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Business News of Thursday, 19 October 2023

Source: www.legit.ng

'1 bedroom is N2m monthly' - House rent in Canada hits new high, Nigerians now sleep on streets

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Nigerians who relocated to Canada in search of a better life are finding it more difficult than they expected.

Legit.ng, in an earlier report, revealed that the number of Nigerians that moved to Canada surged to the highest in nine years for the first quarter of 2023.

From January to June, about 10,180 Nigerians moved to Canada, adding to the 6,195 at the end of 2022, up from 13,745 in the same period in 2021.

The figures obtained from Immigration, Refugees and Citizenship Canada (IRCC) also showed that Canada recorded 5,755 Permanent Residents (PRs) from Nigeria in Q1 2023.

Nigerians in Canada

While the joy of arriving in Canada for Nigerians is boundless, as evident from their posts on social media, BusinessDay reports that many Nigerians who had hoped for a better life in Canada now live in cemeteries and on the streets.

This unfortunate situation is a consequence of the rising cost of housing rent across various cities in Canada.

Cost of living in Canada

According to data from Rentals.ca, the average rent for a one-bedroom apartment in Canada has surged to CA$2,078 (approximately N1.170 million) per month.

The most expensive one-bedroom accommodations are found in Vancouver, where they average CA$3,000 (about N1.68 million) monthly.

Additionally, rentseeker.ca reports that a studio apartment costs CA$1,860 (N1.04 million) in Toronto, while it's even more expensive in Mississauga, where a studio apartment goes for CA$2,351 (approximately N1.32 million).

These exorbitant prices are unaffordable for many Nigerians who arrived in the country on student visas without work permits, leaving them with limited options and forcing them to reside in unconventional places.

Here are the average monthly rents for one-bedroom apartments in Canada's cities, according to rentseeker.ca.

Toronto: $2196 (about N1.62 million)

Ottawa: $1735 (about N1.28 million)

Calgary: $1647 (about N1.22 million)

Montreal: $1558 (about N1.15 million)

Edmonton: $1301 (about N961,740)

Vancouver: $2755 (about N2.04 million)

Hamilton: $1841 (about N1.36 million)

Mississauga: $2351 (about N1.74 million)