Survey finds housing to be a top priority for Ontario voters

As the provincial election in Ontario approaches, it’s not surprising that housing affordability and supply are top concerns for voters.

A recent survey by Royal LePage shows that 69% of Ontario adults believe a party or candidate’s stance on addressing the housing crisis will impact their vote. Among younger demographics, support for housing-focused policies is even higher, with 72% of Generation Z and 75% of millennials prioritizing the issue.

“Since the real estate boom induced by the pandemic in 2020, housing affordability has become an increasing concern, especially in the most expensive and supply-constrained markets like Toronto and Vancouver,” said Phil Soper, president and CEO of Royal LePage. “Given the crisis level of affordability challenges, it’s not surprising that voters, especially younger Canadians, are prioritizing housing policies as they head to the polls.

“Despite recent interest rate fluctuations and a temporary increase in inventory, the fundamental issue remains the same: a significant lack of supply. Sustainable affordability can only be achieved through a substantial and continuous increase in housing construction.”

Housing affordability a priority for young voters

The survey revealed that when asked to name their top three election priorities, Gen Z and Millennials ranked housing affordability as their top concern, followed by healthcare. Millennials also highlighted government spending and taxes, while Gen Z prioritized employment. In contrast, healthcare remains the main concern for Generation X and Baby Boomers.

Source: Royal LePage

Ontarians exploring alternative paths to home ownership

Due to ongoing affordability challenges, many Ontarians are considering innovative solutions for owning a home. The survey found that 38% would consider buying a home in a more affordable region within Ontario, 20% would think about moving to another province for cheaper housing, 18% would consider purchasing a property with a rental unit to help cover mortgage costs, and 12% would contemplate buying a home with family or friends instead of a spouse.

However, 32% of respondents stated they would not consider any of these options.

Compared to older generations, younger Ontarians are more open to relocating. Twenty-nine percent of Gen Z respondents and 25% of Millennials said they would consider moving out of Ontario in search of more affordable housing, compared to 20% of Generation X and only 10% of Baby Boomers.

The survey also found that 26% of Ontarians who do not currently own a home plan to purchase one within the next two years. These potential buyers are also more likely to explore alternative strategies to make home ownership more achievable.

“The decrease in interest rates over the past year, along with stable home prices and increasing wages, has temporarily improved housing affordability, especially for first-time homebuyers. However, this relief is unlikely to last beyond 2025,” Soper noted.

“The pent-up demand, fueled by years of limited supply, combined with the ongoing need for housing in a growing country, will soon outpace available inventory. Without a significant and sustained increase in housing construction, affordability challenges will persist well into the future.”