The Horrific Economy of Canada Explained

In 2016 I remember looking at buying an apartment for the first time in the city of oakville ontario. At this time I was working in toronto while also doing youtube on the side, and i thought that if I saved up for a few more months, i would go ahead and buy an apartment.

Funny enough, I remember the exact apartment I wanted to buy. It was on lakeshore, it had lake views, it was a one bedroom and a den, new construction, and was being sold for around $330,000.

Now, I ended up not purchasing that apartment. But i just checked at how much this 1 bedroom apartment is selling for now, 8 years later.

Want to take a guess?

Well, under normal, but still good circumstances, the value of this apartment would increase 3% per year, which would make it worth around $418,000 today.
However, today, this exact apartment is now selling for $730,000. For a 1 bedroom condo.
You would need $146,000 saved for the downpayment, and have a household income of over $150,000. That income would put you in the top 10% of all household earners in canada.

So think about this. In 2016, a single male, fresh out of university, could theoretically afford this place making an above average income and some good savings.

Now, it requires you to either be a top 2% income earner on your own, or a top 10% household income, to afford this 1 bedroom condo.

So, i know you have probably heard about canada’s real estate issue before, and all around the world this is happening, its just the worst in canada, by quite a bit.

But this video isnt just about housing. Its about canada’s economy. Its horrific economy. And how pretty much within the span of a decade, Canada has gone from one of the most prosperous countries in the world, to one that officially as of today, has gone through a lost decade.

Growing up in the great white north was great. The Canadian dream was alive and well, the economy was booming, it was one of the safest and happiest places on earth,

Hey you wanted to be a canadian astronaut, boom, chris hadfield played guitar in space. Want to be a professional hockey player, but you were only 165 lbs and from rural ontario? Boom wayne gretzky. And most importantly for this video, if you wanted to start a business from pretty much nothing, it was very possible in canada. I mean we had blackberry which was bigger than apple for awhile, we had lululemon, opentext, heck…we even turn the ultimate canadian nemesis, the canadian goose, into one of the biggest clothing brands in the world. And if that doesnt signal perseverance of the canadian people, i dont know what does.

However, over the last few decades, this spirit of entrepreneurship has faded dramatically.
In the year 2000, about 3 out of every 1,000 canadians were entrepreneurs. Today, despite all those people selling crystals with ‘entrepreneur’ in their bio, only 1.3 out of every 1,000 canadians are entrepreneurs according to BDC. thats a falloff of over 50% in 24 years. Infact, despite canada having 12,000,000 more people today than it did 24 years ago, there are actually 100,000 less entrepreneurs today than 24 years ago.

And is this a large reason why canada has been going through its worst decline in the post ww2 era? A lost decade.. Where real gdp per capita is in the exact same place where it was in 2015. Meaning that the average canadian is the same or worse off than they were 10 years ago.

There are so many stats that i can talk about that are at lows for he country. Gdp per capita has fallen, foreign investment has fallen off a cliff. birth rates are extremely low. Canada’s household debt to income ratio is 184%. One other interesting stat is that canada is the only country in the G7, that has a higher household debt than its total GDP.
Think about that. Just household debt, not government debt, is higher in canada than GDP.

And speaking of GDP, I think I have to briefly touch on a topic that i’ve mentioned in many previous videos, but the small GDP growth of canada is an artificially inflated number. You see, before the pandemic, canada had a law where if unemployment was above 6%, canada would not accept any temporary foreign workers to fill low wage positions. The purpose of this law is to make sure that when unemployment is high, canadians could still find work. Its also to ensure that wage growth happens, and that the labor market isnt to tilted towards large corporations.

My History Channel:

My 'Mysteries/Sci-Fi' Channel:

Socials:

CONTACT:
DM Me on Twitter or Instagram.

[merevial]

Bro, I make $82, 000 a year working remotely overseas, when I return to WINDSOR ONTARIO, I'm actually planning to live in a van cause I refuse to pay $1, 600 a month for a trash 1 bedroom apartment in a drug infested area.

[SandroCartoons]

This year I had a job where I was the Office Administrator that hired for a pool company on indeed. We received over 5, 000 separate resumes just to be a part time pool cleaner, and around 90% or more of them were from Brampton alone.
Many of them asked if they could be paid less than the current minimum wage in Ontario, but in return we would have to pay them in cash only. After awhile I finally came to the realization why no one could get jobs anymore. The immigrants (especially the ones from India) are doing under the table cash deals with employers. They will literally work for peanuts if you pay them in cash. Why pay a real Canadian when you can pay an Indian guy raw cash for a quarter of the cost. The unchecked immigration has destroyed our nation. Shit has truly hit the fan since the Justin Trudeau took over, we need change ASAP!!

