Two-Thirds Of Canadians Concerned By Soaring Housing Prices - Poll

TORONTO (Pakistan Point News / Sputnik - 07th May, 2022) Canadians by a near two-to-one margin say soaring housing prices are a cause for concern, a Nanos-CTV news poll revealed on Friday.

The findings corroborate the perceived anxiety among the Canadian public with housing costs that have shot up more than 6 percent year-over-year in the past three months.

"About two in three Canadians are concerned or somewhat concerned about rising home prices," a report on the poll said.

While 41.4% of all respondents expressed concern at housing prices - with a further 23.8% saying they are "somewhat concerned" - younger Canadians aged 18 to 34 are most alarmed. Nearly half of young Canadians - 48.3% - say they are concerned by the trend, while only 19% are indifferent.

Furthermore, more than one in three Canadians that are concerned or somewhat concerned about paying for their home mortgage or rent, the poll found.

The highest level of concern was recorded in Ontario and British Columbia, where prices have risen the fastest, and in Atlantic Canada, a region which has traditionally lagged in wage growth and employment compared to the rest of the country.

More broadly, an elevated inflation rate is pushing Canadians to cut back on spending with 23% of respondents saying they cancelled a major purchase and 12% indicating they have expedited a purchase, according to the poll.

Critics have identified several reasons for the country's housing crisis, including foreign investors, slow-paced developers and high immigration quotas.

While Justin Trudeau has proposed a moratorium on purchases, the crisis has inflicted a toll on his Liberal minority government as opposition parties take aim at the prime minister over the issue.