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1 in 10 are considering downsizing, relocating to a more affordable region or renting out a portion of their home to combat higher borrowing costs

Highlights:

• 57% of Canadians whose mortgage is renewing in 2025 anticipate their monthly payment will increase, while 40% expect their payment will stay the same or decrease.
• Among those who expect their monthly payment to increase upon renewal, 81% say it will put financial strain on their household.
• Respondents in the province of Quebec are least likely to expect increased monthly mortgage payments and financial strain upon renewal.
• More Canadians are looking to sign variable-rate mortgages upon renewal, as interest rates continue to decline.
• As the trade conflict between the United States and Canada intensifies, more aggressive rate cuts by the Bank of Canada are possible to stave off a potential recession.

TORONTO, Feb. 20, 2025 /CNW/ - Approximately 1.2 million mortgages will renew in 2025, a vast majority (85%)¹ of which were secured when the Bank of Canada's key lending rate was at or below one per cent. Since June 2024, interest rates have trended down from their two-decade high, yet remain above the historically low levels seen during the pandemic. As a result, hundreds of thousands of homeowners will likely renew their mortgage this year at a higher rate. 

According to a recent Royal LePage survey, conducted by Hill & Knowlton,² more than half (57%) of Canadians who are renewing the mortgage on their primary residence in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 22% expect it to increase significantly). Meanwhile, 25 per cent say their monthly mortgage payment will remain about the same – within $100 of their current payment amount – and another 15 per cent expect their monthly payment to decrease upon renewal.

"When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates," said Phil Soper, president and CEO, Royal LePage. "Nevertheless, some will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period; a tactic which has proven popular."

Of those who expect their monthly mortgage payment to rise upon renewal, 81 per cent say the increase will put financial strain on their household; 47 per cent expect a slight strain, while 34 per cent expect a significant strain. Among them, 60 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 43 per cent say they will reduce or eliminate travel; 36 per cent say they will reduce or eliminate saving or investing; 34 per cent say they will reduce spending on essentials, such as gas and groceries; and 23 per cent say they will obtain a second job or find another source of income. Respondents were able to select more than one answer.

"Even in challenging financial times, Canadians continue to prioritize home ownership and paying down their mortgages – cutting back on other spending, and even savings, if absolutely necessary," said Soper. "Delinquency rates in Canada remain extremely low, arguably the lowest among advanced economies worldwide, despite the rising cost of living and household debt. For example, the rate of mortgage default in the U.S. is more than fifteen times higher.

"With so many homeowners set to renew their mortgages at higher rates in 2025, many are already preparing to tighten their budgets, redirecting funds from savings, hobbies or vacations to ensure they can meet their mortgage obligations."

According to the Canada Mortgage and Housing Corporation (CMHC), the mortgage delinquency rate rose to 0.20 per cent in the third quarter of 2024, but remains well below pre-pandemic levels and historical averages.³

Though many Canadians will see their monthly mortgage payment rise this year, most see no reason to make preemptive major lifestyle changes to cope with increased housing expenses. A majority (62%) of respondents say they will not change their living arrangements to avoid potentially higher monthly mortgage costs. Respondents in Quebec were the most likely to say they will not adjust their living arrangements (78%), while those in Alberta were the least likely to say so (53%). Nationally, however, 11 per cent say they are considering relocating to a more affordable region; 10 per cent say they are considering downsizing; and 10 per cent say they are considering renting out a portion of their home to subsidize expenses. Respondents were able to select more than one answer.

Popularity of variable-rate loans rises as borrowing costs fall

With interest rates on a downward trajectory, variable-rate mortgages are gaining in popularity. According to the survey, 66 per cent of Canadians with a mortgage renewing this year say they plan to obtain a fixed-rate loan upon renewal (down from the 75% who currently hold fixed-rate mortgages), and 29 per cent say they will choose a variable-rate loan (up from the 24% who currently hold variable-rate mortgages).

While most Canadians with pending renewals in 2025 plan to stick with the same type of mortgage product they currently have, a sizable shift toward variable-rate loans has emerged. Of those who currently have a fixed-rate mortgage renewing this year – the most popular mortgage product overall in Canada – 20 per cent say they will switch to a variable-rate loan. Seventy-six per cent say they intend to renew with another fixed-rate loan. Meanwhile, 61 per cent of current variable-rate mortgage holders intend to renew with another variable-rate loan, and 37 per cent say they will switch to a fixed rate.

More than one third (37%) of all respondents say they plan to obtain a five-year mortgage term upon renewal, followed by 19 per cent who plan to sign on to a three-year term. Eighty-six per cent of respondents who will renew their mortgage in 2025 currently use a prime lender.

