While it’s not really a big surprise that the vast majority of renters would like to see home prices to drop, according to the results of two surveys by the Angus Reid Institute on Toronto and Vancouver, a significant number of homeowners think that housing is way too expensive, and prices should drop.
Angus Reid Institute’s survey uses a “Pain Index” score, which is built from people’s answers to questions on housing, transportation, the economy, living expenses, jobs, etc. While people’s responses vary from city to city, most respondents agreed that housing costs are a huge concern.
The survey reports that in Vancouver, 59% of homeowners would like to see a decrease in home prices; 20% of which would like to see a drop of 30% or more. Toronto has even larger numbers, with 63% of homeowners wishing that home prices would fall; 27% of which would like a decrease of 30% or more.
Angus Reid reported in 2015 that Toronto residents’ biggest concern used to be transportation and traffic issues. The fact that housing is now the number one concern belays an escalation of housing unaffordability and increased difficulty in qualifying for a mortgage.
Though it may sound counter-intuitive, the survey reports that a substantial number of Vancouver and Toronto residents (especially renters, less wealthy residents and young people) would like to see a real estate market crash. Though it’s easy to blame their opinion on the fact that most of them don’t have a direct personal stake in housing values, that number includes a significant number of current homeowners.
While most respondents felt that there’s nothing that can be done to improve affordability, most Toronto and Vancouver residents wish that the government would involve itself more in the matter in order to increase affordability.