Indian students have overtaken their Chinese counterparts in seeking admission to Canadian universities. The lure of good education, permanent residence (PR) , good jobs and affordable housing is driving students to apply for admission to colleges in Canada. But now students are having second thoughts. The tuition fees are very high -- four times more than for domestic students. Room rent has increased considerably and so too the cost of living. Besides, students arriving in Canada this year are facing a huge accommodation crunch as the demand for accommodation far exceeds the supply. Many small colleges, some of dubious distinction, have sprung up to cater to the growing demand. The quality of education imparted in these colleges, leaves much to be desired. Students realise this only when they come to Canada. While most of the students are likely to get PR , they are unlikely to find jobs commensurate with their qualifications. Most end up working for jobs that are unrelated to their qualifications and in call centres or as salesperson in malls. Buying a house after college is virtually ruled out now as the average cost of a house has shot up to over a million dollars. But what will hit Canada most is the sudden increase in house mortgage payment from 2% to 7% making it virtually impossible for anyone to go in for a new house. The monthly payment eats up one person's salary. Much of the second salary (of the spouse) goes towards mortgage payment of the car and insurance which is very high, leaving very little for other expenses. If interest rates do not subside, the Canada dream is all but over.
