Canadians Renters Lowkey Wanna Cop a Crib, But the Market's Being Sus 🏠💸
More than half of Canadian renters plan to buy. So what’s stopping them?. Okay, so like, over half of Canadian renters are dreaming of owning a house, but the housing market is giving them major side-eye. Prices are high, interest rates are wild, and everyone's just waiting for things to chill. But
TL:DR
Okay, so like, over half of Canadian renters are dreaming of owning a house, but the housing market is giving them major side-eye. Prices are high, interest rates are wild, and everyone's just waiting for things to chill. But will they? That's the tea.
The Vibe Check
Alright, fam, let's get into it. Turns out, a whole lotta Canadian renters – like 54% – are plotting to become homeowners in the next five years, with about a third tryna pull it off in the next two. So, like, everyone's tryna get that homeowner aesthetic, but the struggle is real.
Here's the sitch: 40% of renters are straight-up playing the waiting game, hoping prices will drop. Another 29% are watching the Bank of Canada like hawks, praying for those interest rate cuts. And more than 25%? They can't even get approved for a mortgage. Major L.
The economy's being kinda sus, thanks to all that trade war drama. Meanwhile, rent is eating up everyone's paycheck. Like, 30% of renters are having to ditch their savings goals just to keep a roof over their heads. There's just not enough houses to go around, especially in the cities. It’s giving major unaffordable vibes.
Some peeps are even saying waiting for those prices to drop might be a whole cap. But on the flip side, a third of renters are straight-up not planning to buy, mostly 'cause they're broke. 40% are cutting back on groceries just to pay rent, and another 40% think renting is just more chill than owning. Rent's been dropping a bit, but it's still way higher than it used to be, and it's growing faster than wages. Ouch.
So, what's the move? Well, some experts are saying now might actually be a W time to buy, especially with entry-level opportunities popping up. But honestly, it's a whole mess. Policy changes are what people want, so we can get our hands on affordable units, increased tenant protection and better rent control. Everyone's just tryna figure out how to adult in this economy, ya know?
Abbreviations Glossary
| Abbreviation | Full Form |
|---|---|
| Lowkey | Slightly, a little. |
| Sus | Suspicious, questionable. |
| Crib | House, home. |
| Wanna | Want to. |
| Cop | Buy, purchase. |
| The tea | The gossip, the details. |
| A whole lotta | A lot of. |
| Plotting | Planning, scheming. |
| Tryna | Trying to. |
| Struggling is real | It is difficult. |
| Sitch | Situation. |
| Straight-up | Directly, honestly. |
| Playing the waiting game | Waiting, being patient. |
| Praying | Hoping. |
| Major L | Big loss. |
| Giving major unaffordable vibes | It's unaffordable. |
| A whole cap | A lie. |
| Broke | Without money. |
| More chill | Better, more relaxed. |
| Ouch | Expresses something that's unfortunate. |
| W time | Good time. |
| Ya know? | You know? |