"Since last summer, the Bank of Canada has made several cuts to its overnight lending rate amounting to a decline of 200 basis points thus far, driving variable mortgage rates down in tandem. For homeowners looking to reduce their monthly payments or pay down their principal faster, variable-rate mortgages have become an increasingly attractive option in light of today's declining rate environment and the likelihood of further cuts this year," added Soper. "Ultimately, Canadians should choose the mortgage product that best suits their financial goals and risk tolerance."

In November 2024, the Office of the Superintendent of Financial Institutions (OSFI) moved to eliminate the mortgage stress test for uninsured borrowers planning to switch lenders upon renewal, so long as the amortization schedule and loan amount remain unchanged.⁴ This offers mortgagees the opportunity to explore financing options when renewing their loans.

Prairie homeowners most concerned about financial pressure from higher payments

Respondents across Canada show notable differences in the anticipated impacts of a mortgage renewal on their household.

Respondents in the province of Quebec are the least likely to expect their monthly mortgage payment to increase (51%), and the least likely to anticipate financial strain (73%) as a result. Conversely, Saskatchewan and Manitoba respondents are among the most likely to expect increased payments (63%) – alongside Atlantic Canada (64%) – and the most likely to anticipate financial strain (89%), likely due to income instability in resource-based industries. While Alberta respondents also report a high likelihood of financial strain due to increased payments (86%), some homeowners plan to mitigate the financial impact by downsizing or relocating.

Key lending rate trajectory uncertain amid tariff tit-for-tat

Escalating political turmoil at the hands of the newly-elected U.S. President Donald Trump has the world on the edge of its seat, including Canada. Tariff disputes between the two countries threaten to disrupt our nation's economy, adding inflationary pressure, driving up the cost of imported goods, and causing the Canadian dollar to weaken. Further, recently-announced tariffs on steel and aluminum will have a severe impact on the housing construction industry.

"The increased cost of building materials puts the construction industry as a whole – and desperately-needed new housing developments – at risk. Fewer projects will make it off the blueprint, be they delayed or cancelled entirely. And, higher costs will eventually trickle down to the end-user."

In its first policy rate announcement of 2025, the Bank of Canada signaled a shift, noting it would prioritize economic growth over inflation control in response to rising trade tensions. In the short-term, this could lead to more aggressive cuts to the overnight lending rate if the central bank deems it necessary to shield the Canadian economy from the fallout of an unprecedented trade dispute.

"While a trade war with our southern neighbour offers little economic benefit, new homebuyers and those renewing a mortgage this year may find a silver lining: lower borrowing rates. If the Bank of Canada is forced to take measures to bolster a weakening economy, we could see faster and deeper rate cuts, at least in the short term," said Soper.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey 

REGIONAL SUMMARIES

ONTARIO

In the province of Ontario, 58 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 23% expect it to increase significantly).

Of those who expect their monthly mortgage payment to rise upon renewal, 81 per cent say the increase will put financial strain on their household. Among them, 55 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 46 per cent say they will reduce or eliminate travel; and 39 per cent say they will reduce or eliminate saving or investing. Respondents were able to select more than one answer.

"When faced with higher mortgage payments at renewal, homeowners typically fall into two categories: those with primary residences, who adjust their budgets and make financial sacrifices to absorb the increased costs, and investors, who take a business-minded approach and are willing to sell a real estate asset if rising monthly expenses cut too deeply into their returns," said Tom Storey, sales representative and head of The Storey Team, Royal LePage Signature Realty in Toronto. "Some mortgage holders with higher renewal rates will need to make lifestyle adjustments, such as cutting back on travel or dining out, while others may need to take more drastic measures, like extending their amortization period to its original term, to reduce their monthly payments and manage the increased costs."

Storey noted that many move-up buyers are strategically timing their next home purchase around their upcoming renewal, weighing whether to wait out their current mortgage term before upsizing or renew early.

According to the survey, 71 per cent of Ontarians with a mortgage renewing this year currently hold a fixed-rate mortgage, while 27 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 64 per cent say they will opt for a fixed-rate loan, while 31 per cent say they will choose a variable-rate mortgage. Respondents in this region were among the most likely to say they plan to obtain a variable-rate mortgage upon renewal. Thirty-six per cent of all respondents in the province say they plan to obtain a five-year mortgage term upon renewal, followed by 19 per cent who plan to sign on to a three-year term.

