Why No One Wants To Live In Canada Anymore

when people are asked to choose where they would consider moving to Canada is almost always at the top of the list with a reputation of being safe stable and prosperous and having high quality services strong economy and well functioning government it seems like one of the few countries where you can both make good amount of money and maintain a good quality of life except that according to many Canadians that's not true and actually couldn't be further away from reality according to two puls 2third of Canadians think that everything in the country is broken and they feel deeply pessimistic about the economic situation and their quality of life but what's going on why do Canadians feel so overwhelmingly unhappy with the state of their country and how bad it all really is this is the Dark Side of Canada but first whether you're a Canadian or not you might want to learn about the sponsor of this video better help so I always wanted to try going to therapy but I never really has time or there weren't really any therapists available in my area so it was actually through better help that I tried therapy for the first time what better of help does is connecting you with a licensed therapist who's trained to listen or give advice if you need it they have over 30,000 therapists in their Network and the whole thing is done remotely via video a phone call or even messaging whatever you're most comfortable with and you can easily change the therapist if you want to at any point and for whatever reason personally therapy was really helpful in learning how to handle the stress and uncertainty that comes with being a full-time content creator and now I'm trying to make it part of taking care of myself in the same way that I would go to the gym and since I'm quite introverted doing it over the phone feels easier and like it's less of a big deal so if you think you might benefit from therapy as well consider trying better help click the link in the description or visit betterhelp.com expained withdom and get 10% of your first month and now back to the video but before we analyze what's going on let's dig a little deeper into how people in Canada are actually feeling because while the general stereotype is of Canadians is happy and cheerful the mood in the country at this point could not be any more different surveys show that over half of Canadians are angry about the way that their country is managed and 2/3 think that Canada is deeply broken and they're worried about the economy and about being able to even afford their everyday needs and other data confirms this mix of depression anger and pessimism most Canadians are dissatisfied with their own country and they feel that their lives used to be a lot better and that the services in Canada have gotten significantly worse and whichever poll or survey you pick the picture is basically the same and not pretty Canadians feel more concerned and negative about their economy and their personal quality of life than people in almost any other developed country and the overall sentiment of how people feel about Canada is worse than at any point in recent history and while Canada still has high rates of immigration even the immigrants are not really buying the Canadian dream anymore as studies show that an increasing number of immigrants choose to voluntarily leave Canada due to dissatisfaction with the quality of life and economic opportunities but what's happening in Canada that could be making people feel this way well even though the country has reputation for being almost perfect at a closer look this image starts to unravel pretty quickly so here's what's going on so you might have heard by now that much of the world is going through a housing crisis but wherever you are it's still probably not as bad as in Canada which today is one of the least affordable housing markets in the world in the past 10 years the value of an average Canadian home has more than doubled with rent prices growing at a similar rate which makes it extremely hard to afford a rental property and almost impossible to actually buy a home in Toronto the average resident spends 120% of their income on rent and if you want to buy a property in Vancouver you need to be making at least $250,000 to even qualify for a mortgage in other words buying a property in Canada is now a possibility only for people with exceptionally High income and even they struggle to afford the incredibly High mortgage payments which is why Canada has the highest household debt of all of the G7 countries and why its situation has been described as the largest housing bubble of all time but why did housing become so insanely unaffordable well there is a strong demand for housing as Canada has a quickly growing population due to the fact that it accepts half a million immigrants per year and so it simply needs more homes but a growing population wouldn't have to be an issue the real problem is that Canada is completely failing at building enough homes to house all these new people as in many other countries the housing policies in Canada are controlled by local city governments and they have been reluctant to allow construction of more homes as that would depreciate the price of properties that are already there having fewer homes means that their price keeps going up which is great for the homeowners who are also potential voters and so local politicians are not addressing this issue to avoid upsetting their current constituents even though it makes housing unaffordable for everyone else add a constantly increasing population and the fact that Canadian real estate has traditionally been a popular safe investment choice for Rich foreigners especially those from Asia looking for a place to park their cash and you have a housing nightmare but it doesn't stop here because housing is by far not the only thing in Canada that's extremely expensive surprisingly Canadians pay more than almost anyone in the world for a number of common things like groceries banking fees cell phone charges or air travel the cost of fuel in Canada is a lot more expensive than in the US while the cost of healthare on the other hand a lot more expensive than in Europe and this is not an accident but instead it's a direct consequence of the fact that Canada more than any other country is dominated by monopolies and oligopolies in other words most Canadian Industries are dominated by just one or a few giant companies and this didn't happen by accident either but instead it's a result of a questionable strategy pursued by many different Canadian governments at the bottom of this strategy is Canada's long-term fear that its homegrown companies will get steamrolled by their larger and more aggressive competition from the United States the that is a legitimate worry if you live right next to the world's largest and most competitive economy but it has made Canada a little too overprotective and convinced that the only way to prevent that is by helping Canadian companies to get as big as possible and so while governments in most countries try to prevent companies from becoming too big Canadian governments generally try to help them to achieve exactly that and as a result Canada's economy is made up of just a handful of giant corporations with almost zero competition but the problem is that monopolies are not good for anyone except for themselves as many Studies have shown since they have no competition they generally tend to hike up the prices just because they can and the consumers end up paying more For Worse quality services while the companies themselves become less competitive on International markets since they have it so easy at home which is why you probably don't know a single Canadian Corporation with a global success and that's kind of another part of the problem even though Canada is on paper a very rich country unlike most of the developed economies its wealth is mostly based on exporting Commodities like oil gold and other natural resources together with the massively inflated real estate sector but that means that outside of these industries there's not that many well-paid white collar jobs the kind of jobs that college educated middleclass workers would typically look for and while Canada technically has a labor shortage the demand is mostly for the lowest paid and lowest qualified positions the result of which is that even for the middle class life in Canada is surprisingly difficult and to top it off while Canada has a reputation for having high quality and widely accessible Public Services especially when compared with the United States that's not really true either or at least not anymore and probably the best example of that is Healthcare today only 30 7% of Canadians think that they would receive proper Medical Care in case of a sudden medical emergency compared with 70% of Americans who were asked the same question and well they are right Canadians are now increasingly more often dying in emergency rooms while waiting to be admitted due to extreme shortage of medical workers in Canadian hospitals and that's despite the fact that Canada spends more on healthare than any European country while almost all of the European countries outrank can Canada in metrics like waiting times and number of Hospital bets as a whole the Canadian Healthcare System once a source of Pride for the country is now ranked as one of the worst among the oecd countries and it's one of the most common reasons why Canadians consider management of their country to be completely broken the bottom line is that the idealized image of Canada as a modern-day Utopia is at a closer look quickly falling apart the life satisfaction of Canadians has been going down for the past 10 years and given the escalating housing crisis unbearable living costs the monopolized economy and quickly deteriorating Public Services it's not that surprising and unfortunately unless Canada starts urgently addressing these issues the once idilic perception of the country will become more and more detached from reality

Channel: Explained with Dom

Views: 843,296

Keywords: canada housing crisis, canada broken, canada economic crisis, canada immigration, canada monopolies

Id: eDzme7W7Fy8

Length: 10min 22sec (622 seconds)

Published: Thu Dec 07 2023