Numerous foreign students have been drawn to Canada to study in recent years, but there is a cloud over this ambition. Many people are unsure if attending school in the Great White North is still an affordable option as living expenses rise. In this article, we examine the rising cost of living in Canada and how it is causing a decline in student visas.

The Financial Strain on International Students

Damanpreet Singh, an Indian student who relocated to Canada for his studies, emphasises the difficulties that foreign students encounter with money. He mentions that in only the past two years, living costs have virtually doubled. 

Singh's situation is typical of many international students who must contend with significant expenses. He says, "I used to spend, on average, 150 CAD a month on groceries. For the same amount, I now pay 250 CAD."

At the time of their arrival in Canada, international students must provide documentation proving they have $10,000 in their bank accounts. This minimum Guaranteed Income Certificate (GIC) is now widely regarded as insufficient due to rising living expenses and university fees that range from $30,000 to $50,000 annually.

The Decision to Stay in Canada After Graduation

Many foreign students come to Canada in anticipation of eventually obtaining citizenship or permanent residency. The cost-of-living crisis is making this choice increasingly difficult, though. 

According to a study carried out on behalf of the Institute of Canadian Citizenship, 25% of the international students polled said they intended to leave Canada in the next 18 to 24 months. Among the main issues are rising rents and a lack of housing options.

Inflation in Canada hit a 30-year high of 6.7%, which made matters worse financially. In many cases, tuition fees for international students are up to five times more than those for Canadian students.

Bangladeshi student Zeba Munira describes how it has affected her and her family. She claimed that she wouldn't have moved here if she had realised that [the expense of living here] would be this high.

The Canadian government should raise the amount of the Guaranteed Income Certificate, according to marketing director Sandeep Singh, so that students arriving in Canada won't struggle even if they don't have a job.

Canada's labour economy benefits greatly from the contributions of international students, which help to fill skill gaps. However, because of Canada's pricey economy and rising cost of living, their decision to remain after graduation depends on finding jobs that will sustain them.

Singh professes his love for Cape Breton while highlighting the need for better policy: I intend to remain in Canada. Everyone, I believe, would like to stay. However, the government must make improvements to some of its inflation-controlling programmes and develop plans to assist students who require greater financial aid.

While acknowledging the financial difficulties, Munira expresses a similar desire to remain in Canada: "I am really enthusiastic about staying in Canada, but the expense of living is making it tough for me to live here long term."

FAQS

What factors are contributing to the rising cost of living in Canada for international students?

Numerous reasons, such as growing rent costs, inflation, and the high cost of education, such as tuition fees, can be blamed for the rising cost of living in Canada for overseas students.

Are there specific regions in Canada that are more affected by the rising cost of living for international students?

While there are differences in the cost of living across Canada, big cities like Toronto and Vancouver are recognised for having high living expenses, which can be especially difficult for foreign students.