The Toronto housing market has been a hot topic of discussion for years now, with prices skyrocketing to staggering heights that are not sustainable in the long run. A recent post on the Toronto Real Estate subreddit highlights this issue, as a user expresses concern over the detachment of housing prices from the economy and local salaries. The post also notes Toronto’s deteriorating healthcare, education, infrastructure maintenance, and public safety, which will only be further impacted by unsustainable population growth.
Despite these concerns, many people still choose to move or stay in Toronto every year due to its growing tech scene, which has become North America’s third-largest hub. However, critics argue that the Toronto tech scene is derivative and consists mainly of US corporations searching for cheaper labor, which can easily be outsourced to other more affordable countries in the future.
The post also touches on the issue of affordable housing, which has become increasingly difficult to find in Toronto’s highly competitive market. The lack of affordable housing has led to overcrowding and poverty wages, with people relying on privately run health care services that are out of reach for most.
While the Toronto housing market has certainly brought financial prosperity to many homeowners, it has left others struggling to keep up with rising costs and limited affordable housing options. As the market continues to fluctuate, it is important to choose wisely and consider all options, including moving outside of the city, to minimize financial risk and exposure.
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Author Eliza Ng