GTA woes: Transit top concern for residents; housing costs threaten to push millennials out

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1 Page 1 of 30 GTA woes: Transit top concern for residents; housing costs threaten to push millennials out Nearly half of those considering leaving due to high housing prices September 4, 2015 The Economist may have recently named Toronto one of the world s most liveable cities, but a new survey from the Angus Reid Institute shows people living in the GTA are increasingly preoccupied by and worried about living, working, and getting around in the region. I'm seriously thinking of leaving the GTA because of the cost of owning a home here 39% 45% 40% 31% A significant majority of the region say they don t believe that the next generation will own a home; while close to twoin-five say they re considering cutting their losses and moving away to avoid skyrocketing housing costs. Key findings Transit tops the list of most important issues, with 54 per cent of GTA residents naming it in their top two. METHODOLOGY: The Angus Reid Institute conducted an online survey from July 20-23, 2015 among a representative randomized sample of 813 GTA resident adults who are members of the Angus Reid Forum. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 4 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding. The survey was self-commissioned and paid for by ARI. Detailed tables are found at the end of this release. Among those who commute in the region, almost six-in-ten (58%) spend more than half an hour each way going to school or work these commuters also report a higher level of transportation pain. Almost half (48%) of those years of age are frustrated with their commute, but say that they cannot afford to live any closer to their place of study or employment. Six-in-ten GTA residents (61%) say high housing costs are hurting the Greater Toronto Area, almost four times as many as say they re beneficial for the region (16%). More than eight-in-ten (84%) GTA residents are worried that the next generation won t be able to afford a home in the area.

2 Page 2 of 30 A majority (57%) of GTA residents say government should be more involved in the housing market, and 60 per cent say its goal in doing so should be to help first-time buyers, rather than to protect values for current owners. Transit: the top issue Transportation has been a mainstay in Toronto news in recent years, provoking considerable debate at the provincial and municipal government levels. During the 2014 municipal election, each mayoral candidate in the City of Toronto put forward their own vision to tackle congestion on roadways and inadequacies in public transit. Ontario Premier Kathleen Wynne also made investment in transportation a priority during the last provincial campaign promising more than 29 billion in spending on transit alone. Asked what they consider the most important issues facing the Greater Toronto Area, more than half (54%) of GTA residents surveyed selected transportation issues, putting it at the top of the list. The economy and jobs was cited as a critical regional issue by four-in-ten (40%), with housing prices and affordability placing a strong third, selected by 36 per cent of GTA residents surveyed. Thinking of the issues currently facing the Greater Toronto Area and your city, which one or two would you say are the most important? Transportation/Traffic/ Transit 54% The Economy/Jobs Housing Prices/Affordability/ Real Estate 36% 40% Crime/Safety/Policing 16% Homelessness/Poverty 13% Leadership/Politics 9% Environmental Issues/Pipelines 6% Housing is of greatest concern to younger GTA residents (aged 18 to 34). This group is far more likely than older residents to name it as a pressing priority indeed, they put it in the same league as transportation (46% of this age group chooses housing; 49% transportation).

3 Page 3 of 30 A look at commuting in the GTA It s no wonder people are concerned about transportation. The average delay on a 30 minute commute in the GTA is estimated to be about 23 minutes per day. In fact, congestion in Toronto rates in the bottomthird of 147 comparably sized cities around the globe. This ARI poll asked GTA residents how much time they spend commuting, on average. Among those who commute (29% do not), nearly three-in-five (58%) report doing so for 30 minutes or more. This includes 12 per cent of all commuters who spend an hour or more travelling to work or school each day: Length of commute: 26% 29% 16% 17% 12% Less than 15 minutes 15 to less than 30 minutes 30 to 45 minutes 45 minutes to an hour Over an hour Car people vs. others Broadly speaking, the data suggest that there are two kinds of commuters in the GTA: young people living inside the city who largely rely on public transit and have incomes below $50,000 annually; and older, higher income earners who commute by car. Commuters in the GTA overwhelming rely on their cars, with 41 per cent saying that they use their car every day compared with only 15 per cent who same the same about public transit. Younger people most of whom are either just starting their careers or completing their studies in the GTA tend to have the lengthiest commutes. They tend to live farther away from their destinations, and unlike wealthier and older groups, they are less likely to drive their own vehicles. Half (50%) of those aged 35 to 54 and 43 per cent of those over 55 drive a vehicle to get around, compared to just over onequarter (27%) of year olds.

