This letter is quite scathing in its tone, but I think it's telling that I know quite a few software engineer millennials from Canada who wax poetic about Toronto being the world's best city, and yet are putting down roots and building lives in the Bay Area of the United States.
Well, US coastal tech seems to pay (almost) twice as much as Canadian cities, due to various reasons. That's a tough incentive to beat.
This seems to be happening everywhere and it's infuriating. A salaried job for an educated professional barely lets you save anything, and at this rate the only chance of retiring will be if you get a decent inheritance.