As reports of sky-high housing and rentals in Ontario pile up, a Montreal relator Behrooz Davani says that they’re getting around 30-40 percent more calls this summer regarding young people from Ontario wanting to move to Montreal due to its lower cost of living.
It’s assumed that this is happening since Toronto and other Ontario cities have become so expensive. A recent poll even showed that as prices are rising, around 46 percent of prospective home buyers are worried about being able to find something affordable.
The main issue this creates for Ontario is a brain drain by pushing young/educated people out of the province. This also stops young people from coming to Ontario easily since it makes it harder for them t establish a life here.
This means that some of the skilled workforces will work in other parts of Canada. This isn’t as bad as people leaving the country, but it could slow the growth down a little bit for a growing city like Toronto. For other major Canadian cities like Montreal, this could be a good time to capitalize on a young workforce looking for a place to set down some roots.
Source: Canadian Realestate Magazine