4 Page 4 of 30 How often do you: 69% 59% 50% 43% 33% 27% 24% 19% 18% 13% 15% 26% 15% 33% 12% 11% 9% 5% Drive a car Take public transit Everyday/It's how you get around Most days Once a month or less Household income also plays a role. Roughly two-thirds of those with household incomes of $50,000 or higher rely primarily on a vehicle for transportation. This number drops to one-third for those earning less than $50,000. Satisfaction getting around? In general, GTA residents are satisfied with their own personal experiences of getting around, but they see the transportation experiences of others in the region as painful. Survey respondents were asked to rate how easy it is to get around on a 5 point scale, with 5 being very good easy to get around and 1 being very poor painful to get around. Close to half (48%) say their own personal experience getting around is easy a 4 or a 5 on the scale. Respondents are also largely satisfied with transportation generally within their own cities and towns in the GTA (41% choose a 4 or a 5 on the scale for this). When asked about the ease of getting around the region as a whole, however, nearly half (46%) see the experience as painful, choosing a 1 or a 2 on the scale. This is more than twice as many as choose a 4 or a 5 (21%):

5 Page 5 of 30 How easy or hard it is to get around: 48% 41% 46% 22% 26% 21% Your own everyday transportation experience getting where you need to go Transportation in general within your own community or city Easy (4 or 5) Painful (1 or 2) Transportation in general within the GTA region Satisfaction with transportation and where one lives in the GTA The connection to satisfaction becomes clearer still when we look at commute time by where one lives. The following graph illustrates satisfaction with one s personal transportation based on where in the GTA region one lives: 55% How easy or hard is it to get around: Your own everyday transportation experience getting where you need to go 17% 39% 28% 42% 31% 47% 22% Live and work in the city of Toronto Live outside of Toronto, but work within it Live in the city of Toronto, but work outside it Live and work outside the city of Toronto Easy (4 or 5) Painful (1 or 2) The majority (55%) of those who neither live nor work in Toronto rate their ability to get around as good, or very good. Similarly, close to half (47%) of those who live and work inside the city of Toronto rate the ease in getting around as good or very good.

6 Page 6 of 30 By contrast, satisfaction drops to roughly four-in-ten (42%) of those who live inside the city, but work outside. This is closely followed by those who work in Toronto but live outside it, who are the least likely to rate their personal transportation experience as good (39%). Life on and off the subway line Within the city boundary, roughly half (52%) of the population lives on a subway line. This poll finds most Torontonians who live on the subway line (54%) find it easy to get around, and this number drops a full 15 points among those not living on the subway line: Satisfaction with personal transportation by proximity to a Subway line Subway line 54% 28% 18% Not on the Subway line 39% 34% 27% Easy to get around Neither easy nor hard to get around Painful to get around Why not just live closer? This raises an important question: If it s so hard to get around, why not just live closer to where you need to be? When asked whether they agree or disagree with the statement I m frustrated with how long it takes me to get to school or work but I can t afford to live any closer, 35 per cent of those surveyed in the GTA agree. The picture becomes fuller still when we factor in where people live and work. Fully two-thirds (66%) of those who travel into Toronto from outside it say they are frustrated with how long their commute takes, but can t afford to live closer. Likewise, 62 per cent of those who commute to work outside the city from inside agree with this statement. But a majority (65%) of those who live and work outside the city do not share this opinion:

7 Page 7 of 30 66% I am frustrated with how long it takes for me to get to work or school, but I can't afford to live any closer 34% 62% 38% 50% 50% 35% 65% Live outside, but work in Live in the city, work outside Live and work in the city Live and work outside Agree Disagree I want a better lifestyle or more space Still, many of those surveyed say they made the choice to live where they lived based on an altogether different calculus one that had less to do with length of commute or affordability, and more to do with space and or lifestyle. In fact, 76 per cent of respondents agree with the statement I choose to live in my community or city because I prefer the lifestyle here, and this varies only modestly for residents of Toronto (73%) and folks living elsewhere in the GTA (79%). As well, 73 per cent of those living outside the city agree with the statement I don't live in Toronto because I have access to more space for the same or a lower price in my community or city. Housing in the GTA Looking at housing in the GTA, we get a better picture of what s underlying some of these choices. Housing prices in the Greater Toronto Area have been rising steadily since the housing bubble burst in 1989 and recovered in the mid 1990 s. A detached house in the 416 area code now sells for an average price of more than $1 million. Prices in the surrounding 905 area code are less outrageous, but have still seen a jump to about $650,000 on average.

