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Published: July 13, 2024
Months after putting forward what they describe as the most ambitious housing plan ever, a new poll shows growing concern about the rising cost of housing amid support from the Liberal government.
The latest survey conducted by Nanos Research found that housing and concern about housing costs have quickly surpassed jobs, the economy, and the environment as the most significant national issue causing anxiety.
Over the past month, the poll found that concern about housing increased from 8.8 percent to 12.5 percent, while concerns about inflation, the top national issue, decreased from 13.7 percent to 12.9 percent.
Nanos Research's Chief Data Scientist and founder, Nik Nanos, said the findings were not surprising.
Nanos explained, "Many Canadians, especially young Canadians, feel they are being crushed by high interest rates, by the overall cost of housing, whether they are renting or paying for a mortgage."
"Concern about housing is increasing despite all the efforts the Liberals are making behind this; it is not actually decreasing."
Real estate agent and broker Marni Bennett from Ottawa stated she has been in the business for over 43 years and has never witnessed such high levels of anxiety among both sellers and buyers.
Adding, "No one can predict what is going on in the economy. "We, as real estate people, are dealing with this impact on the entire balance right now."
Bennett says the average home price in Ottawa is around $750,000, which is just for what she calls a "typical" three-bedroom home.
To increase their purchasing power, Bennett says more and more clients are moving to the eastern end of Ottawa where prices tend to be around $150,000, buying at the higher ends of the stabilizer, or opting to buy much smaller homes outside the city than they were initially looking for.
Bennett also added that she is seeing more multigenerational homes and parents threatening their children's savings so they can afford a down payment.
Questioning, "Everyone's dream is to own a home, but I don’t know if that will be a reality anymore. How will you save money?"
This comes as the latest Nanos federal ballot tracking shows the Conservatives now at 41.0 percent, 15 points ahead of the Liberals at 25.7 percent. Meanwhile, the New Democratic Party sits at 17.3 percent, the Bloc at 8.9 percent, the Green Party at 4.2 percent, and the People’s Party at 2.6 percent.
Nanos says it seems that young people, referred to as the swing voting bloc, are fleeing from the Liberal government.
Stating, "In 2015, Justin Trudeau built his majority around many enthusiastic and positively influential young people who were progressive. Fast forward now, and those young people have deserted the same Liberals and are likely looking to the Conservatives due to the anxiety and frustration they are experiencing from the rising cost of living and housing."
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