(Photo courtesy of fumigene via Flickr.com)
Renting

Majority Of Renters 'Seriously' Consider Leaving GTA: Housing Affordability Worsening [POLL]

August 27, 2018

05:31 AM

housing (Photo courtesy of fumigene via Flickr.com)

The rent is just too damn high. And so is the cost of owning a home in the Greater Toronto Area. In fact, the affordable housing situation in the GTA is worsening according to renters and homeowners.


READ: Will Justin Trudeau Include A Housing Strategy For Renters In His Campaign?

A new Angus Reid Institute poll finds about 59 per cent of renters are “seriously” considering leaving the GTA given the high cost of owning a home.

Renters aren't alone. Of the 831 GTA residents surveyed, a total of 47 per cent are “seriously thinking of leaving the GTA” due to housing prices.

 

One-third of non-homeowners say they would like to buy a home right now — but just can't afford it.

And more than two-thirds of GTA residents think the government needs to further intervene in the housing market in order to improve housing affordability.

READ: Toronto Vs. The Top Rental Real Estate Markets In The World

Respondents “overwhelmingly” support of a foreign buyers’ tax in Ontario and a tax on vacant homes to help with the affordable housing crisis.

The survey's analysis states that “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.”

READ: Toronto’s 35 Neighbourhoods: Where Is It Cheaper To Rent Or Own A Condo?

Ultimately, the poll finds that both homeowners and renters agree that the price of real estate in the Greater Toronto Area is “unreasonably high,” and that it may be too late for government intervention to burst the bubble they say is hurting the region.

both homeowners and renters agree that the price of real estate in the Greater Toronto Area is unreasonably high Source: AngusReid.org

READ: Doug Ford Promised Ontario This Housing ‘Plan’ Pre-Election: What Will Become Of It?

Renting

Trending

You may also like

Industry

BC Gov Bought Foreclosed Coromandel Properties Site In Vancouver For $22.5M

​The 3805-3919 Nanaimo Street site was formerly owned by Coromandel Properties before being foreclosed and sold to the BC Transportation Financing Authority.

Listed Luxe

Hotel-Style Luxury Condo Listed At Yorkville’s Four Seasons Private Residence

​Serving up the definition of “suite life,” Yorkville’s Four Seasons has just listed a newly renovated 2+1 bedroom condo in its private residences.

Urban Living

What's Open And Closed In Toronto On Easter Weekend

If you're lucky enough to get an extra day or two off this Easter weekend and want to spend it out and about in Toronto, you'll want to be sure to check whether your destination is open or closed.

Development Projects

Wesgroup's River District Area 3 To Include 17 Buildings Up To 25 Storeys

The River District in Vancouver by Wesgroup Properties is unfolding across 130 acres, with the first two areas of the master plan largely complete or well underway.

Policy

Canada To Get First Nation-Wide Renters' Bill Of Rights: Feds

The bill of rights, to be developed and implemented in partnership with provinces and territories, would require landlords to disclose an apartment's pricing history "so renters can bargain fairly."

Policy

Ontario’s 2024 Budget Lacking A “Central Focus” On Housing, Experts Say

“It would have been great to see more money directly targeting the development of homes at various price points for Ontarians,” Royal LePage’s Karen Yolevski tells STOREYS. “It also would have been wonderful to see more investment in the missing middle.”

Homes

How House Flipping Activity Has Trended In Canadian Cities Over The Past Decade

Flipping homes for a quick profit has become a hot topic in provinces such as BC, but flipping is trending down in BC, while it's spiking in Alberta.

Policy

Ontario Budget Hints At More Vacant Home Taxes, Attainable Housing

Without too many details provided, the Province said it is developing an "attainable housing program" to help make homeownership a reality for more Ontario families through the use of modular construction.

Development Projects

Wesgroup's 35 And 38-Storey Reign Towers In Burnaby Receive Final Approval

Wesgroup Properties received conditional approval for Reign last year and launched presales on one of the towers last year.

Industry

Toronto Rental Project Compromised As Receivership Granted Over $25M Debt

And another one bites the dust: the Ontario courts have issued a formal receivership order over 40 Moccasin Trail and 50 Greenbelt Drive, which is the site of a proposed purpose-built rental development from Hampton Metrics.

Development Projects

Picturesque Ontario Ski Resort Adding Year-Round Master-Planned Community

“The idea is for Calabogie Peaks to evolve into an authentic little Ontario town,” says Paul Murphy of his sprawling ski resort property in eastern Ontario.​

Construction

Port Moody Revamps Advisory Design Panel Process, Rendering Wesgroup Request Moot

The decision by the City of Port Moody to scrap the old Advisory Design Panel came just as Wesgroup Properties requested a waiver from the process.

Policy

Sean Fraser Threatens To Withhold Ontario's $353M For Housing

In a letter to provincial Minister of Municipal Affairs and Housing Paul Calandra dated March 21, Sean Fraser said Ontario's action plan "is a disappointment."

Industry

Foreclosed Coromandel Site On Cambie To Be Sold For $26M After $69M Appraisal

​The 7510 Cambie Street property in Vancouver is the latest site formerly owned by Coromandel Properties to be sold through foreclosure proceedings.