8 For Immediate Release Page 8 of Average home price in GTA in dollars ( ) Source: Toronto Real Estate Board Benefit and Pain of High Housing Prices When asked whether current housing prices are benefitting or hurting the GTA as a whole: Fully six-in-ten (61%) GTA residents surveyed say high prices are hurting the GTA, with one in four (25%) saying they re hurting the region a lot Almost half (47%) say housing prices are hurting the community or city where they live (14% say a lot) At the personal level, asked what impact these housing prices are having on them (and their households), just over one-third (35%) say they are being hurt By contrast, fewer than one-in-five (17%) say high prices benefit the GTA somewhat or a lot, while one-in-four (25%) say their communities benefit One-quarter (24%) say that they personally benefit (either somewhat or a lot) from high housing prices

9 Page 9 of 30 Benefitting or hurting from high housing prices? You (and your household, if applicable) 35% 42% 24% The community or city where you live 47% 28% 25% The GTA as a whole 61% 22% 17% Hurting No real impact either way Benefitting There are stark differences on this question depending on whether one owns or rents their home. Specifically, fully 57 per cent of non-owners maintain they themselves are hurt by high prices. This view is shared by a much smaller number of home owners (35%), who are more likely to say they are benefitting from the high prices. Indeed, almost eight-in-ten owners (79%) agree with the statement I basically hit the jackpot by getting into the market at the right time. This doesn t mean all home owners in the GTA are carefree when it comes to the housing market, however. A majority (54%) report having mortgages on their homes. Roughly one-in-six of homeowners (16%) report that their mortgage either makes things tight and curbs their lifestyle (13%), or makes it a real struggle to make ends meet (3%). By another measure, exactly half of GTA home owners (50%) find it difficult. This group agrees with the statement, We have had to make real sacrifices to be able to buy in the Greater Toronto Area. Are the prices just too high? Talking about pricing more generally, there are again differences between the outlook of those who own and those who rent. Only 15 per cent of homeowners believe that the price of their own home price is unreasonably high, but, that number jumps dramatically when they are asked to evaluate homes prices in their community (32%) and in the GTA as a whole (63%). Understandably, a full four-in-ten (42%) nonowners say they would like to buy a home now, but can t afford it.

10 Page 10 of 30 Housing Prices Unreasonably High 59% 63% 69% 15% 32% Owner Non-owner Your own home Typical home in your community Home in the GTA Non-owners feel priced out Those who don t own their homes are acutely aware of the problem of high housing prices in the region. While roughly one-fifth of this group (22%) is not interested in buying a home, maybe ever, most would like to buy at some point. This includes: 32 per cent who would like to buy a home eventually, but not yet 42 per cent who would like to buy a home now, but can t afford it Which of the following statements most closely reflects your own situation when it comes to the possibility of home ownership? Would you say you: 22% 32% 42% Are not interested in buying a home, maybe ever Would like to buy a home eventually, but not yet Would like to buy a home now, but can't afford it

11 Page 11 of 30 Widespread concern over housing It s not only non-owners who are concerned about housing prices. Rather, the concern appears to be generalized over the population, regardless of one s personal status in the real estate market. Consider these responses: When asked about the future, an overwhelming 84 per cent of those surveyed agree with the statements It is unrealistic for young people to expect to own a house and a yard in the GTA, and I m worried the next generation won t be able to afford to own a home in my community. Fully nine-in-ten (90%) GTA residents agree that the idea of holding a mortgage on a million dollar home is terrifying, (67% strongly agree). Agreement with the following statements: I'm worried the next generation won't be able to afford to own a home in my community 84% It's just not realistic for young people to expect to own a house and a yard in the GTA 84% The idea of holding a mortgage on a home worth more than a million dollars is terrifying 90% Raising the housing alarm This new region-wide ARI survey has some potentially disturbing findings for those promoting the GTA s continued success as a fast-growing North American metropolis. These include: Fully four-in-ten residents (39%) agree with the statement I m seriously thinking of leaving the GTA because of the cost of owning a home here. The highest levels of agreement are found among younger people (those 18 to 34 years of age), and non-owners: 45 per cent of each group agrees. Similarly, fully two-in-three (65%) residents disagree with the statement I don t care about the prices of homes in the GTA I don t want to live anywhere else.

