Housing affordability is at the top of the minds of most Canadians
The real estate industry will be closely looking at the re-elected Liberal government to see if it will live up to its mandate of serving the people’s best interests, according to RE/MAX Ontario-Atlantic Canada executive vice president and regional director Christopher Alexander.
“Affordability is a top priority for Canadians, and it’s encouraging to see the theme of affordability and housing dominating the 40-day campaign period,” Alexander stated. “But for the time being, these are still just promises. All eyes will be on Trudeau to see what transpires in the coming weeks and months.”
From the economic turmoil in Western Canada to consistently high prices in Ontario, the federal government should focus on addressing the multiple pressures on the industry.
“The Liberal government needs to commit to supporting a healthy housing market, which remains fragile in many regions across Canada,” Alexander added. “A healthy economy and low unemployment are the foundation of a good market, in every industry.”
The 2019 National Housing Survey by real estate information portal Zoocasa found that more than four out of five (84%) Canadians consider housing affordability a crucial economic and political issue.
Furthermore, 78% of the poll’s respondents, along with 90% of renters, said that the new government should place housing affordability at the top of the issues to address.
Meanwhile, 91% of Canadians 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 household to own a home.