Residents of Canada’s priciest housing market want prices to fall, some by almost a third.

A survey of Vancouver residents – both renters and homeowners – has found that 44% say they have been personally affected by the high cost of real estate, while 83% say it is damaging the region.

And some are willing to see prices fall sharply to open up the market to those who are currently priced out.

While 26% said they would like to see a 10% drop in prices, 36% said it should be closer to 30%; 62% overall want to see a price drop.

The research, carried out by the Angus Reid Institute, shows that 8 in 10 renters and three quarters of homeowners say the region’s home prices are “unreasonably high”.

Six-in-ten (59%) say it is foreign buyer investments driving up costs, and 43% say it is wealthy individuals in general.

Almost 80% of respondents believe the government should be more involved in the housing market to improve affordability and 69% think first-time buyers should be prioritized.

However, two thirds say that whatever the government does, it won’t have much impact on affordability.

This is in line with a similar study in the GTA which also found that most in the region believe there is little that can be done to improve the current high prices.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: