While many new immigrants may perceive buying their dream home in Canada as impossible, Canadian Visa Expert relayed the experience of Gokul Prasad, a 31-year-old digital marketer who migrated to Canada in 2021 and already bought a home.
Gokul Prasad said: “Getting a home in Canada was my topmost goal before I left my home country for Canada. And I achieved this because I got my priorities right when I came to Canada.”
Canadian Visa Expert could confirm that Gokul spent none of his money on exotic cars when he got to Canada. Neither did he spend money on expensive apartments in highbrow areas.
“I have noticed most immigrants make certain mistakes when they first get to Canada. Many spend their savings on new cars, rent bigger apartments in expensive areas, or live way above their means,” continued Gokul Prasad.
He concluded, “I would rather advise them to buy a home first because it is getting tougher and more difficult. While you might decide to rent a place for a start, you don’t continue that for a long time because it is an expense you cannot recoup.”
Why is buying a home in Canada becoming more difficult?
Canada’s residential real estate industry is currently experiencing a housing affordability crisis. The main reason for the crisis is that more immigrants are moving to Canada, coupled with the lack of rental units.
Canadian Visa Expert could establish that if more residential houses are not provided before 2026, the rental housing gap could exceed 120,000 by 2026.
"Getting a home in Canada was my topmost goal before I left my home country for Canada.
