About 59 per cent of renters say they are “seriously” considering leaving the Greater Toronto Area due to the high cost of owning a home, a new poll finds.
The Angus Reid Institute’s online survey, which sampled 831 GTA residents, found that a total of 47 per cent of respondents were “seriously thinking of leaving the GTA” due to housing prices.
The survey found that 58 per cent of respondents between the ages of 18 and 34 would consider leaving the GTA and 59 per cent of renters would also.
Approximately one-in-three non-owners surveyed said they would like to buy a home now but can’t afford to right now and about 52 per cent of the total respondents said they hope home prices fall at least “slightly” in the next four years.
More than two-thirds of GTA residents say the government should be more involved in the housing market to improve affordability and 75 per cent of respondents in the city of Toronto agreed with this statement.
“Among residents under age 35, fully six-in-ten are hoping the market cools off at least slightly, though it’s notable that nearly a quarter of those ages 55-plus – perhaps reflecting concern for children or grandchildren who are currently priced out of the market – say the same,” analysis accompanying the poll read.
Respondents were “overwhelmingly” in support of a foreign buyers’ tax in Ontario and a tax on vacant homes.
Eighty-four per cent said they would support a tax aimed at foreign and domestic homeowners who don’t pay taxes in Ontario and 81 per cent are in favour of a “vacancy tax” on investor-owned properties that are unoccupied.
“Given the widespread desire for governments in the region to do more, and the widespread pessimism that they will be able to improve affordability no matter what they do, it’s perhaps predictable that GTA residents are largely dissatisfied existing government efforts on the housing file,” the survey analysis read.
The online poll, which randomly sampled 831 GTA members of Maru Voice of Canada, was conducted between May 25 and June 5.
