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

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

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

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

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

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

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

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​“We are going into this eyes wide open, and having those hard conversations very early in the process.”

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National home sales have picked up 12.5% since March, and CREA economists are optimistic for a more active fall.

Pandemic distortions pushed suburban prices beyond their historical relationship with the city and that spread is now narrowing. The great return-to-office recall will continue to reinforce that pattern, pulling value back toward the core.

“We are going into this eyes wide open, and having those hard conversations very early in the process.”

Real estate services firm rennie has had commercial brokers for some time, but is now officially launching a commercial real estate brokerage called Rennie Commercial.