Affordability is a top issue for Canadians this federal election: survey

In a pre-election survey, 62 percent of respondents ranked the cost of living as their top issue on September 20. That is a 7 percent increase from the previous federal election in 2019.

"Cost of living jumps to top issue," said Conservative Shadow Minister for Jobs and Industry Pierre Poilievre in a tweet published on Tuesday. "No wonder Canada is spending more & making less, as deficits balloon inflation."

Other "affordability" issues also ranked high, including taxes, housing, and the cost of prescription drugs for at least one in four eligible voters.

Another Abacus report found that 46 percent of Ontario’s prospective home buyers under the age of 45 have considered or are considering moving out of the province to afford a home. Thirty-three percent under 29 are either definitely or very likely to buy outside of Ontario at 11 percent and 22 percent, respectively.

Fifty-six percent of aspiring buyers are pessimistic about purchasing a home in the community of their choice.

Affordability anxiety persists in 83 percent of Canadians, with 39 percent saying they are pretty or very worried. Overall, the survey is slightly down from 2019 but remains elevated. Younger Canadians and those in households earning less than $50,000 per year were more likely to feel worried about their cost of living rising.

The pandemic hurt the personal finances of a third of Canadians – or almost 10 million people. Thirty-three percent of Canadians said the pandemic left their household budget and savings worse off, while only fourteen percent said they are better off financially.

Though affordability may not become the ballot question in this campaign, Canadians who support either the Liberal, Conservative or New Democratic Party listed the cost of living as a top priority for at least 55 percent of each base. The New Democrats ranked highest at 67 percent, with the Liberals lowest at 55 percent.

Most Canadians also believe the cost of things they use day-to-day and the income differences between the wealthiest one percent and your personal salary have worsened over the past two years. When assessing whether several things have gotten better or worse over the past two years, 64 percent feel the cost of things they use and consume day-to-day has gotten worse.

Moreover, 53 percent think the income difference between the richest and their salaries has worsened over the past two years. While 42 percent said their ability to save for retirement has gotten worse over the past two years, and 41 percent said their feelings of stress about money have gotten worse over the past two years.

Tax hikes for typical Canadians grew even more unpopular by one percent to 39 percent for Canadians since the last federal election, except on the wealthiest Canadians.

Abacus said, "There’s no silver bullet, and reactions depend on someone’s life stage and economic position. But millions of Canadians believe that covering more under public health care, ensuring everyone has a stable job with a decent wage, and taxing wealthier Canadians and large corporations more to pay for better public services for everyone would help."

For others, forcing companies to reduce prices, cutting taxes for middle and working-class Canadians, and making childcare more affordable would help a lot.

Those under 30 are more likely to think about making childcare more affordable, raising the minimum wage, reducing tuition fees, creating incentives to encourage employers to raise wages, improving public transit and reducing transit fees, and making it easier for workers to unionize, improves affordability.

Those over 60 believe that covering more services under public healthcare, taxing wealthier Canadians and large corporations more to pay for better public services for everyone, and forcing companies to reduce the prices they charge for things, will help.