Sky high prices have people looking outside Ontario to find more affordable housing, according to a new poll.
Nearly half (46%) of prospective homebuyers in Ontario said they’ve considered leaving Canada’s most populous province in search of more affordable real estate, according to a poll by the Ontario Real Estate Association.
One third of respondents under the age of 29 said they are either definitely or very likely to buy a house outside of Ontario.
Nearly 70% of respondents agree there are actions the Ontario government could take to make an impact on runaway housing costs. The ideas respondents support include the introduction of tax credits for renovations, increased tax rebates for first-time homebuyers, as well as the redevelopment of commercial properties into housing.
Housing markets all over Ontario have seen massive price increases compared to pre-pandemic levels. However, in June, sales activity slowed in Toronto, Canada’s biggest and most expensive housing market.
The Ontario Real Estate Association polled 2,000 residents over the age of 18 in June.
