The cost of living is a major concern for Toronto as we head into the mayoral by-election. According to an Ipsos poll commissioned by the Toronto Regional Real Estate Board (TRREB), Torontonians gave City Council failing grades on housing affordability. Findings also clearly indicate that housing and the cost of living are top election issues for voters.

It is my fervent belief that Toronto may not graduate to top-tier global city status if this feedback on housing doesn’t improve. Voters are telling the mayoral candidates that it’s time to do their homework on housing, and that starts with building more homes.

The May Ipsos poll of 801 Toronto residents revealed the following alarming results:

• 54 per cent gave council a poor grade on addressing housing affordability; 23 per cent selected D and 31 per cent gave a grade of F
• 89 per cent of Torontonians stated that the next mayor needs to make housing affordability a top priority
• 93 per cent of residents feel that we are in the middle of a housing affordability crisis
• 79 per cent of residents believe that we need to build more homes

In my recent open letter to voters, I outlined TRREB’s housing affordability solutions for the June mayoral by-election candidates. Our top three priorities for the election are implementing the City’s 2023 Housing Action Plan, including expanding housing options in neighbourhoods; no new taxes or fee increases on housing; and strengthening the municipal land transfer tax rebate for first-time homebuyers.

TRREB CEO John DiMichele declared that, “We have to build 285,000 homes in Toronto by 2031 if we’re going to keep up with demand.” I wholeheartedly agree with his stance that Toronto cannot afford to fall further behind on housing supply. To achieve this, the next mayor must double down on the 2023 Housing Action Plan.

The steadily rising cost of living is another glaring issue highlighted by voters. Based on Ipsos’ findings, a shocking 84 per cent of residents are concerned about their ability to afford living in Toronto. It’s imperative that the next mayor prioritizes identifying ways to help Torontonians keep up with the high cost of living. In terms of housing, that means building more affordable homes, keeping property tax increases balanced, and revisiting the punishing municipal land transfer tax, especially for first-time buyers.

Other illuminating findings:

• Key issues facing Torontonians are cost of living (59 per cent), affordability of housing (44), crime (36), lowering taxes (23), safety on public transit (22) and jobs and the economy (22 per cent).
• 84 per cent are concerned about their ability to buy a home, rising to 91 per cent among likely buyers.
• 88 per cent are concerned about the ability of the next generation to buy a home in Toronto.
• 90 per cent are concerned about affordability of rental units (including 56 per cent that are very concerned).

It’s apparent from these results that Torontonians are demanding a concrete plan from the next mayor that will offer actionable solutions to create more housing options. If you’re interested in learning more about TRREB’s proposed housing affordability solutions and more, visit givemeoptions.ca.