Living costs in urban markets far outpace Canadian youths' purchasing power
The youth live in a “monthly deficit position” in Canadian cities, which is making these locales unaffordable to the country’s future generations, according to a new analysis by urban sustainability advocacy group Youthful Cities.
On average, Canadians in the 15-29 age bracket are losing $750 per month by living in urban regions, Youthful Cities estimated in its latest wide-ranging report.
“To break even, young people would need to isolate themselves: no entertainment, no transportation, and no dining out,” the report said.
Canadian youth living in Halifax were estimated to lose the most monthly ($1,290.74), followed by those residing in Yellowknife ($1,149.05), Moncton ($1,139.30), Toronto ($1,121.14), and Winnipeg ($1,049.58).
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This has grave implications on the future demographics of the nation’s major urban markets, Youthful Cities said.
“It is possible that young Canadians may move out of city centres or Canada altogether, causing a potential drain on talent, decreasing the vibrancy of the city, limiting young people’s options, and therefore decreasing sense of belonging,” the report warned.
The unaffordability trend “is stunting the growth of the next generation which in turn will stunt Canada’s growth.”
“Young people are either considered change makers who are the only hope for solving the climate crisis, or they are the TikTok obsessed generation who overspends on oat milk lattes and avocado toast,” Youthful Cities said.
“Affordability for young people should also take into account more than the bare minimum necessary to survive, but what it would take to thrive.”
