We've been okay for a while since we use the influx of cash from new developments to support our existing maintenance obligations, but that adds new maintenance in the future.
It's functionally a Ponzi scheme, and now it's starting to unravel. It'll happen in the U.S. too, just slower since the U.S. is bigger.
Meanwhile the average salary in Toronto is $52k USD per year[3], versus San Francisco's average salary of $109k[4].
So that might give you some idea.
[1]: https://www.cbc.ca/news/canada/toronto/toronto-home-sales-1....
[2]: https://www.zillow.com/home-values/20330/san-francisco-ca/
[3]: https://www.payscale.com/research/CA/Location=Toronto-Ontari...
[4]: https://www.payscale.com/research/US/Location=San-Francisco-...
Everything is just cheaper in the USA
Canadians have much lower purchasing power than Americans. We earn less than Americans for the same work, we earn CAD which makes it even lower, and on average everything costs more here too. It is shocking to me how cheap things like gas and groceries are in the USA, even after factoring exchange rate.
Nevermind how expensive technology is here.