Home Prices Considered “Unreasonable” by 56% Of Canadians

A recent study carried out by the Angus Reid Institute found that more than half of Canadians residing in cities were of the view that the deterioration in real estate affordability was been personally felt; irrespective of their living in smaller metropolitan areas outside the busy markets of Toronto and Vancouver.

The poll involved two surveys of more than 7,000 Angus Reid Forum users last February. It discovered that 56% of Canadians believed home prices in their respective areas were “unreasonable”. This percentage forms more than 500,000 individuals or homes in the Greater Toronto Area and Metro Vancouver.

The Angus Reid officials highlighted how the pressure of rising home costs is growing more noticeable by owners and prospective buyers.

“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.

Calgary’s housing market, an area that has been shown as one of the worst hit areas with a poorly performing economy, was described by most residing respondents as either “high, but understandable given the area” or “unreasonably high”.

Calgary prices were categorized as “a bit low” by only 9 percent.

The red hot issue of affordability has rung the alarm bells in recent months for federal authorities to take crucial action.

Matter-of-factly, the Angus Reid study showed that 66 percent of Canadians believed that government involvement in cooling down the real estate market is needed to ensure greater access for consumers.