A survey by the Angus Reid Institute’s “Pain Index” of residents in Toronto and Vancouver suggest that even some homeowners in Toronto and Vancouver think housing has become too unaffordable and prices should drop.
The Angus Reid Institute’s “Pain Index” scores people’s answers to questions about housing and transportation. While responses in each city differ somewhat, most respondents in both saw housing as the paramount concern residents are facing.
In Toronto, housing affordability was a bigger issue than even traffic and transportation, which were the concerns in a similar poll in 2015.
The survey notes that housing prices in both cities have climbed sharply in recent years.
In Toronto, 56 per cent of homeowners said current housing prices were hurting the Greater Toronto Area — 13 per cent said they would like to see prices drop by 30 per cent or more, and 22 per cent said by 10 per cent or more.
Those numbers were even higher in Vancouver, where nearly three quarters of owners said the cost of a home was “unreasonably high” — 20 per cent said prices should drop by 30 per cent or more, and 29 per cent by at least 10 per cent.
Renters in both cities were significantly more likely to believe housing prices were too high and prices should drop drastically, as were younger respondents and those with lower incomes.
The top three perceived causes for the rising cost of real estate were similar in both cities but varied in terms of order.
In Vancouver, most respondents saw foreign buyers as the top cause, followed by wealthy investors and the city’s desirable location. In Toronto, location came in first, followed by low interest rates and foreign investors.
Be quite sure that housing and affordability concerns will be an election issue in the years to come. -CINEWS