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Toronto Life - The Wire

The comprehensive index of every blog post, magazine story and restaurant review that appears on Torontolife.com

All stories by Maryam Sanati

The Informer

From the Print Edition

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The great burnout: recession survivors didn’t count on the surge in workload, the smaller paycheque and the all-consuming resentment. A story about workplace hell with no escape

It’s been three years since the mass cull of the Great Recession began.

Three years since all those jobs were zapped into oblivion, and the people who remained employed were left to shoulder double, triple or quadruple loads.

For my generation, the timing couldn’t have been worse. My close friends and university classmates are exiting their 30s and have mortgages and kids and barely enough minutes to shovel the driveway. They’re entering the phase that used to be called “mid-life,” which in the best of times is a moment for evaluation and maybe even reassessment. But after the worst economic upheaval we’ve ever known, they’re reeling. A financial analyst in her early 40s tells me how 12-hour days—which used to be the exception—are now the norm: she puts in full and breakless stretches at the office, then keeps the laptop burning for hours every night after her two young kids have gone to bed. Another executive was burned out after her company took on dozens of new projects and she was left to run everything. She now works up to 100 hours a week and gets phone calls from friends she hasn’t seen in months, asking if she’s moved or died.

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The Informer

From the Print Edition

42 Comments

Bubble Trouble

It wasn’t supposed to be like this. Our recovery from the Great Recession happened faster than expected, we got in the mood to buy again, and the housing market spontaneously returned to bidding wars and double-digit gains. Experts say we’re in a bubble that’s ready to pop. The question is, how bad will it be?

Christopher Wahl

We’ve seen bubbles before. The last time the market went pffft was in the spring of ’89. The country entered a deep recession, mortgage rates hit 13.5 per cent, and the market was glutted with condos that speculators couldn’t off-load. Over the next seven years, the price of resale houses downtown dropped by 28 per cent. Owning a house was a burden.

The birth of the current bubble-like conditions can be traced back to 2008, when we smugly discovered our market was safe from the financial evils that led to the housing collapse in the U.S. We were intoxicated by good news: speculative investing was comfortingly low, our interest rates dreamy. Neighbourhoods like Parkdale, the Junction and Leslieville were lusted after by young couples and families in want of $400,000 fixer-uppers. The upwardly mobile had ballooning debt and stars in their eyes. Among the singles flooding into sparkling new condominiums were women in their mid-20s to late 30s, a boom demographic. One industry source estimated that they represented 40 per cent of the market, significantly higher than a decade before.

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