Posted on August 24 2024
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|
India |
Canada |
||
Types of Housing |
Delhi |
Mumbai |
Vancouver |
Toronto |
One-bedroom apartment |
₹ 2.05 Cr |
₹ 1.00 Cr |
₹ 3.68 Cr |
₹ 4.14 Cr |
Two-bedroom apartment |
₹ 2.28 Cr |
₹ 1.10 Cr |
₹ 8.92 Cr |
₹ 5.68 Cr |
Three-bedroom properties |
₹ 2.55 Cr |
₹ 1.23 Cr |
₹ 16.44 Cr |
₹ 18.22 Cr |
Townhouse |
₹ 2.71 Cr |
₹ 1.40 Cr |
₹ 10.04 Cr |
₹ 6.12 Cr |
Detached house |
₹ 2.99 Cr |
₹ 1.50 Cr |
₹ 52.44 Cr |
₹ 29.10 Cr |
Housing has become an important issue for Canadians in 2024, and much recognition is given to the impact that changing interest rates, natural emigration patterns, population increases, and other factors have had on housing costs.
After putting together a guide on rental costs across Canada in 2024, CIC News has prepared a guide on the costs of buying a home in Canada, considering the largest cities and population centers in each of the country’s provinces.
*Planning for Canada immigration? Seek expert guidance from Y-Axis.
Buying a house is the most incredible dream for many Indians, and it is typically a once-in-a-lifetime experience for them. Also, it is a large investment for most people, and getting the best deal out of that investment is the top priority for a buyer. You should save sufficient funds for a reasonable down payment so that you have to pay lower EMIs for the loan repayment and increase the chances of obtaining a higher credit score. Your savings should be capable of covering the other buying expenses or any other hidden charges.
For many Indians, buying a home is a dream that has been discovered with the help of a home loan. A 2023 report by the National Housing Bank reveals that over 90% of residential property buyers in India rely on loans to finance their purchases.
Canada and India are two different countries with extremely different economic, social, and political systems. As a result, the cost of living in these two countries is also remarkably different. Here, we will explore the cost of living in India and Canada, and compare the two countries based on various factors such as housing, transportation, food, and other expenses.
One of the most important expenses for most people is housing. In Canada, the cost of renting a house is relatively high. A typical two-bedroom apartment in a city centre can cost around CAD 1,200 per month, similarly an apartment in the suburbs can cost around CAD 1,000 per month. In contrast, the cost of renting a house in India is quite lower. A typical two-bedroom apartment in a city centre can cost as little as INR 20,000 per month.
City |
Average House Price (USD) |
Average Annual Salary (USD) |
Annual Savings (30% of Salary) |
Years Required to Buy a House |
Delhi |
200,000 |
8,000 |
2,400 |
83 |
Mumbai |
400,000 |
10,667 |
3,200 |
125 |
Toronto |
750,000 |
52,500 |
15,750 |
48 |
Vancouver |
900,000 |
56,250 |
16,875 |
53 |
The main reason Canada is better than India is the difference in standard of living between the two countries. In spite of India's better popularity, Canada provides its residents with a far better lifestyle. One of the important contributors to this ease of living is Canada's comparatively lower population and less pressure on public resources and architecture.
At the same time, the levels of pollution are lower there, the weather is better compared to India, and the education system is also among the top 5 globally (According to U.S. News & World Report 2022). Additionally, the salaries offered to employees in Canada are more proportionate to their cost of living.
The country also tops the chart across parameters such as entrepreneurship, agility, and openness for business.
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Tags:
Canada Permanent Residency
Canada Immigration
Work in Canada
Canada Immigration
Temporary Resident in Canada
Migrate to Canada
Canada Immigration News
Canada PR Visa
TR to PR pathways
Taxation in Canada
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