12 Page 12 of 30 I'm seriously thinking of leaving the GTA because of the cost of owning a home here 39% 45% 40% 31% What (or who) is to blame for high housing prices? When presented with a list of potential causes for the high housing prices in Toronto region, the largest number of respondents opted for people want to live in the GTA because it s a desirable location. This was followed by low interest rates. Other more popular reasons include: foreign and high wealth investment in the real estate market; lack of government action on housing, as well as lack of land available for construction, and the lack of rental housing builds. Turning to separate these results between owners and non-owners we find a not so subtle shift in ordering with home owners ranking low interest rates second at 55 per cent, and high wealth and foreign investment in the real estate market third and fourth respectively. Non-owners place high wealth investment second (34%) and fewer select interest rates as being important (27%). Non-owners are also more likely to attribute lack of government action on housing as a cause (32%) compared to owners (13%).

13 Page 13 of 30 Which of the following factors do you think are the main causes of high housing prices in the region? People want to live in the GTA because it's a desirable location 49% 60% Low Interest rates 27% 55% Lack of available land for new construction 18% 20% Developers aren't building rental housing 14% 24% Lack of government action on housing 13% 32% Condos and houses being left empty by investor-owners 10% 18% Foreigners investing in this real estate market Wealthy people investing in this real estate market 32% 35% 34% 30% Lack of housing units/need to build more 12% 10% Non-Owner Owner What should be done about it? More than half of GTA residents are dissatisfied with their government s policy on housing, both at the provincial and municipal level. Overall, 56 per cent are dissatisfied with their city government on this file and 63 per cent say the same when looking at their provincial government s performance. With that in mind, the Angus Reid Institute asked where priorities should lie in addressing housing policy, more specifically, suppose you were completely in charge whose interests should be given priority? With this forced choice, a clear majority of 60 per cent said the government should give highest priority to first time buyers wanting to get into the market. The opposing 40 per cent would prefer priority be given to current homeowners wanting to protect the value of their investment. Breaking the numbers down further by location we see that support for first time buyers interests is highest among those who live in the city (66%), and the number declines the further out you go, resting at 54 per cent among those who live and work outside of Toronto.

14 Page 14 of 30 Likewise, support for making first time buyers the priority is split 50/50 among homeowners, but that number rises to 76 percent among non-owners. Notably, support for first time buyers is also higher among young people; with 67 per cent of those 18 to 34 years old in support. Suppose you were completely in charge of deciding whether government should be more involved and what kinds of policies, if any, should be put in place. Overall, whose interests would you give the highest priority to? 76% 66% 34% 60% 59% 40% 41% 54% 46% 50% 50% 24% Live/ work in the city Live in the city/ work outside Live outside/ but work in Live/work outside Owner Non-Owner First-time buyers wanting to get into the market Current homeowners wanting to protect the value of their investment The Angus Reid Institute (ARI) was founded in October 2014 by pollster and sociologist, Dr. Angus Reid. ARI is a national, not-for-profit, non-partisan public opinion research organization established to advance education by commissioning, conducting and disseminating to the public accessible and impartial statistical data, research and policy analysis on economics, political science, philanthropy, public administration, domestic and international affairs and other socio-economic issues of importance to Canada and its world. Thinking of the issues currently facing the GTA, which one or two would you say are the most important? Transportation/ Traffic/ Transit 54% 55% 53% 49% 55% 56% 44% 50% 69%

