Our Bureau
Toronto
As the cost of living in Canada continues to rise, many Indian immigrants are reconsidering their decision to settle in the country. Reports indicate a growing trend of Indians returning home due to the escalating financial pressures and challenges associated with living in Canada.
The Canadian housing market has faced significant challenges, particularly in major urban centers like Toronto and Vancouver, where home prices have soared. In 2023, the average cost of a house in Canada reached approximately CAD 657,145 a staggering increase from CAD 413,000 in 2015. This surge is compounded by rising interest rates, which have further strained affordability for potential homeowners. Currently, about 50% of Canadians are living paycheck to paycheck, with many struggling to keep up with basic expenses like housing and groceries.
A recent poll by Angus Reid Institute revealed that nearly 40% of recent immigrants are contemplating leaving Canada due to these financial pressures. The rising costs of everyday items have made it increasingly difficult for families to maintain a decent standard of living. For instance, the average rent for a two-bedroom apartment in Vancouver has skyrocketed from CAD 2,598 in April 2021 to CAD 3,648 in July 2024. Similarly, grocery prices in 3 years have surged by over 38% since March 2021, leading to an annual food bill increase for families.
Economic uncertainty is also a significant factor driving this trend. With high unemployment rates in urban areas and fluctuating mortgage rates affecting borrowing capacity, many prospective buyers are delaying homeownership decisions. The combination of these factors has led to diminished consumer confidence and increased anxiety among residents about their financial futures.
The Canadian government has attempted to address these issues by reducing immigration targets to alleviate housing shortages. However, this policy change has introduced uncertainty regarding future demand and economic growth. As affordability remains a pressing concern for Canadians, many are left questioning whether the Canadian dream is still attainable.
In light of these challenges, Indian immigrants who initially sought better opportunities in Canada are now weighing their options. Many are finding that returning home may offer a more stable and affordable lifestyle. The allure of job prospects and familiar surroundings is becoming increasingly appealing as they grapple with the harsh realities of life in Canada.
