Buying property gets tougher in Canada for New Immigrants

While coming to another country the first that comes to one’s mind is -So we are here to settle! The thought that every immigrant carries along with him but is it that easy? Maybe not. To answer not one criterion is Buying property gets tougher in Canada.

Buying property gets tougher in Canada- Despite Govt. is making efforts to ease the Immigrants in the Country-

Despite the efforts, the Canadian government is putting in to reduce the immigrants’ ordeal in Canada; there still is one huge parameter standing in the way. Housing, one of the three basic requirements for an individual to survive anywhere, is a commodity even the residents of Canada find tough to gain. Purchasing a shelter or in proper words, a house is as difficult as it can be, even more than finding a job there.

Housing to Income ratio is 4:3 is making the Immigrants challenging to meet ends-

The general ratio of the cost of housing and the income there is 4.3 which makes it difficult for immigrants who are already wondering about how to make their ends meet. General housing market ranges around 4 while the premier locations like Toronto, Amsterdam, Vancouver stay a far fetched thought, As Vancouver has a ratio of 12.6. This one field lacks any steps or process started by the Canadian Government to bring down the housing market which has been on the rise thereby putting further pressure on the immigrants’ already growing mountain of problems.

Govt.  is doing there part but the impact of it is not showing any changes-

It’s not like they aren’t doing anything regarding the subject matter, but there hasn’t been a significant breakthrough in the field. A dream of own house stays in their dreams only owing to the sky soaring prices. Canada has always been a rather expensive place to build or purchase a home as is Australia.

Canada experience rise in Housing Prices by 24% since 1999- Australia being the First one

Canada witnessed the highest increase in house prices, i.e., 24% since the year 1999. According to a survey, the amount that the households owe to house loan debt is more than the GDP of Canada. They are only behind Australia in this field. The stats are worrisome but at that same time, we need to remember that this hasn’t happened overnight. It has always been like this, so a problem of housing in Canada is a thing every immigrant should be aware of and prepared for.

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Diksha Garg

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