June 19, 2025
RED FM News Desk
VANCOUVER, BC – Despite a landscape of lower interest rates and increased housing supply, renters in British Columbia appear to be holding back on purchasing a home. The 2025 Royal LePage Canadian Renters Report reveals that while over half of B.C. renters plan to buy property in the future, only a small fraction—16 percent—intend to do so within the next two years.
For the 26 percent of respondents who aren’t planning to purchase a property, affordability remains the primary concern. Sixty-six percent stated their income prevents them from buying in their desired neighborhood, 53 percent find renting more affordable, and 33 percent are simply not ready to take on the responsibilities of home maintenance.
“The rental market looks very different today than it did a year ago,” noted Nina Knudsen, property manager with Royal LePage Sussex in North Vancouver.
Indeed, recent data suggests some softening in rental prices. According to the latest National Rent Report by Rentals.ca and Urbanation Inc., the average price for a one-bedroom rental in Vancouver saw a 4.8 percent year-over-year decrease to $2,544 in May 2025, with a slight 0.3 percent increase from the previous month. Two-bedroom units experienced a 7.4 percent year-over-year decrease, falling to $3,358, and a 1.6 percent month-over-month decline.
However, rent continues to consume a significant portion of many residents’ incomes. A substantial 36 percent of renters reported spending between 31 and 50 percent of their net income on monthly rent, while only 28 percent manage to keep it at 30 percent or less. Alarmingly, 23 percent of respondents are dedicating more than half of their income to rent.
To cope with these costs, many renters indicated they have resorted to reducing spending on groceries, cutting back on contributions to savings or retirement, or even taking on a second job.
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