Why No One Wants to Live in Canada

The Nugget

The Canadian dream has deteriorated into a nightmare as soaring housing prices, stagnant wages, and high everyday costs leave citizens feeling hopeless and unable to afford basic necessities.

Make it stick

🏠 Homeownership has become a fantasy: A family needs to earn up to $360,000 per year in Vancouver to buy a home.
🚪 Renters are struggling too: With a record low rental vacancy of 1.5%, finding affordable rentals feels impossible.
🛒 Food prices skyrocketing: Food prices rose over 10% in 2022, leading nearly 2 million Canadians to rely on food banks.
💵 Canada’s household debt: Canada now has the third highest household debt to GDP ratio globally, making debt a necessity for survival.

Skyrocketing Prices: Housing prices have increased at unprecedented rates, making ownership unattainable for average Canadians.
Stagnant Incomes: Median family income remains at $70,000, significantly lower than the income required for homeownership.
Rental Market Squeeze: Rental vacancies are at all-time lows, leading to intense competition and rising rental costs.

Immigration and Housing Demand: Since 2016, nearly 3 million immigrants have added pressure to the already strained housing market.
Inadequate Housing Supply: CIBC estimates a need for 5 million more homes by 2030 to achieve affordability, which is unlikely due to local government opposition to development.
Debt and Living Costs: Rising food costs, along with high housing prices, force many Canadians into debt; the government’s policies exacerbate these issues.

Consolidation in Industries: Major industries, including telecommunications and banking, are dominated by a few companies, leading to high prices and lack of options.
Declining Economic Productivity: Canada has witnessed a decline in productivity since 2019, contributing to stagnant wages and quality of life.
Exodus of Talent and Startups: A significant number of Canadians are leaving for better opportunities in the U.S., compounding the challenges faced by the Canadian economy.

"The Canadian dream has faded... a nightmare of soaring housing prices and food insecurity."
"Most Canadians who don't own a home have given up hope of ever achieving homeownership."
"Canada has the third highest household debt to GDP ratio on Earth."
"An overwhelming majority of citizens are skipping meals and living in their cars just to make ends meet."
"The government has historically done nothing to prevent food industry consolidation."

This summary contains AI-generated information and may have important inaccuracies or omissions.