What's not discussed is that these cities were much smaller back then, had far fewer services both private and government, had much higher crime and pollution and a host of issues that have all been substantially ameliorated over the decades, specifically the 90s.
If people want the experience that their parents had to find cheap housing, then they have to move to a location that is in a similar state today that London or Toronto was in 30 years ago. Those places do exist and there's no shortage of affordable and cheap housing in Canada, many parts of the U.S., and I suspect the UK.
The problem is that what people my generation really want are all the benefits that have come over the past 3-4 decades without the cost of paying for those benefits, and that's just not likely to happen.
But there are also places like Calgary, Winnipeg, London and Halifax that are smaller, much more affordable, and have a decent standard of living. The issue is that if you compare Halifax or Winnipeg to Toronto it's a no brainer that Toronto is just significantly ahead in development, but it's not like people in Halifax are struggling to find work, or are poor or living in bad conditions. There are plenty of good places across Canada to raise a family and enjoy a good standard of living.
Someone who is 60 years old has had approximately 30-35 years worth of time to invest and accumulate assets compared to someone 30 years old who has only had 5-10 years worth of time.
What would you have expected to see in the alternative?