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0 pointscableshaft2y ago0 comments

I don't live in Canada, but Toronto has an average housing cost of $1.1 million dollars (USD)[1], which is almost as much as San Francisco (at $1.3 million dollars)[2].

Meanwhile the average salary in Toronto is $52k USD per year[3], versus San Francisco's average salary of $109k[4].

So that might give you some idea.

[1]: https://www.cbc.ca/news/canada/toronto/toronto-home-sales-1....

[2]: https://www.zillow.com/home-values/20330/san-francisco-ca/

[3]: https://www.payscale.com/research/CA/Location=Toronto-Ontari...

[4]: https://www.payscale.com/research/US/Location=San-Francisco-...

0 comments

mulmen2y ago

I’m more interested in how this happened, not that it is happening.

shrimp_emoji2y ago

The correct answer is the cost of construction and the unwillingness to build more/higher density housing.

Construction used to happen a lot more than it does now. Demand keeps increasing, but the supply isn't increasing as fast as it used to.

Every homeowner who treats their home as an investment vehicle is game theoretically forced into NIMBYism so that the rich get richer.

908B64B1972y ago

Out of control immigration. 10x per capita what's allowed in the US, all going to three major cities.

Not only that, but when filing out immigration petitions, most firms will actually file in Canada and the US. Workers who can't meet the higher bar for US immigration will be sent to Canada.

curmudgeon222y ago

Immigration is actually an interesting one. There is a large amount of immigration for sure, but my understanding is that our economy will be in huge trouble without it.

We don't have sufficient birth rates to maintain things and so both economic productivity but also the tax base will be significantly harmed without this immigration.

That's not to disagree with your comment, the large amounts of immigration do cause problems and as you say, much of it flows into certain cities.

1 more reply

UncleOxidant2y ago

You need that immigration since the birth rate is below replacement. Without it the Canadian economy would be in worse shape - and there would be higher inflation. Countries with low birthrates that can attract immigrants will be in better shape than countries that restrict immigration.

1 more reply

BirAdam2y ago

Having very low interest rates for too long a period of time.

UncleOxidant2y ago

That's part of it, but the other part is due to the dearth of building during the great recession and it's aftermath.

j / k navigate · click thread line to collapse

0 pointscableshaft2y ago0 comments

I don't live in Canada, but Toronto has an average housing cost of $1.1 million dollars (USD)[1], which is almost as much as San Francisco (at $1.3 million dollars)[2].

Meanwhile the average salary in Toronto is $52k USD per year[3], versus San Francisco's average salary of $109k[4].

So that might give you some idea.

[1]: https://www.cbc.ca/news/canada/toronto/toronto-home-sales-1....

[2]: https://www.zillow.com/home-values/20330/san-francisco-ca/

[3]: https://www.payscale.com/research/CA/Location=Toronto-Ontari...

[4]: https://www.payscale.com/research/US/Location=San-Francisco-...

0 comments

mulmen2y ago

I’m more interested in how this happened, not that it is happening.

shrimp_emoji2y ago

The correct answer is the cost of construction and the unwillingness to build more/higher density housing.

Construction used to happen a lot more than it does now. Demand keeps increasing, but the supply isn't increasing as fast as it used to.

Every homeowner who treats their home as an investment vehicle is game theoretically forced into NIMBYism so that the rich get richer.

908B64B1972y ago

Out of control immigration. 10x per capita what's allowed in the US, all going to three major cities.

Not only that, but when filing out immigration petitions, most firms will actually file in Canada and the US. Workers who can't meet the higher bar for US immigration will be sent to Canada.

curmudgeon222y ago

Immigration is actually an interesting one. There is a large amount of immigration for sure, but my understanding is that our economy will be in huge trouble without it.

We don't have sufficient birth rates to maintain things and so both economic productivity but also the tax base will be significantly harmed without this immigration.

That's not to disagree with your comment, the large amounts of immigration do cause problems and as you say, much of it flows into certain cities.

1 more reply

UncleOxidant2y ago

1 more reply

BirAdam2y ago

Having very low interest rates for too long a period of time.

UncleOxidant2y ago

That's part of it, but the other part is due to the dearth of building during the great recession and it's aftermath.

j / k navigate · click thread line to collapse