Beyond the financial impact, elevated housing prices have proven to be a soul-crushing ordeal for a majority of Canadians, a new analysis by Zoocasa revealed.
In its 2019 National Housing Survey, the real estate information portal found that for 59% of respondents and 76% of renters, the housing affordability crisis has negatively affected their mental health at least once in the last 12 months.
“All groups of respondents appear to be stressed by their finances to a large extent: 79% said they were their biggest source of stress at least once over the last 12 months, with 75% of homeowners and 86% of renters in agreement,” Zoocasa stated.
More than four out of five (84%) Canadians see housing affordability as a crucial issue that has significant economic and political repercussions, the study added.
Furthermore, 78% of respondents (as well as 90% of renters) said that any newly elected federal government should prioritize addressing the long-running affordability problem.
Fully 91% of respondents indicated a belief that housing prices in their locales have been rising faster than incomes, and 92% said that this price growth has made it all but impossible for the average Canadian to enter into home ownership.
“This has fueled the ‘drive until you qualify’ approach, with 52% of all first-time buyers saying they’d consider moving to another town or city in order to be able to afford a home,” Zoocasa explained.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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