Housing affordability ranks alongside infrastructure and crime-reduction as top priorities for voters in the forthcoming municipal elections.
A poll conducted by Ipsos for The Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) reveals that the three issues are statistically tied at almost 40% of respondents.
The issue of housing affordability is more of priority for millennials (48%) than Gen-Xers (42%) and Boomers (25%); along with renters (62% vs 26% of homeowners), those living with parents or other relatives (50%), and women (43% vs 32% of men) are also more concerned.
"Residents of the GTA are concerned about housing affordability and availability," said Dave Wilkes, President and CEO, BILD GTA. "People are concerned about where young families and first-time home buyers will live, or if they will be able to afford to live in the GTA at all."
Impact on financial goals
The poll found that the high cost of GTA housing has impacted financial goals for 68% of respondents including retirement savings (40%), major purchase or holiday (34%), buying a home (24%), upgrading their home (20%) and saving for children’s education (12%).
"One of the key issues facing home buyers and renters in the GTA is inadequate housing supply and choice, and one of the main reasons for this is municipal policy that unnecessarily locks up housing options. We are encouraging home buyers and renters to let municipal election candidates know their views through TREB's new election campaign web site: UnLockMyHousingOptions.ca; it is easy as the website does all the work for you," said Garry Bhaura, TREB President.
