High Cost Of Living In Canada

In this advanced day and age, money is very important, and having an abundance is paramount for a developed country such as Canada. As a Canadian the high cost of living affects me every day, and that is why I chose this topic. Our cost of living is expensive for many reasons, one being housing, another being the amount the loonie is worth currently in comparison to the American dollar. I had chosen this topic, because,; I wanted to do some research on why this occurs.

There are quite a few reasons why Canada is such an attractive place to live, it is diverse, and well developed, though the cost of housing is rather high. More specifically, though, a good candidate for travel/immigration would be Toronto. Toronto, Ontario is the 50th most expensive city to live in, this is mainly due to the fact that within the city
As of late Wednesday (January, 5, 2016), the loonie stood at 70.95 cents US.” says CBC. The Canadian dollar is suffering, and is not worth much compared to the US’ own. Our economy has fluctuated many times over the last few decade, but has maintained a steady growth over the years. In the 1980’s the Canadian dollar was worth 69 cents to every American dollar. The Canadian economy is very dependent on our natural resources, especially our crude oil/bitumen, what happens if the oil market takes another hit like in August 2006? For example, when the stock in the Canadian Oil Sands company went from 126 to 33.70 in months.

In conclusion, the cost of living in Canada is an issue for everyone, and must be corrected eventually. The increase in living expenses is driving Canadians to their financial limit, creating debt. Now living in Canada has become a challenge for most Canadians. From the devastating drop of the Canadian dollar to the increase of everyday transportations, Canadians are experiencing a financial crisis; just a more subtle