New York is one of the biggest cities in the world. With it's fancy penthouses and never-ending hustle and bustle, it has to be one of the most expensive cities to live in, right?
Actually, it's not. Turns out Toronto is much worse. In a study by Demographia, Toronto's housing market was ranked the fifth worse of the world's major cities, only fairing better than Hong Kong, Sydney, Los Angelos, and the Greater London Area.
Basically this means that millennials have little chance of owning property in Toronto anytime soon. One millennial, JunJun Wu, was surprised to learn this when she moved to Toronto from New York.
After living in New York for a number of years she came to Toronto in hopes of cheaper living expenses, but that is not at all what she got. Instead she was met with super tiny studio apartments and really high rent.
This is a problem facing a lot of people moving to the city. A large chunk of income goes to paying for rent, and for a lot of people it is so bad that they don't even want to live in Toronto anymore.
Some people hoping to get more bang for their buck end up actually leaving the city and trading high rent costs for longer commutes by living further away in places like Hamilton, Oakville, and even Keswick.
Toronto's housing market is not only expensive but can be really hard to get into, even for renters who find it takes months to find a listing or get a bid on a place.