Housing affordability shaping up to be a top issue in the 2021 federal election: Nanos

  8/20/2021 |   SHARE
Posted in Canadian Housing Market by Vanguard Realty| Back to Main Blog Page

Canada Elections

As party leaders close out their first week of campaigning, Nanos Research’s Nik Nanos says it shouldn't be surprising that affordable housing has become a top issue in the 2021 federal election.

Nanos said on the latest episode of Trend Line that the COVID-19 pandemic has caused a hot housing market, driving up the prices not only for those looking to purchase a home, but also those trying to rent, creating a housing crisis across Canada.

"The reality is housing affordability affects renters because it affects the price of rent. It also affects homeowners, because it affects the cost of being able to get into the market," Nanos said.

According to recent polling done by Nanos, 15 per cent of Canadians surveyed said they are worried about whether they will be able to pay for their housing in the next 30 days.

"That might not sound like a big number… but that's 4.9 million Canadians who are worried," Nanos said.

Polling from Nanos also reports that about 78 per cent of Canadians would "look kindly on any party that had a concrete action plan" to deal with affordable housing and homelessness.

New Democrat Leader Jagmeet Singh says his party would build 500,000 homes in an effort to make housing, including rental prices, affordable for Canadians, while also implementing a 20 per cent foreign homebuyers' tax.

Conservative Party Leader Erin O'Toole has promised to build a million homes in three years and raise barriers to foreign investors, while Liberal Leader Justin Trudeau has promised municipal leaders federal backing and resources beyond the Liberals' 10-year, multibillion-dollar national housing strategy launched in 2018-19.

Nanos noted that the parties have recognized affordable housing as an important issue, especially for millennial voters that leaders are working to win over.

"Millennials are increasingly important part of the electorate and numerically a big part of the electorate, even though they don't vote as much as their elder or older Canadian compatriots, so to speak," Nanos said.

However, he acknowledged that the issue does "cut across all generations," and will likely have an impact in key battleground ridings where housing prices have become unaffordable, including in Vancouver and Toronto.

Source: CTV News 

Canadian Housing Market, Election Promises, Housing Affordability