Comparison of buying a house in Delhi/Mumbai, India versus Toronto/Vancouver, Canada

Comparison of buying a house in Delhi/Mumbai, India versus Toronto/Vancouver, Canada ?

• Buying a house is the biggest dream for all individuals
• The main reason Canada is better than India is the difference in standard of living between the two countries
• The costs of buying a house in Canada's and India’s major cities are listed here
• The average housing price in India ranges between 200,000 USD and 400,000 USD, and in Canada, 750,000 USD and 900,000 USD ?

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The costs of buying various kinds of housing in Canada's and India’s largest cities are listed below ?

How much does it cost to buy a house in Canada? ?

Housing has become an important issue for Canadians in 2024, and much recognition is given to the impact that changing interest rates, natural emigration patterns, population increases, and other factors have had on housing costs.

After putting together a guide on rental costs across Canada in 2024, CIC News has prepared a guide on the costs of buying a home in Canada, considering the largest cities and population centers in each of the country’s provinces.

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How much does it cost to buy a house in India? ?

Buying a house is the most incredible dream for many Indians, and it is typically a once-in-a-lifetime experience for them. Also, it is a large investment for most people, and getting the best deal out of that investment is the top priority for a buyer. You should save sufficient funds for a reasonable down payment so that you have to pay lower EMIs for the loan repayment and increase the chances of obtaining a higher credit score. Your savings should be capable of covering the other buying expenses or any other hidden charges. ?

For many Indians, buying a home is a dream that has been discovered with the help of a home loan. A 2023 report by the National Housing Bank reveals that over 90% of residential property buyers in India rely on loans to finance their purchases. ?

Comparison between India and Canada to buy a house ?

Canada and India are two different countries with extremely different economic, social, and political systems. As a result, the cost of living in these two countries is also remarkably different. Here, we will explore the cost of living in India and Canada, and compare the two countries based on various factors such as housing, transportation, food, and other expenses.

One of the most important expenses for most people is housing. In Canada, the cost of renting a house is relatively high. A typical two-bedroom apartment in a city centre can cost around CAD 1,200 per month, similarly an apartment in the suburbs can cost around CAD 1,000 per month. In contrast, the cost of renting a house in India is quite lower. A typical two-bedroom apartment in a city centre can cost as little as INR 20,000 per month. ?

Which one to choose, Canada or India? ?

The main reason Canada is better than India is the difference in standard of living between the two countries. In spite of India's better popularity, Canada provides its residents with a far better lifestyle. One of the important contributors to this ease of living is Canada's comparatively lower population and less pressure on public resources and architecture. ?

At the same time, the levels of pollution are lower there, the weather is better compared to India, and the education system is also among the top 5 globally (According to U.S. News & World Report 2022). Additionally, the salaries offered to employees in Canada are more proportionate to their cost of living. ?

The country also tops the chart across parameters such as entrepreneurship, agility, and openness for business.

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