15 Page 15 of 30 Housing Prices/Affordability/ Real Estate 36% 34% 38% 46% 36% 27% 39% 37% 33% Crime/Safety/Policing 16% 13% 18% 12% 16% 18% 20% 15% 12% Homelessness/ Poverty 13% 11% 15% 13% 11% 15% 17% 11% 8% The Economy/Jobs 40% 41% 39% 43% 42% 35% 42% 39% 37% Environmental Issues/Pipelines 6% 6% 6% 8% 6% 4% 5% 8% 3% Leadership/Politics 9% 12% 7% 6% 7% 15% 10% 7% 11% Other, please specify 2% 2% 2% 1% 2% 3% 2% 3% 3% Now turning to transportation more specifically, can you let us know which of the following best describes you Live and work in the city of Toronto Live in the city of Toronto, but work outside the city Live outside of Toronto, but work within it Live and work outside the city of Toronto 43% 40% 46% 49% 41% 40% 59% 40% 36% 5% 6% 4% 6% 6% 2% 4% 7% 5% 14% 17% 11% 15% 15% 10% 7% 12% 21% 38% 37% 40% 30% 38% 48% 30% 41% 38% How often do you yourself do each of the following: [Drive a car] Everyday/It's how you get around 41% 43% 39% 27% 50% 43% 24% 47% 51%

16 Page 16 of 30 Most days 17% 16% 18% 13% 15% 24% 13% 19% 17% 2-3 times per week 11% 13% 10% 14% 10% 10% 13% 11% 13% Once a week 5% 3% 7% 6% 4% 4% 6% 4% 4% 2-3 times per month 3% 5% 2% 7% 2% 1% 4% 3% 3% Maybe once a month 1% 1% 1% 1% 1% 2% 3% 0% 1% Less often than that 6% 7% 6% 12% 4% 4% 8% 6% 3% Never 16% 13% 18% 19% 15% 13% 29% 10% 7% How often do you yourself do each of the following: [Take public transit] Everyday/It's how you get around 15% 13% 17% 26% 12% 9% 24% 12% 11% Most days 10% 10% 10% 15% 11% 5% 9% 11% 12% 2-3 times per week 6% 6% 6% 10% 7% 3% 7% 7% 5% Once a week 5% 4% 6% 7% 3% 6% 8% 4% 3% 2-3 times per month 9% 10% 7% 8% 8% 9% 11% 8% 8% Maybe once a month 7% 8% 6% 8% 6% 7% 6% 8% 8% Less often than that 28% 30% 27% 16% 33% 34% 20% 30% 32% Never 19% 18% 20% 9% 19% 28% 15% 21% 21%

17 Page 17 of 30 Do you live on a subway line? Yes 52% 52% 52% 58% 51% 48% 56% 45% 50% No 48% 48% 48% 42% 49% 52% 44% 55% 50% And, approximately how long does your commute (to school or work) typically take on average? Do not commute 29% 27% 31% 10% 22% 57% 43% 27% 16% Less than 15 minutes 12% 10% 13% 11% 16% 7% 6% 14% 13% 15 to less than 30 minutes 18% 21% 16% 24% 19% 11% 15% 20% 19% 30 to 45 minutes 20% 21% 19% 26% 20% 15% 19% 20% 24% 45 minutes to an hour 12% 13% 11% 17% 11% 8% 9% 12% 18% Over an hour 9% 8% 9% 12% 11% 2% 9% 8% 9% How much do you agree or disagree with each of the following statements [Summary of Agree] I am frustrated with how long it takes me to get to work or school, but I can't 35% 33% 36% 48% 34% 23% 34% 37% 35%

18 Page 18 of 30 afford to live any closer I choose to live in my community or city because I prefer the lifestyle here I don't live in Toronto because I have access to more space for the same or a lower price in my community or city 76% 77% 76% 71% 78% 80% 69% 79% 82% 46% 47% 45% 49% 46% 42% 34% 46% 51% How much do you agree or disagree with each of the following statements [Summary of Disagree] I am frustrated with how long it takes me to get to work or school, but I can't afford to live any closer I choose to live in my community or city because I prefer the lifestyle here I don't live in Toronto because I have access to more space for the same or a lower price in my community or city 37% 41% 33% 42% 40% 29% 28% 38% 45% 18% 17% 19% 26% 16% 14% 24% 16% 14% 21% 23% 20% 18% 20% 24% 21% 22% 22% How easy or hard it is to get around: [Your own everyday transportation experience getting where you need to go] 5 Very good - easy to get around 14% 14% 15% 15% 14% 15% 13% 17% 14% 4 34% 34% 34% 38% 31% 33% 37% 32% 34%

