Canada is a popular destination for students, particularly those who desire to study and work while in the country. As the cost of living in Canada is high and you want to save as much money as possible as a student, there are a few things you should think about while you’re there.
Financial Express Online spoke with Mayank Maheshwari, Co-Founder & COO, University of Living, to gain answers to some of the most frequent questions that students have regarding rising rents in Canada and how they have been managing their finances.
What is the current rate of rent in Canada as compared to 2022? What is the main reason for this situation?
Rental prices in major Canadian cities like Toronto and Vancouver have risen by 20-25% due to increased demand from global migrants. With half a million people immigrating to Canada in the past year, the demand for rental properties has surged, leading to higher prices. Additionally, the real estate laws in Canada pose certain restrictions on newly migrated individuals, preventing them from purchasing property within the first two years of their arrival. The combination of actors has created a significant supply-demand gap, driving up rental costs in metropolitan areas.
What are some common concerns of students finding accommodation in Canada?
The rising prices of student accommodation in Canada, particularly in cities like Toronto, have become a significant concern for individuals with limited budgets. Previously, students could find accommodations within the range of $500-$700 per month. However, the current scenario indicates that it is increasingly difficult to find suitable housing below $1200 per month. This highlights the challenges faced by individuals who arrive in Canada and seek affordable living options.
As a result, many students are forced to settle for accommodations located 30-40 kilometres away from their university, which creates additional difficulties. This distance often necessitates finding employment to support their living expenses and commute costs, adding to the challenges of settling down in a new country. It compels students to make compromises such as living further away from their academic institutions and taking on employment to sustain themselves.
How can students make sure they do not have to face these issues?
First, it is essential for them to have a clear understanding of the average expenses they will incur in their chosen city. They can gather this information by reaching out to alumni who have been residing there for the past 2-3 years. These experienced individuals can provide valuable insights and help students develop a realistic budget. Students should explore various accommodation options and gather knowledge about the average rental prices in their desired city. This can involve browsing online listings, consulting with local real estate agents or student housing services, and seeking recommendations from fellow students or university resources.
Another key strategy is to book their accommodation well in advance, ideally at least six months before their planned move. By doing so, students increase their chances of securing better options at more favorable prices. These steps provide a solid foundation for a smoother transition and a more comfortable living experience while studying abroad.
Will booking early for accommodation will help them to resolve this issue?
Booking accommodation in advance can significantly help students in resolving housing issues and provide them with a smoother experience both in the city and at the university. Those who leave it until the last minute may find themselves in a difficult situation upon arrival, having to scramble to secure suitable housing. This often leads to higher prices and limited options.
By booking early, students can avoid the stress and uncertainty associated with last-minute housing arrangements. They can secure their preferred accommodation at a better price, ensuring they have a stable and comfortable living situation from the beginning. Early booking allows students to settle down smoothly, avoiding the need to hop around different places in search of affordable options, which can negatively impact their college experience and studies.