Housing costs are a top election issue in the GTA

When you live in an area with high housing costs, it affects more than just your mortgage payments or the rent deducted from your bank account every month.

Being stretched thin financially can prevent you from pursuing goals such as saving for retirement, making a major purchase or going on vacation. In the GTA, this challenge is common. A recent Ipsos poll of 1,503 residents, conducted on behalf of BILD and the Toronto Real Estate Board (TREB), found that 68 per cent of the respondents had been prevented from doing something they wanted to do because of the cost of housing.

Of the people surveyed, 40 per cent said managing the costs of housing came at the expense of their retirement savings, while 34 per cent indicated they had held off making a major purchase or going on a holilday.

Almost a quarter of respondents had postponed buying a home. Those are some significant goals to have to put on the back burner. No wonder 38 per cent of those polled said the cost of housing is among their top three issues in the upcoming municipal election, tied with crime and infrastructure, and only behind municipal taxes.

Millennials, women, renters and those living with relatives or parents were more likely to choose the cost of housing as an important election issue.

A majority of respondents — 82 per cent — said their new municipal government should prioritize addressing the cost of home ownership once elected, with one third saying this should be a top priority.

At BILD, we are not surprised to see that housing affordability is foremost in people’s minds in the GTA as the municipal election nears.

In any market, when demand far outpaces supply, prices rise.

This is the case with the housing market in the GTA. Prices of new homes are further increased by the fees, taxes and charges added by all levels of government.

The good news is, there are simple, straightforward steps municipal governments can take to increase supply.

In our pre-election campaign, Build for Growth, we highlight some of these solutions, including making sure government charges on new development are fair, funding and building critical infrastructure, cutting red tape and adopting a standard of service excellence to speed up building permits and inspections.

If you’d like to learn more, visit the Build for Growth website, www.buildforgrowth.ca.

While you are there, be sure to send an email to your local candidates, asking them to make housing a priority.

If we can increase housing supply and affordability, GTA residents will have more money left over every month to put toward other important goals.

Have you been thinking about restyling, restructuring or reorganizing your living space?

Find advice and inspiration at our Fall Home Show this weekend, taking place at the Enercare Centre at Exhibition Place in Toronto. Admission is free this year, courtesy of RenoMark. Get your tickets at www.fallhomeshow.com.