19 Page 19 of % 30% 30% 25% 34% 31% 30% 29% 29% 2 15% 16% 14% 13% 17% 13% 12% 16% 17% 1 Very Poor - painful to get around 7% 6% 7% 9% 4% 8% 8% 6% 7% How easy or hard it is to get around: [Your own everyday transportation experience getting where you need to go] Live/ work in the city (351) Live in the city/ work outside (39) Live outside/ but work in (110) Live/work outside (313) 5 Very good - easy to get around 14% 12% 9% 9% 20% 4 34% 35% 33% 30% 35% 3 30% 31% 27% 33% 28% 2 15% 15% 23% 18% 12% 1 Very Poor - painful to get around 7% 7% 8% 10% 5% How easy or hard it is to get around: [Your own everyday transportation experience getting where you need to go] Live on a subway line Don t live on a subway line 5 Very good - easy to get around 14% 16% 8% 4 34% 38% 31% 3 30% 28% 34%

20 Page 20 of % 13% 18% 1 Very Poor - painful to get around 7% 5% 9% How easy or hard it is to get around: [Transportation in general within your own community or city] 5 Very good - easy to get around 11% 12% 11% 9% 12% 14% 10% 13% 10% 4 30% 30% 30% 37% 27% 27% 37% 29% 26% 3 33% 32% 34% 30% 35% 32% 30% 30% 36% 2 19% 19% 18% 18% 20% 19% 18% 22% 18% 1 Very Poor - painful to get around 7% 7% 7% 7% 6% 8% 5% 6% 10% How easy or hard it is to get around: [Transportation in general within the GTA region] 5 Very good - easy to get around 5% 4% 5% 5% 4% 5% 6% 7% 1% 4 16% 17% 16% 20% 15% 15% 15% 18% 15% 3 33% 31% 35% 36% 31% 33% 41% 27% 31%

21 Page 21 of % 28% 31% 26% 32% 30% 26% 30% 33% 1 Very Poor - painful to get around 16% 19% 14% 13% 19% 17% 12% 17% 20% I am frustrated with how long it takes me to get to work or school, but I can't afford to live any closer: Strongly agree 15% 15% 16% 20% 16% 11% 13% 16% 15% Moderately agree 19% 19% 20% 28% 19% 12% 21% 21% 19% Moderately disagree 20% 22% 18% 23% 20% 15% 16% 22% 20% Strongly disagree 17% 20% 15% 18% 19% 14% 12% 17% 25% N/A 28% 26% 31% 11% 26% 48% 37% 25% 21% I am frustrated with how long it takes me to get to work or school, but I can't afford to live any closer: Live/ work in the city (351) Live in the city/ work outside (39) Live outside/ but work in (110) Live/work outside (313) Strongly agree 15% 16% 28% 27% 9% Moderately agree 19% 19% 30% 36% 13% Moderately disagree 20% 19% 20% 20% 20%

22 Page 22 of 30 Strongly disagree 17% 16% 15% 12% 21% N/A 28% 30% 8% 4% 38% Which of the following statements most closely reflects your own situation when it comes to the possibility of home ownership? Would you say you: Are not interested in buying a home, maybe ever Would like to buy a home eventually, but not yet Would like to buy a home now, but can't afford it Are in the market now, looking to purchase a home Expect to inherit a home 22% 25% 20% 11% 20% 59% 30% 23% 10% 32% 34% 31% 48% 23% 5% 26% 25% 42% 42% 36% 48% 37% 55% 35% 41% 49% 42% 3% 4% 2% 3% 2% 1% 2% 3% 6% 0% 1% 0% 1% 1% 0% 1% 0% 0% Overall, would you say current housing prices here are benefitting or hurting each of the following? [You (and your household, if applicable)] Benefitting a lot 7% 9% 5% 2% 8% 11% 4% 10% 9% Benefitting somewhat No real impact either way 17% 16% 17% 13% 20% 17% 13% 15% 27% 42% 41% 42% 34% 40% 51% 41% 38% 42% Hurting somewhat 21% 21% 20% 33% 17% 14% 22% 22% 17%

