Real Estate News

Ontario Real Estate Survey Escalating Concerns and Urgent Calls for Government Action on Housing Affordability

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The Ontario Real Estate Association (OREA) conducted a recent survey revealing escalating concerns among Ontarians regarding housing affordability and the overall cost of living. This survey marks the first time over half of respondents, accounting for 51 percent, identified housing affordability as their primary concern, reflecting a notable 16 percent surge since June 2021. Financial challenges persist among Ontarians, with 52 percent struggling to cover monthly expenses without the ability to save for the future. For prospective homeowners, this figure rises to 29 percent, intensifying the hurdle of accumulating savings for down payments and other homeownership costs.

OREA's CEO, Tim Hudak, emphasizes the critical need for decisive government action, pointing out that historic constraints on housing supply have driven prices beyond the reach of many young families, contradicting the traditional belief that each generation should have improved opportunities for homeownership. A staggering 80 percent of respondents believe that the Ontario government can play a significant role in enhancing housing affordability. However, only 15 percent feel the government has adequately addressed these concerns, while 55 percent perceive the government's decisions over the past three years as exacerbating difficulties in home acquisition.

Key factors impacting affordability were identified, including land availability and cost, borrowing expenses for builders, foreign investment, increased immigration, and shortages in skilled trade workers. To tackle these challenges, Hudak emphasizes the importance of pro-growth and pro-housing policies to stimulate construction and increase housing supply, crucial for realizing Ontario's target of constructing 1.5 million new homes in the coming decade.

Read the full article on: REAL ESTATE MAGAZINE


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Amandeep Singh
Amandeep Singh
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