56% of Canadians find home prices “unreasonable”

In a recent study conducted by the Angus Reid Institute, more than half of Canadians living in cities said that they are feeling the impact of the deterioration of real estate affordability—even if they reside in smaller metropolitan areas outside the overloaded urban markets of Toronto and Vancouver.
 
The poll—which involved two surveys of over 7,000 Angus Reid Forum users last February—found that 56 per cent of Canadians believe that home prices in their respective localities are “unreasonable”. This percentage translates to more than 500,000 individuals or households in the Greater Toronto Area and Metro Vancouver.
 
Angus Reid officials noted that the pressure of rising home costs is starting to make owners and prospective buyers take notice.
 
“What we find there is that, OK, it’s not quite as bad as it is in Vancouver, but there is still a tension point. Just because things may be perceived to be more affordable or more reasonable in other markets, doesn’t necessarily mean that that correlates to people feeling very comfortable,” Angus Reid Institute executive director Shachi Kurl told the Vancouver Metro.
 
Nearly half of Calgary respondents said that property costs in the region—which is acknowledged as one of the worst hit by the effects of the poorly performing national economy—fall under the categories of either “high, but understandable given the area” or “unreasonably high”. Only 9 per cent said that Calgary prices are “a bit low”.
 
The persistent issue of affordability has spurred calls in recent months for federal authorities to take decisive action. In fact, the Angus Reid study revealed that 66 per cent of Canadians believe that the government should take a more active role in cooling down the real estate market and ensuring greater access for consumers.

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