plan to buy in the next two years.

The report also shows 59 per cent of Atlantic Canadians said they do not plan on buying in the next two years, while 19 per cent preferred not to answer.

Royal LePage says it surveyed more than 1,500 adults across Canada who rent their primary residence for the report. The survey was conducted through Hill and Knowlton using an online Leger Opinion poll.

People were also asked if they considered buying a property before signing or renewing their latest lease. In Atlantic Canada, 28 per cent said yes.

Additionally, the report looked into how much of people’s net income, after tax, they will use to pay their monthly rent.

Twenty nine per cent of Atlantic Canadian renters said they plan to spend up to 30 per cent, and 38 per cent said they plan to spend between 31 and 50 per cent.

Nearly a quarter of renters in Atlantic Canada said they spend more than half their net income on rent.

Royal LePage Atlantic says the rental market is shifting in Halifax right now.

“Construction of purpose-built rental properties has drastically increased as the city’s population continues to grow. Government programs and development incentives have encouraged the creation of new rental supply in Halifax,” said sales representative Scott Moulton in a news release from the company.

“Newer buildings tend to attract newcomers who are not able to qualify for a mortgage right away, but want a high-quality place to live as they get established.”

The report ranks Saint John second nationally as an affordable market. Fredericton and Charlottetown came in 11th and 14th place, respectively.

"I do see myself moving outside of Nova Scotia at least in the future," said Zoe Cornforth. "Even just finding employment here is pretty challenging."

-With files from Hafsa Arif