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Toronto’s Great Exodus: Protest Culture, Ridiculous Prices, North America’s Worst Traffic Have People Leaving Toronto In Droves

Jul 4, 2024

Once the crown jewel of Canadian urban living, Toronto is experiencing a mass exodus that would make even Moses raise an eyebrow.

(It took me three hours to drive 35 KM last week. I get it)

exodus GIF

As the city’s cost of living skyrockets faster than a CN Tower elevator, protests ramp up, and people tire of 4-hour commutes, residents are fleeing Toronto in droves, leaving their dreams of avocado toast brunches and craft beer happy hours. But it’s not just the financial strain causing Torontonians to pack their bags – a wave of civil unrest is fueling the exodus fire.

Just listen to this kid with a pube stache explain…

The Exodus by Numbers: A City on the Move

Hold onto your overpriced latte, folks, because these numbers will give you a caffeine-free jolt. In the past two years alone, a staggering 220,000 more Canadians have bid farewell to the Big Smoke than have arrived. That’s right, Toronto is hemorrhaging residents faster than you can say “astronomical housing prices.”

The Real Cost of Living in the 6ix: Hope YYou’veGot Deep Pockets

If you thought your last Uber Eats bill was eye-watering, wait until you hear this. According to a recent report, it costs a whopping $61,654 a year for a single, working-age adult to merely “Thrive” in Toronto. And if you’re thinking of escaping to the suburbs, think again. In Mississauga, that number jumps to an eye-popping $83,680. At this rate, “Thriving” in the GTA might mean being able to afford both rent AND groceries in the same month.

It costs $60 to park anywhere, and you can’t find a meal for less than $100. Property Taxes, tolls, and insurance rates: If you can live on $60k a year in Toronto, you can sell your body on the side or take part in pay/play medical testing.

Housing Market: When Your Mortgage is Scarier Than a Stephen King Novel

The Toronto housing market is about as friendly as a hangry Trash Panda. The average home price in the GTA has reached a jaw-dropping $1,165,691. That’s right, you could buy a small island nation for the cost of a semi-detached in Leslieville. And if you’re thinking of renting, prepare for sticker shock. The average rent for a one-bedroom condo is $2,441. At this point, living in an actual shoe might be more economical.

Protests can Fuck Off: Smart People Are Tired Of Perpetual Protests with Their Ridiculous Rent/Mortgage Payments.

Toronto’s skyrocketing costs aren’t just emptying wallets but fueling frustration. The city has seen its fair share of protests, with demonstrators setting up camp at the University of Toronto for over 60 days. Even the demonstrations felt the pinch – they had to vacate before the deadline to avoid costly confrontations. Talk about budget-conscious activism!

But it’s not just housing that’s got people riled up. The GTA has become a hotbed for various demonstrations, from the Freedom Convoy protests to recent pro-Palestinian university encampments. These ongoing tensions add another layer of complexity to city life, making some residents wonder if the Toronto lifestyle is worth the stress.

Vacant Rates and Recession Fears: TToronto’sNew Horror Genre

As residents flee, Toronto’s vacancy rates climb faster than Drake’s streaming numbers. The city is teetering on the edge of a potential recession, with the real estate market holding its breath. Condo sales are plummeting faster than a skydiver without a parachute, and rental rates are doing their best impression of a roller coaster – mostly going down, but with enough ups to keep everyone nauseated.

It appears that Toronto’s real estate market is not currently in a bubble about to burst, though there are some MAJOR concerns about affordability and market stability.

1. Current market status:

* Toronto’s housing market is considered “overvalued” rather than in a “bubble,” according to recent assessments.
* The UBS Global Real Estate Bubble Index downgraded Toronto from 1st place (highest bubble risk) in 2022 to 7th place in 2023, now rating it as “over-valued” instead of “bubble-risk.”

2. Price trends:

* Real property prices decreased by 14.7% year-over-year in Toronto as of late 2023.
* The average home price in Toronto was $1,103,600 in October 2023, showing a 2.1% decrease from September.

3. Market factors:
* High immigration rates and population growth support housing demand in Toronto.
* Interest rate increases have reduced mortgage affordability for many buyers.
* The government has implemented measures like banning foreign buyers, which may impact demand.

4. Expert opinions:
* Economists and real estate experts do not currently see an imminent risk of a deep, sustained price decline like the US housing crash, but they warn of a significant “correction.”
* Any future price declines are more likely to be gradual and driven by economic factors rather than a sudden bubble burst.

5. Rental market:
* Given the tight housing supply and continued population growth, it’s unlikely that the rental market would experience a sudden crash. Current inventory will shift to the rental market with a correction as inventory increases.

The market appears to be in a period of adjustment rather than on the brink of a crash. However, ongoing monitoring of economic factors and policy changes will be crucial for understanding future market trends. Smart people are getting ahead of this “correction” by moving to cheaper markets in DROVES. 220k last year alone.

As Toronto teeters on the brink of becoming a ghost town populated only by bank executives and Drake, one thing is clear: something’s got to give. Will the city find a way to make itself affordable again, or will we see the rise of “new Toronto” in more budget-friendly pastures like Sudbury or Thunder Bay?

Oh. Toronto Is A Top 3 Global Nightmare For Traffic:

According to the new traffic index released by TomTom, Toronto ranks as the third worst city in the world for traffic congestion. Here are the critical points about Toronto’s traffic ranking:

  1. Global ranking: Toronto is ranked 3rd out of 387 cities worldwide for having the slowest traffic.
  2. North American ranking: Toronto tops the list as the worst city for traffic congestion in North America, surpassing New York and Mexico City.
  3. Average travel time: It takes Toronto commuters 29 minutes to complete a 10-kilometer trip.
  4. Comparison to other top cities:
    • London, UK (1st): 37 minutes 20 seconds for 10 km
    • Dublin, Ireland (2nd): 29 minutes 30 seconds for 10 km
    • Toronto, Canada (3rd): 29 minutes for 10 km
  5. Time lost to traffic: Torontonians lost an average of 98 hours in 2023 due to rush-hour traffic.
  6. Worst traffic day: November 30, 2023, when drivers spent an average of 33 minutes to complete a 10-kilometer trip.
  7. The worst time to drive is Wednesdays between 5 p.m. and 6 p.m., with an average travel time of 37 minutes and 50 seconds for 10 kilometers.

One thing’s for sure – if you’re planning to move to Toronto, you might want to bring a tent, patience, and a sense of humor or a “Fuck Trudeau/Fuck Doug Ford Flag.” You’re going to need both for the protests and the housing market.

Remember, folks: the rent is high in Toronto, but the spirits are higher. I’m just kidding. Affordability has created a couple of million nihilists who want to GTFO.

Don’t expect those shitty spirits to come cheap at the LCBO when they go on strike next week.

Cheers

DB

Dean Blundell

Dean Blundell is a Canadian radio personality. Best known as a longtime morning host on CFNY-FM (The Edge) in Toronto, Ontario. In 2015 he was named the new morning host on sports radio station CJCL (Sportsnet 590 The Fan). Dean started his career in radio in 2001 and for nearly 20 years been entertaining the radio audience. Dean’s newest venture is the launch of his site and podcast which is gaining tremendous momentum across North America.

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