[murraysheppard]

I am sixth generation Canadian. I make a decent 90k per year.
I have low debt and no family obligations. I can't afford a house, i pay rent and can't save!
The canadian dream.

[don-cwyz]

The lost decade in Canada will go down in history as the "Trudeau years."

[ryanm]

Wife and I started a business in 2018. Government choked the life out of it by 2020. We were facing total ruin, reduced to renting a single bedroom for $650/mo. Couldn't afford our own apartment. Certainly couldn't afford a home.

So we left Canada in 2022 and started our business elsewhere. Now we have a three bedroom house with a pool. Life is great. Our family has a future for the first time.

Canadians, your situation can improve rapidly once the government's boot is off your neck. There's no good reason to remain in that frozen socialist wasteland getting ripped off everywhere you turn.

[HalfFlatWhite]

I moved from Canada to Norway and then the Netherlands, so happy I did that. Every time I visit, I am shocked at the prices and then I hear about the wages…. Completely unsustainable.

[sorinpopa]

What happened 10 years ago? We decided to put a man-child in charge of the country. No adults running it now, because we were bored of them. Too normal and balanced. Now we have the result.

[casual]

Its so bad that most young people cannot even afford rent. Im 23 years old stuck living with family and there is no future in sight right now

[chrissanders]

Canada has the third largest oil reserves and the second largest mineral reserves in the world. We have everything that the modern world needs to operate, with abundant gold and diamonds thrown in for good measure, and our government is doing everything in its power to make sure that we never get to exploit that wealth. Instead, they promised to create a 'Green' economy and lead the world in renewable energy. What we got is hundreds of billions of taxpayer dollars wasted with nothing to show for it. If sanity ever returns to this country, it will take half a century to recover from this stupidity.

[lindacampbell]

I have lived in Canada all my Life
63 years I have lived.
I travelled coast to coast with my own business.
Since 2014, I don't want to be in Canada.
It has become a disgusting place.
Disgusting people changing the country in detrimental ways.
It's tragic.

[josephstymest]

Also about 25% of our workforce is now in some form of govt.
They produce nothing but paperwork and aggravation for being well paid.
We imported too many immigrants and exported too many jobs.
No worries. Trudy promises to reduce immigration by a whopping 100K.

[Firedownunder]

I had a part time job that paid minimum wage and a 1 bedroom apartment in the beaches area of Toronto in 2013. I wasn't doing amazing but I wasn't hard up. Now I make around 27 an hour and have a room mate in the west end. Now I'm hardly getting by. I don't know what to do anymore besides leave, but I can't afford to move. This place is a mess.

[bedbath]

I am telling now and being saying past 20 years, house price will not go down. I will leave Canada soon, whole Canada is becoming Brampton.

[tenman]

All growth over the past decade was really debt driven. Nit real. Canada is not competitive and is massively overtaxed. And that tax income is poorly spent by bad government.

[Hozagen]

Went to Canada to try the Canadian Dream as a Mexican... Not worth it.

Don't get me wrong, Mexico pays work very poorly; but making a living as a single blue collar worker in Canada gives you a mediocre life-style at best.

[scotty_p]

The best thing for the Canadian economy is just letting the housing bubble pop. it would allow for a rebirth of the economy.

[Damazzzo]

I was frowned upon for criticizing Canada in the 2010’s. They didn’t want to hear it. Now it seems people understand.

[BudzzableRides]

So electing a snowboard instructor who appoints a journalist as finance minister was wrong? Who could have predicted that?

[dero]

"You will own nothing, and be happy."

[SovereignShooter]

I'm Canadian and can confirm.
10 years ago, you could work at McDonalds full time and be able to afford your own 2 bedroom apartment, cellphone, groceries, and still have money left over to party every weekend or even go out of town for the weekend. Most of my friends at age 18-20 all lived by themselves, some had apartments, some single detached homes.
Now, if you work at McDonalds you can afford a car payment and insurance and food...Or you can afford to rent just a bedroom and food.. I wish i was being sarcastic or over exaggerating.