Although prices have begun to decline across the Greater Toronto Area (GTA), affordable housing remains a top concern for residents.

According to a new survey from Habitat for Humanity Canada, 81 per cent of GTA residents believe that owning a home in their community is almost impossible, and 46 per cent said they would relocate in order to find affordable housing.

Whether homeowners or renters, the vast majority of Toronto residents (83 per cent) worry they'll have to spend less on food, savings, transportation, and debt payments in order to continue to afford their current housing. The figure was higher than the national average of 78 per cent.

According to our Affordable Housing Survey 54% of Canadians feel that NIMBY sentiment is one of the main barriers to making affordable housing available. Let’s warmly welcome people who need safe & secure housing year-round. https://t.co/ZIz59Fojdmhttps://t.co/lR2ML3P0My pic.twitter.com/s3C3xRoanG

— Habitat for Humanity (@HabitatCanada) November 11, 2022

Respondents ranked affordable housing as one of the top issues currently facing the country; only inflation and healthcare were deemed more pressing.

"This survey underscores how deeply concerned Canadians are about their housing situations and futures as affordable housing becomes increasingly out of reach," said Julia Deans, President and CEO of Habitat for Humanity Canada. 

With the cost of living skyrocketing, 40 per cent of Canadians indicated they were concerned about paying their mortgage or rent over the next year. At just over 50 per cent, Gen Zs and Millennials were more likely than Boomers to feel such anxiety.

Millennials were also the most pessimistic about Canada's housing situation, with 34 per cent feeling that not much can be done to remedy the issue. 

Canada's lack of housing supply was seen as the greatest contributor to the affordability crisis. Three-quarters of respondents believe that by increasing supply, many of the country's social issues could be solved.

"To address these growing concerns and make affordable housing and homeownership a reality for all Canadians, we need an all-in approach from non-profits, businesses, individuals and all levels of government," Deans said.

"We must act now, and we must act together towards addressing the systemic barriers and creating sustainable solutions to achieve affordable housing for all."