1. The Cost of Living Is Too High
Toronto is now more expensive than ever to live in. There is an increase in rent, groceries and transportation costs. It is difficult to save or even afford monthly expenses by many young professionals. Thousands of dollars per month in a small apartment, and it seems like you can hardly afford to purchase a home. Due to high costs and a lack of salary increases, people are seeking other cities that are cheaper to live in.
2. Remote Work Has Changed Everything
The new reality is remote work, which has been the aftermath of the pandemic. Several companies are offering workers a choice of working anywhere in Canada. This has helped young professionals to think differently about their residential places. The question to ask is, in case they can keep up their jobs in Toronto but move to a cheaper town, why not? Employed professionals who work in Toronto-based employers also keep on immigrating to cities like Halifax, Calgary and Edmonton.
3. Better Work-Life Balance Outside Toronto
Toronto life may be hectic and stressful. Huge travelling time, traffic jams and tight deadlines allow little time for personal life. For a lot of young workers, they are getting to understand that a smaller city or town is a more peaceful place to live and have time with the family, hobbies and relaxation. These places are more attractive because of the outdoor spaces, low traffic and low costs of homes. The concept of a balanced lifestyle is gaining more value than life in the big city.
4. Housing Has Become Unaffordable
In Toronto, housing prices are also very high in Canada. It is becoming almost impossible for young professionals who wish to have a family or purchase their first house. Some are heading to such cities as Ottawa, London or Regina, where the prices of housing are far cheaper. These areas have bigger houses and are more cost-effective. Feeling less pressure in terms of finances, people become more stable and secure with their future.
5. Smaller Cities Are Growing Fast
Most of the mid-sized towns in Canada are modernising their infrastructure, transport and employment facilities. The skilled employees are also becoming desirable to these places. The technology companies are moving out to other cities, and it is providing the city with a literal job opportunity that did not exist previously. This way, young professionals will not be pressured to sacrifice their career ambitions in attempts to get good jobs outside Toronto. This is rendering the smaller cities very competitive and comfortable.
6. Lifestyle and Community Connection
Toronto has a busy and disconnected life. Individuals are rushed, work long hours and spend the majority of their time indoors. The community is much stronger in small communities. People are familiar with their neighbours, events are frequent in the area, and people are more connected. This is a small community that many Canadian youths find attractive compared to living in large cities.
7. The Future of Toronto’s Workforce
This may cause a shortage of talent in Toronto within the coming couple of years if this trend persists. With young professionals leaving, the companies might fail to find workers who can afford to live in the city. This may compel companies to seek alternative ways of expanding offices in other regions of Canada where workers will live comfortably. The city might have to attend to the problem of housing and cost-of-living to retain its youthful population.