Home prices in Ontario have reached a point where they are pulling money out of other sectors of the economy and creating more challenges for business, warns a new report from the Ontario Chamber of Commerce.
As Ontarians spend more on housing, the report says, they have less money for other goods and services. The situation has resulted in “wide-ranging” implications for business in the province.
The current housing costs are also an excellent way to lose skilled people.
If I spent multiple years of my life and thousands of dollars to get a good dregree, you can bet your arse that I would take that degree somewhere where I can actually make a comfortable living. “House-broke” is not that.
I’m also not of the mindset to pay well over a million dollars for a 1 to 2 bedroom house in a city that’s riddled with violence and drug problems. That’s absolutley not “million-dollar” quality of living to me, not by a long shot.
So, unfortunately we’ll likely just keep losing more doctors, scientists, trades people, etc. until things change. Who wants to struggle constantly, despite putting in the work?
Then they wonder why Millenials and Gen Z are having fewer children. What a mystery…/s.
Happy to see the community of those concerned growing. Also surprised to see Remax support the 15-min city, that’s suspicious of them, but nonetheless good to see.
