Soaring rents in Toronto

[suburbanite]

Originally Posted by chris08876

Its not all its cracked up to be in NY. Once you factor in the taxes, and the city tax and all the other BS, a 100k will not go far at all. Somebody making 70k outside of NYC in a lower cost area is better off than someone making 100-110k in NY.

At the end of the day, throwing one's money all towards living expenses is not good. Some of these folks have paltry savings.

I agree at the low end of the pay scale. I had the opportunity at my first job to move to the NY office and make at least 50% more, but I still would've been worse off at the end of the day (apart from you know, getting to live in Manhattan or Brooklyn), and owning something at my age would've been out of the question. The disparity grows as you move up the pay scale though.

[ssiguy]

Currency exchange rates don't mean a thing when talking about thinks like rent. We get paid in CDN$ and pay rent in CND$.

Vancouver rentals for 1 bedrooms are slightly higher than Toronto's but 2 bedrooms are much more expensive. Montreal is bargain basement compared to either one.

[Crawford]

Though Canadian rents seem fairly reasonable relative to home prices. It's really the for-sale market that's a crazy outlier.

I wonder if the heavier Asian immigrant share of population plays a role. Places in the U.S. with large Asian populations have cultural reasons to favor owning over renting.