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Pandemic exodus of Canadian families from cities could fuel wage inflation

Writer's picture: PopCanPopCan

CTV News: 'The rush was sparked by young families. Toronto lost some 15,00 children under 10 from 2020 to 2021, along with 21,000 adults between 25 and 44, the data shows. At the same time populations surged in smaller cities past Toronto's outer suburbs. Driving the shift was home price and type. Half of Toronto's home sales are condos and the average price is $1.2 million (US$946,074). In smaller cities outside Greater Toronto, a typical home is detached and costs under $800,000. Indeed, the race for space has led to faster price gains outside Toronto and its suburbs than within.


'Back in the big cities, the very tight labor market has forced employers to offer higher wages to lure workers. That is sparking rapid wage escalation, as companies compete for the skills they need. Recruiting firm Robert Half said 46 per cent of companies are increasing starting salaries to attract talent.'

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