This article was first published by TorontoToday, a Village Media publication.
A new poll found 67 per cent of the public believes the cost and availability of housing is the biggest barrier for business growth in the Toronto region.
According to an Ipsos public opinion poll conducted for the Toronto Region Board of Trade, residents still believe in the city’s economic promise, but confidence is divided.
The survey of 1,000 people in the Greater Toronto and Hamilton Area found that two thirds of respondents are not confident future generations will be able to afford to live and work in the Toronto area.
Respondents who self-identified as having a "good" personal finance situation were much more likely to think positively about the city's economy than those who self-identified as "poor."
People between the age of 18 and 34 had the best opinion of Toronto's economy and were more likely to say they are "very confident" in how it will hold up over the next 12 months than respondents in older age groups.
Other key issues for respondents were traffic congestion, high taxes, trade uncertainty and commercial property costs.
The Toronto Region Board of Trade said the public is identifying the same problems that businesses have long expressed about “the barriers” stifling Toronto’s “competitive edge.”
“People are ready to believe in the future of this region. They just want to see action,” the business organization said in its report.
Ninety-four per cent of respondents said prioritizing economic growth in the Toronto region should be either a “high” or “moderate” priority for governments.
However, asked what governments should be investing money in, 60 per cent of respondents said housing, compared to 44 per cent who said economic growth and 43 per cent who said health care.
“The pressure on our economy, and business leaders, has never been greater,” the Toronto Board of Trade said on its website.
The group is launching a new “Stronger Starts Here” campaign to urge governments to make the business environment more favourable.
Statistics Canada’s latest jobs numbers found that Toronto has among the highest unemployment rates of Canada’s big cities at 8.8 per cent.
