Despite slowing price gains in Vancouver and a moderation in Toronto, average home prices are still notoriously expensive.
So how are these prices affecting the lives of residents in these two cities? Thanks to a new comprehensive survey released this week, we finally have some answers:
High Home Prices Taking Toll
A new survey from polling firm Angus Reid on Canada’s two hottest housing markets reveals that even homeowners in those cities are finding prices unreasonably high and want to see them come down.
A full 20% of Vancouver homeowners are hoping for prices to fall significantly (by 30% or more), while another 29% would like to see prices fall slightly (by around 10%). Similarly in Toronto, 27% want to see prices fall significantly, with another 25% hoping for a decline of 10%.
Housing affordability was ranked by residents in both cities as the most pressing issue facing the regions (54% in Toronto and 65% in Vancouver), surpassing transportation/traffic, homelessness/poverty, environmental issues and the economy.
The survey also included a “Pain Index,” which measures scores related to housing and transportation. The results showed 27% of Toronto respondents and 22% of Vancouver respondents classify their housing pain level as “miserable” (up from 17% and 18%, respectively, in 2015).
“It is a progression of pain for both regions, where Vancouver really seems to be settling in, resigned to living with this chronic pain,” Angus Reid Executive Director Shachi Kurl told the CBC. “The people of Greater Toronto are certainly more alive to it than they were three years ago.”