23 Page 23 of 30 Hurting a lot 14% 12% 16% 19% 15% 8% 21% 15% 6% Overall, would you say current housing prices here are benefitting or hurting each of the following? [The community or city where you live] Benefitting a lot 4% 5% 4% 1% 6% 6% 2% 5% 5% Benefitting somewhat No real impact either way 21% 20% 21% 19% 21% 21% 14% 23% 27% 28% 28% 28% 31% 29% 25% 29% 24% 25% Hurting somewhat 33% 35% 31% 34% 28% 37% 35% 33% 31% Hurting a lot 14% 12% 16% 15% 16% 11% 20% 14% 11% How would you best describe current real estate market prices for each of the following: [Your own home] (497) (237) (254) (75) (229) (194) (169) (170) (170) Unreasonably high 15% 17% 13% 16% 17% 13% 13% 12% 19% High, but understandable given the area 52% 48% 55% 36% 52% 57% 47% 49% 55% Reasonable overall 25% 28% 23% 38% 25% 21% 30% 29% 22% Maybe a bit low 4% 3% 4% 5% 3% 3% 5% 4% 3% Don't know 5% 4% 6% 5% 3% 6% 6% 6% 1%

24 Page 24 of 30 How would you best describe current real estate market prices for each of the following: The typical price of a home in your community (Owners) (497) (237) (254) (75) (229) (194) (169) (170) (170) Unreasonably high 32% 32% 32% 34% 35% 27% 33% 26% 39% High, but understandable given the area 48% 48% 48% 40% 49% 50% 37% 51% 48% Reasonable overall 16% 18% 14% 20% 13% 18% 22% 17% 13% Maybe a bit low 1% 2% 1% 3% 1% 1% 1% 1% 1% Don't know 3% 2% 5% 4% 3% 3% 6% 4% 0% Overall, would you say current housing prices here are benefitting or hurting each of the following? [The Greater Toronto Area as a whole] (Owners) (497) (237) (254) (75) (229) (194) (169) (170) (170) Unreasonably high 63% 63% 64% 51% 66% 65% 56% 63% 69% High, but understandable given the area 24% 26% 23% 26% 23% 25% 27% 25% 21% Reasonable overall 8% 10% 6% 19% 6% 6% 12% 7% 6% Maybe a bit low 1% 1% 0% 0% 0% 1% 0% 1% 0% Don't know 4% 1% 7% 5% 4% 4% 5% 3% 3%

25 Page 25 of 30 How would you best describe current real estate market prices for each of the following: The typical price of a home in your community (Non-Owners) (316) (153) (162) (163) (94) (59) (119) (91) (36) Unreasonably high 59% 60% 57% 50% 66% 71% 54% 67% 68% High, but understandable given the area 24% 21% 28% 30% 18% 19% 25% 26% 23% Reasonable overall 7% 8% 6% 10% 5% 2% 8% 4% 6% Maybe a bit low 1% 2% 0% 2% 0% 0% 2% 0% 0% Don't know 9% 9% 9% 9% 10% 8% 10% 4% 3% Overall, would you say current housing prices here are benefitting or hurting each of the following? [The Greater Toronto Area as a whole] (Non-Owners) (316) (153) (162) (163) (94) (59) (119) (91) (36) Unreasonably high 69% 66% 72% 65% 73% 76% 70% 79% 65% High, but understandable given the area 18% 21% 15% 21% 13% 17% 15% 16% 26% Reasonable overall 4% 5% 4% 7% 3% 0% 6% 3% 6% Maybe a bit low 9% 8% 9% 7% 11% 0% 9% 2% 3%

26 Page 26 of 30 Don't know 9% 8% 9% 8% 11% 7% 9% 2% 3% Which of the following factors do you think are the main causes of high housing prices in the region? Lack of housing units/need to build more Wealthy people investing in this real estate market Foreigners investing in this real estate market Condos and houses being left empty by investor-owners Lack of government action on housing Developers aren't building rental housing Lack of available land for new construction 11% 12% 10% 14% 8% 11% 16% 7% 10% 32% 32% 31% 38% 30% 27% 29% 37% 26% 34% 34% 34% 27% 34% 40% 35% 32% 35% 13% 13% 13% 21% 11% 9% 17% 13% 10% 20% 20% 20% 28% 15% 19% 29% 16% 15% 18% 16% 20% 15% 18% 21% 27% 20% 8% 19% 18% 20% 20% 20% 17% 18% 17% 23% Low Interest rates 44% 51% 38% 25% 52% 53% 29% 51% 60% People want to live in the Greater Toronto Area because it's a desirable location 56% 54% 58% 54% 57% 57% 47% 59% 61% Other, please specify 4% 4% 4% 3% 4% 5% 5% 3% 6% Do you agree or disagree with each of the following statements? [Summary of Agree]