"Fixed-rate mortgages have historically been the most popular option among Canadians, and as their loans come up for renewal, I expect many will make the same choice. This product has provided financial stability during the rate rollercoaster of the past few years. First-time buyers, however, tend to be the ones opting for variable-rate loans today, prioritizing affordability over predictability," said Storey. "When you receive a mortgage renewal notice from your lender, it's best not to accept the first offer outright. Instead, explore alternative payment plans and compare options from different financial institutions to secure the best deal. With stress testing no longer required for uninsured borrowers switching lenders at renewal, Canadians now have more flexibility."

Additional data for the province of Ontario, the city of Toronto and the Ottawa/Gatineau region is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey

QUEBEC

In the province of Quebec, 51 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (31% expect it to increase slightly and 20% expect it to increase significantly). This is the lowest instance among the provinces in Canada.

Of those who expect their monthly mortgage payment to rise upon renewal, 73 per cent say the increase will put financial strain on their household, also the lowest proportion among the provinces. Among them, 70 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 31 per cent say they will reduce or eliminate saving or investing; and 29 per cent say they will reduce or eliminate travel. Respondents were able to select more than one answer.

"Quebec homeowners who are approaching their mortgage renewal are taking a more strategic approach this year, and considering how to optimize their borrowing terms in response to an evolving interest rate environment," said Sean Broady, real estate broker, Royal LePage Elite in Montreal's West Island. "With both fixed and variable rates currently sitting between 4.6% and 4.7%, depending on the term length, and variable rates expected to decline further as the Bank of Canada moves to stimulate the economy, more borrowers are exploring shorter-term, fixed-rate mortgages or opting for variable rates to take advantage of potential future rate cuts. While the five-year fixed-rate mortgage remains a staple, we're seeing increased interest in two- and three-year terms, allowing homeowners to remain flexible in an uncertain economic climate."

The survey also reveals that nearly four out of five respondents (78%) in the province do not intend to change their living arrangements to avoid potentially higher mortgage costs.

"Over the past few months, economists have raised concerns about rising mortgage payments leading to increased financial strain for homeowners, but the data suggests that Quebec households remain relatively well-positioned," Broady added. "The province's real estate markets continue to benefit from stable employment and property values that, while appreciating, remain more accessible than in some of Canada's other major regions. Additionally, Quebec homeowners are the least likely from coast to coast to say they would change their housing situation to combat potential cost increases, which shows the resilience and confidence they have in their ability to manage their mortgage commitments. As a result, while mortgage renewals are certainly a financial consideration, they are not causing widespread distress. Instead, many are proactively adjusting their strategies to navigate the changing landscape with confidence."

According to the CMHC, the mortgage delinquency rate in the province of Quebec remained at 0.17 per cent in the third quarter of 2024, a rate that has not fluctuated for three consecutive quarters and that remains well below historic averages.⁵

According to the survey, 78 per cent of Quebecers with a mortgage renewing this year currently hold a fixed-rate mortgage, while 21 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 63 per cent say they will opt for a fixed-rate loan, while 31 per cent say they will choose a variable-rate mortgage. Respondents in this region were among the most likely to say they plan to obtain a variable-rate mortgage upon renewal. Thirty-two per cent of all respondents in the province say they plan to obtain a five-year mortgage term upon renewal, followed by 23 per cent who plan to sign on to a two-year term.

Meanwhile in Quebec City, the residential real estate market that saw the highest increase in the aggregate price of a property throughout 2024 in the province of Quebec and among major regions in Canada,⁶ mortgage renewals are not a topic of conversation.

"Mortgage renewals do not seem to be a major concern for homeowners in the Quebec City area," said Louis Belzile, real estate broker, Royal LePage Blanc & Noir in Quebec City. "The greater source of concern among buyers is not finding a property due to low supply.

"In 2024, the Quebec City region experienced one of the highest rates of price appreciation in Canada – the beginning of 2025 signals stronger real estate demand than last year, amplified by the drop in the key lending rate on January 29th. The continued rise in home prices and demand provides some reassurance to sellers who will face increases in their monthly payments when renewing their mortgage. While the resale market is facing a severe shortage of housing supply in Quebec City, the rental market can still absorb some of the demand, even if the vacancy rate remains historically low," he added. "For buyers, this means that they will have to be even more responsive and financially prepared to seize opportunities when they arise."

Additional data for the province of Quebec, as well as Montreal, Quebec City and the Ottawa/Gatineau region is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey 

BRITISH COLUMBIA

In the province of British Columbia, 53 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (33% expect it to increase slightly and 20% expect it to increase significantly).

Of those who expect their monthly mortgage payment to rise upon renewal, 82 per cent say the increase will put financial strain on their household. Among them, 60 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 42 per cent say they will reduce or eliminate travel; and 37 per cent say they will reduce or eliminate saving or investing. Respondents were able to select more than one answer.

