Fed Up with the Crisis: Study Finds That 70% of Canadians Want Housing to Go Down

A recent survey commissioned by Bloomberg News and conducted by Nanos Research has revealed that a significant majority of Canadians, totaling 70%, would welcome a decrease in housing prices, with 40% expressing that they would be happy and 30% indicating they would be somewhat happy. 

This sentiment is more apparent in residents in Quebec and Atlantic Canada, at 82% and 78%, respectively. Conversely, residents in Ontario (62%) and the Prairies (63%) are less enthusiastic about this possibility. 

Via Nanos Research

Additionally, the survey highlights a gender disparity, with women (74%) more inclined to favor lower housing prices than men (64%).

The survey also identified the top priorities for addressing the issue of affordable housing in Canada. 

Building more housing emerged as the most prominent concern, with 23% of respondents emphasizing its importance. This was followed closely by the construction of government-subsidized housing and lowering mortgage rates, both garnering 21% of respondents’ support. 

Notably, younger Canadians aged 18 to 34 expressed a stronger desire for lower mortgage rates (28%) as their top priority, while those aged 55 and over leaned towards the construction of more housing (25%). Gender-wise, women were more likely to advocate for government-subsidized housing (29%), while men showed a preference for increasing overall housing supply (28%).

The survey, which included 1,044 Canadian respondents aged 18 and older, was conducted using a hybrid telephone and online approach from September 2nd to 4th, 2023. The margin of error for the survey is approximately ±3.0 percentage points, with a 95% confidence level.

In a related study commissioned by The Globe and Mail over the same period with the same number of respondents, Nanos Research found a significant shift in Canadian attitudes towards immigration and international students. 

Via Nanos Research

More than half (53%) of respondents now want Canada to accept fewer immigrants in 2023, up from 34% in March 2023. Additionally, 55% of Canadians believe that the country should accept fewer international students this year than the target of 900,000.

Information for this story was found via Nanos Research, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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