27 Page 27 of 30 There is too much foreign ownership of real estate here Focusing on foreign buyers as a cause of high housing prices has racist undertones I'm seriously thinking of leaving the GTA because of the cost of owning a home here I'm worried the next generation won't be able to afford to own a home in my community It's just not realistic for young people to expect to own a house and a yard in the GTA I don't care about the price of homes in the GTA - I don't want to live anywhere else The idea of holding a mortgage on a home worth more than a million dollars is terrifying We have had to make real sacrifices to be able to buy in the Greater Toronto Area I basically "hit the jackpot" by getting into the market at the right time If I buy a house someday, it won't be in the GTA because it's too expensive here I'm not interested in paying the same price for a small onebedroom condo here that would get me a house with a yard in other cities People who bought into the market 10 years ago or earlier basically "hit the jackpot. 62% 60% 63% 59% 63% 63% 67% 61% 55% 42% 42% 43% 45% 43% 39% 40% 41% 41% 39% 41% 37% 45% 40% 31% 39% 46% 29% 84% 82% 85% 80% 87% 83% 77% 86% 86% 84% 83% 85% 81% 87% 83% 86% 81% 85% 35% 34% 36% 34% 31% 43% 33% 36% 35% 90% 89% 91% 88% 92% 90% 89% 91% 88% 90% 89% 91% 88% 92% 90% 89% 91% 88% 79% 74% 84% 73% 79% 83% 75% 82% 81% 71% 67% 74% 60% 83% 81% 74% 74% 53% 78% 73% 84% 71% 89% 81% 84% 78% 63% 85% 79% 92% 81% 95% 84% 84% 89% 88%

28 Page 28 of 30 Thinking about the whole issue of housing prices here in the Greater Toronto Area, which of the following two broad statements most closely reflects your opinion? Government should be more involved in the housing market in order to improve affordability. Government should stay out of the housing market. The free market should determine prices. 57% 54% 59% 70% 56% 45% 68% 53% 48% 43% 46% 41% 30% 44% 55% 32% 47% 52% Suppose you were completely in charge of deciding whether government should be more involved and what kinds of policies, if any, should be put in place. Overall, whose interests would you give the highest priority to? First-time buyers wanting to get into the market Current homeowners wanting to protect the value of their investment 60% 63% 57% 67% 54% 60% 64% 54% 60% 40% 37% 43% 33% 46% 40% 36% 46% 40% Overall, how satisfied are you with each of the following in terms of their overall approach to and handling of issues concerning the housing market here in the Greater Toronto Area region? Municipal Governments in the region Very satisfied 3% 2% 3% 3% 2% 3% 2% 2% 3% Moderately satisfied 41% 39% 43% 40% 44% 39% 36% 42% 43%

29 Page 29 of 30 Moderately dissatisfied 38% 38% 38% 40% 35% 38% 42% 38% 34% Very dissatisfied 19% 21% 17% 17% 19% 20% 20% 19% 19% The Ontario Provincial Government Very satisfied 2% 2% 1% 2% 1% 1% 0% 2% 1% Moderately satisfied 35% 32% 38% 39% 37% 29% 35% 33% 39% Moderately dissatisfied 36% 32% 40% 37% 35% 37% 36% 35% 34% Very dissatisfied 27% 34% 21% 22% 27% 33% 29% 29% 26% Overall, would you say current housing prices here are benefitting or hurting each of the following? [Summary of Benefitting] Home Owners (497) Non-Home Owners (316) You (and your household, if applicable) The community or city where you live 24% 35% 6% 25% 34% 11% The Greater Toronto Area as a whole 16% 21% 9% Overall, would you say current housing prices here are benefitting or hurting each of the following? [Summary of Hurting Home Owners (497) Non-Home Owners (316) You (and your household, if applicable) The community or city where you live The Greater Toronto Area as a whole 35% 20% 57% 47% 37% 63% 61% 56% 70%

30 Page 30 of 30 Thinking about your current experience with your mortgage in terms of how easy or difficult it is to make the payments and have enough money left over for everything else -- overall, would you say: Home Owners (497) You can manage the mortgage payments quite easily and still have money for everything else You can manage, but you have to watch spending on "extra's" 35% 49% Your mortgage makes things tight and curbs your lifestyle 13% It's a real struggle to make ends meet due to your high mortgage payments 3%