Metro Vancouver residents have made sacrifices that impact their well-being, including cutting back on saving for retirement, to be able to live where they do.
That’s according to an Angus Reid Global poll, conducted for Vancity and the Vancouver Sun.
According to the poll of nearly 1,100 Metro Vancouver residents, in order to be able to afford where they live:
- 26% have cut back on saving for retirement;
- 22% have stopped saving for retirement altogether;
- 23% have worked at a job they don’t like; and
- 18% have lived in a space that is too small for them or their family.
“The housing market presents an affordability challenge for many Metro Vancouver residents,” says Linda Morris, senior vice-president of Vancity.
When it comes to housing prices, nearly half (45%) of Metro Vancouver residents rate value for money as “poor” or “terrible.” The poll also finds that:
- 86% of non-homeowners would like to own a home but can’t afford to buy one;
- 80% said housing prices are too high for the average resident;
- 64% know someone who is staying with friends or family because they can’t afford a place to live; and
- 47% considered moving due to issues of affordability.
Despite their concerns, 61% of residents surveyed say that “it’s worth every penny to live in Metro Vancouver.” And 55% say they may live in a small space but at least they are living where they want to be.
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