"With interest rates trending lower in recent months, some homeowners with upcoming renewals are breathing a sigh of relief. As the prime lending rate offered by Canada's major financial institutions has declined, the impact of higher renewal payments has been less severe," said Adil Dinani, sales representative and team lead of the Dinani Group, Royal LePage West Real Estate Services in Greater Vancouver. "Though it has taken time, most consumers have accepted the reality of today's higher borrowing costs and are preparing for any renewal increases that may come their way. Clients are exploring all their options, especially since new lending rules eliminate stress testing for uninsured borrowers switching lenders."

Dinani noted that some homebuyers who were previously sidelined by higher borrowing costs – particularly move-up purchasers locked into favourable rates – are gradually returning to the market as rates have continued to come down.

According to the survey, 74 per cent of British Columbians with a mortgage renewing this year currently hold a fixed-rate mortgage, while 25 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 67 per cent say they will opt for a fixed-rate loan, while 29 per cent say they will choose a variable-rate mortgage. Forty-one per cent of all respondents in the province say they plan to obtain a five-year mortgage term upon renewal, followed by 18 per cent who plan to sign on to a three-year term.

"Consumer confidence has improved as interest rates have declined, but it remains fragile. Economic uncertainty, driven mostly by international trade conflicts, is causing concern among buyers and sellers alike. As a result, many homeowners continue to choose the stability of a fixed-rate mortgage, while others look to take advantage of monthly savings currently offered by variable rates," said Dinani. "While it may be tempting to try and predict where rates are headed, it's not advisable. Instead, selecting a mortgage product that aligns with your risk tolerance and financial capacity is the best approach."

Additional data for the province of British Coulmbia and the city of Vancouver is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey 

ALBERTA

In the province of Alberta, 60 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 25% expect it to increase significantly).

Of those who expect their monthly mortgage payment to rise upon renewal, 86 per cent say the increase will put financial strain on their household. Among them, 62 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 42 per cent say they will reduce or eliminate travel; and 42 per cent say they will reduce spending on essentials, such as groceries or gas. Respondents were able to select more than one answer.

"While almost half of Albertans with mortgages coming up for renewal are not expecting their payments to increase, many homeowners are exploring opportunities to reduce their monthly carrying costs by right-sizing their homes and looking at properties in more affordable regions," said Natosha Wareham-Bakker, sales representative, Royal LePage Benchmark in Calgary. "Many respondents report the anticipation of financial pressure upon renewal. Albertans, in particular, are more susceptible to boom-and-bust economic cycles than most others across Canada, given their dependence on the oil and gas industries. While incomes may be higher on average, employment can also be unpredictable, leading to a heightened sensitivity to financial changes."

Wareham-Bakker noted that buyers have begun to re-engage with the market as interest rates come down. "There's been a noticeable uptick in market activity in recent months, as both buyers and sellers begin to feel more confident in the trajectory of lending rates."

According to the survey, 79 per cent of Albertans with a mortgage renewing this year currently hold a fixed-rate mortgage, while 20 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 66 per cent say they will opt for a fixed-rate loan, while 27 per cent say they will choose a variable-rate mortgage. Thirty-nine per cent of all respondents in the province say they plan to obtain a five-year mortgage term upon renewal, followed by 18 per cent who plan to sign on to a three-year term.

"With the right information and a clear financial strategy, our clients have been able to manage higher interest rates without panic. By reassessing their budgets and their wishlists, and taking the time to explore various mortgage options, they've been able to remain in control," she noted.

Additional data for the province of Alberta and the cities of Calgary and Edmonton is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey 

SASKATCHEWAN & MANITOBA

In the provinces of Saskatchewan and Manitoba, 63 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (42% expect it to increase slightly and 21% expect it to increase significantly).

Of those who expect their monthly mortgage payment to rise upon renewal, 89 per cent say the increase will put financial strain on their household, the highest instance among the provinces. Among them, 57 per cent of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments; 49 per cent say they will reduce or eliminate travel; and 36 per cent say they will reduce spending on essentials, such as groceries or gas. Respondents were able to select more than one answer.

"Consumer confidence is higher compared to the past two years when interest rates were on the rise. However, in the Prairies – where resource-based industries can bring income uncertainty – borrowers tend to feel the impact of major financial changes, such as mortgage renewals, more acutely," said Elliot Didomenicantonio, sales representative and associate broker, Royal LePage Prime Real Estate in Winnipeg, Manitoba. "Many homeowners anticipate feeling the strain of higher monthly payments and are prepared to cut back on household spending to manage the cost if necessary. Distressed sales from overleveraged sellers remain rare in our market. Instead, homeowners are more likely to scale back on entertainment and vacations before risking mortgage default."

