Provincial survey reveals that most people worried about the rising cost of housing – Nelson News

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A new survey reveals the rising cost of housing as a top concern for voters in the upcoming provincial election.

The rising cost of housing affordability remains a top concern for voters in the upcoming election, according to a survey by the provincial chamber of commerce.

Released by the Nelson and District Chamber of Commerce to its members last week, the BC Chamber of Commerce’s three-part poll closely aligns with the sentiments of voters in Central Kootenay, which includes Nelson, as the accommodation problems affect all areas of the province.

According to the survey, four in 10 homeowners pay more than 35 percent of after-tax income for mortgage payments, a ratio of income often used by financial institutions as a test for mortgage approval.

The situation is worse for renters, with 60 percent of people paying more than 35 percent of their after-tax income on rent. In fact, three-quarters of renters say they rent “because they can’t afford to buy a home,” said Fiona Famulak, president and CEO of the BC Chamber of Commerce.

Of those who rent, he added, 80 percent believe they won’t be able to afford to buy a home in the next three years.

“The inability to afford a home or manage housing costs reflects the deep impacts of an economy headed in the wrong direction. Party leaders must prioritize solutions to create more economic opportunity, grow prosperity and offset the strain British Columbians are under,” Famulak added in a press release.

Some answers, or the road to them, begins Tuesday night at 7pm at the Prestige Lakeside Resort with the Nelson chamber all-candidates forum. The questions will be asked from the provincial chamber survey, designed to underline voters’ expectations of the economic leadership of political parties.

The survey showed dissatisfaction with B.C.’s economic performance and a desire for the province to harness its natural resources to unlock economic potential and create opportunities for younger generations, Famulak said.

Seventy-four percent of respondents believed that better utilization of BC’s natural resources could improve economic prospects for younger generations, and 41 percent said natural resource sectors have the potential to have the greatest economic impact on the future of the province.

Additional results from this survey:

Negative economic sentiment: A majority (66%) of voters have a negative view of BC’s economy, while 40% believe BC’s economy performed worse than Alberta’s.

Business climate: 64 per cent of entrepreneurs who are entrepreneurs and 51 per cent of non-entrepreneur business owners have thought “a lot” or “somewhat” about leaving the province to pursue opportunities elsewhere.

Unrealized potential: While 78 per cent of BC residents agree that BC’s economy has significant potential, 75 per cent believe the province is failing to realize that potential.

Generational inequality: Three-quarters of voters (75%) are concerned that younger generations in BC do not have the same economic opportunities as older generations. More than half of those surveyed also said they don’t think workers have a chance to get ahead.

Survey methodology

This third survey was conducted online by Counsel Public Affairs through the Leger Opinion Panel (LEO), which was used in whole or in part for data collection, from October 1-7.

The survey involved 2,009 demographically representative British Columbians aged 18 and over. As with previous surveys, the sample was selected using a double trigger panel to ensure accurate representation by age, gender and region, with post-survey quotas and weighting aligned with the most recent census data.