Canada is the most preferred destination for higher studies. However, the beeline for student visas is not only for the quality of education but for the fact that it is an easy route to citizenship. The majority of students going for studied to Canada do not return. Taking advantage of this small colleges of dubious distinction have sprouted in Canada primarily for seeking citizenship. The huge number of students flocking to Canada has created a huge housing shortage.
However, there has been a huge decline in number of student applicants from India, this year. The reason being the very high cost of living in Canada and the Indian government’s tax on foreign currency. Added to this is the fact that it is virtually impossible to purchase a house in Canada. A few years ago the mortgage rate for purchase of a house was just 2%. Suddenly it has gone up to around 7% which even Canadians of long standing cannot afford. The Canadian dream seems to be fading fast.