According to the survey, 79 per cent of homeowners in Saskatchewan and Manitoba with a mortgage renewing this year currently hold a fixed-rate mortgage, while 20 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 78 per cent say they will opt for a fixed-rate loan, while 19 per cent say they will choose a variable-rate mortgage. Respondents in this region were the least likely to say they plan to obtain a variable-rate mortgage upon renewal. Forty-seven per cent of all respondents in the region say that they plan to obtain a five-year mortgage term upon renewal, followed by 14 per cent who plan to sign on to a three-year term.

Didomenicantonio added that move-up buyers have recently moved into the market in greater numbers, looking to capitalize on falling borrowing rates to upgrade their living space. Further expected decreases should coax more first-time buyers off the sidelines.

"My advice to anyone with a mortgage renewing this year – if payments are set to rise, your first step should be to explore competitive rates and consult with your lender to review your options. In the event that financial adjustments are necessary, reducing discretionary spending can help create additional flexibility in your budget."

Additional data for the province of Saskatchewan and Manitoba is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey

ATLANTIC CANADA

In Atlantic Canada, 64 per cent of homeowners whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal (39% expect it to increase slightly and 25% expect it to increase significantly). This is the highest instance among the provinces in Canada.

"Despite higher borrowing rates and an increase in carrying costs for most, homeowners are not panicking. With rates continuing to trend down, the increase is far more manageable today than it would have been a year or two ago," said Tanya Colbo, sales representative, Royal LePage Atlantic in Halifax, Nova Scotia. "In 2020 and 2021, many households would have qualified at a stress test rate higher than their renewal rate today; affordability buffers were built in. While the cost of living has risen, homeowners have been adapting without drastic financial changes for some time now."

A majority (61%) of respondents say they will not change their living arrangements to avoid potentially higher monthly mortgage costs. However, 13 per cent say they are considering downsizing; 12 per cent say they are considering relocating to a more affordable region; and eight per cent say they are considering renting out a portion of their home to subsidize expenses. Respondents were able to select more than one answer.

"Luckily, we have not seen many distressed sales in our market, largely because Maritimers have built up substantial equity in their homes over the last several years. Many are leveraging that equity to consolidate debt or add secondary units to their properties to offset costs," noted Colbo. "Looking ahead, we expect a surge in buyer activity. With interest rates expected to continue decreasing and new policies that will improve affordability, especially for first-time buyers, more people will come off the sidelines this year."

According to the survey, 79 per cent of homeowners in Atlantic Canada with a mortgage renewing this year currently hold a fixed-rate mortgage, while 19 per cent have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 73 per cent say they will opt for a fixed-rate loan, while 25 per cent say they will choose a variable-rate mortgage. Forty-three per cent of all respondents in the region say they plan to obtain a five-year mortgage term upon renewal, followed by 16 per cent who plan to sign on to a three-year term.

Additional data for the Atlantic Canada region is available in the table linked below.

Royal LePage 2025 Mortgage Renewal Survey - Data Chart:
rlp.ca/table-2025-mortgage-renewal-survey 

Royal LePage resources for homeowners renewing their mortgage:

Renewing your mortgage this year? Royal LePage has published a number of online resources available at the following links:

• OSFI to drop mortgage stress test for uninsured borrowers who switch lenders at renewal
• Federal government announces landmark adjustments to mortgage rules for first-time buyers in Canada
• 30-year amortizations on insured mortgages for new build homes now available for first-time buyers
• Fixed or variable rate? Here's how to prepare for your mortgage renewal

About the Survey

Hill & Knowlton used the Leger Opinion online panel to survey 1,340 Canadians renewing their mortgage in 2025, aged 18+. The survey was completed between January 24th and February 5th 2025. Representative sampling was done across all provinces (Atlantic provinces were aggregated and Saskatchewan was aggregated with Manitoba), with oversampling in SK/MB, Toronto CMA, Ottawa/Gatineau CMA, Montreal CMA, Quebec City CMA, Vancouver CMA, and Calgary CMA, Edmonton CMA. Household ownership weighting was applied to ensure representation at a CMA/province/region level, according to 2021 census figures. No margin of error can be associated with a nonprobability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1,340 respondents would have a margin of error of ±3%, 19 times out of 20.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage^® Shelter Foundation^™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services^® Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE. For more information, please visit www.royallepage.ca.

Royal LePage^® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services^® Inc.

SOURCE Royal LePage Real Estate Services