First-time homebuyers throughout the country are facing some of the most challenging obstacles to home ownership in decades, due to the convergence of factors that have deepened Canada’s housing crisis, driven down home-ownership rates, and locked a growing number of would-be buyers into the rental market, according to a report released today by RE/MAX Canada.
RE/MAX Canada’s Nation of Renters Report examines how price appreciation, rapid population growth, and a limited supply of affordable housing stock have propelled rental markets in six major Canadian cities in recent years. The erosion in affordability–exacerbated by the Office of the Superintendent of Financial Institutions (OSFI) stress test, downpayment requirements, municipal/provincial taxes and closing costs–along with a lack of affordable housing stock, and an obvious disconnect between homebuilders, buyers and municipalities, has brought the country to a breaking point.
Chris Alexander
“Affordability remains, by far, the greatest barrier to home ownership from coast to coast,” said RE/MAX Canada President Christopher Alexander. “With the average price of a home in most Canadian markets more than doubling between 2006 and 2021, first-time buyers are falling through the cracks. Rental rates that remain above historic levels, the high cost of living, and wages that have not kept pace with price growth pose a serious challenge to buyers hoping to amass a downpayment. It’s near impossible for some buyers, even with steady, well-paying jobs. The dream of home ownership is eroding further and faster than their ability to save.”
Adding insult to injury, the fallout from the U.S. Tariff announcement last month has served to somewhat destabilize the Canadian economy, said Alexander. Although a 30-day reprieve has since been negotiated, the move has created economic uncertainty in most markets, particularly in Ontario and Quebec, given their close trade ties with the U.S. If the tariffs come to fruition, economists believe the country could enter a recession, explained the report.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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