Economics Assignment: The Best OfThree Selected Cities In Canada For New Immigrants To Live

Question

Task: Prepare a detailed research report on economics assignmentdetermining the best of three selected cities in Canada for new immigrants to live.The cities are Vancouver, Toronto, Montreal.

Answer

1. Introduction
Immigrants are those who come to another country to live. Nowadays, Canada is a widely chosen country by immigrants because of its scenic beauty, multi-culture, education. In the history of Canada, they welcome so many immigrants in the past. This report assignment consists of 3 cities Toronto, Montreal and Vancouver, chosen to evaluate the affordability for immigrants. Challenges for immigrants faced like housing, education, employment and which city will be best for affordability. The purpose of the report is to evaluate the city's affordability, accommodation for immigrants and future research.

2. Method
According to CIC News, immigrants and Citizenship of Canada, Canada invited 37,780 people inhabitants in August 2021. According to El-Assal, (2021), in July, Canada invited over 40,000 permanent residents. Earlier to the scourge, Canada acknowledged between 25,000 and 35,000 new migrants each month. Taking after the appropriation of COVID-19 open wellbeing measures in Canada in April, migration volumes declined impressively. The preceding IRCC activities and the later unwinding of travel limitations will permit more unused foreigners from other nations to move to Canada. Canada facilitated its travel bans in June for all approved lasting inhabitants who have the specified papers. In late September, Canada lost its flying limitation on India, with the most impressive number of new immigrants.

Montreal

Figure 1: Housing Market Statistics for Montreal
(Source: wowa.ca, 2021)

The standard deals cost of a property in Montreal developed to $568,373 in October 2021, a 4% rise from September 2021 and a 16% increment yearly. In Montreal, the number of exchanges bounced considerably to $4,320, speaking to an 18% rise over the past month. Indeed so, it is 25% less than the $5,723 exchanges in October 2020. Add up to deals, and new postings are down this month compared to the past, but average house costs stay high.

Figure 2: Montreal Property Taxes
(Source: wowa.ca, 2021)

November 2020, actual bequest expenses in Montreal increased by 24 %, with the median price of a house in Montreal being $435000. Whereas condo prices in many major cities have fallen between now and 2020 due to the spread of the coronavirus, condo prices in Montreal have increased by 9 %t between November 2019 and November 2020. The average price of a condominium in Montreal is $316,000.

Figure 3: Internet Speed in Montreal
(Source: bandwidthplace.com, 2021)

The average speed of the internet in Montreal is 8.75 Mbps, with a download speed and upload speed of 3.92 Mbps.

Toronto
Toronto, the capital of the territory of Ontario, is Canada's biggest city, with a populace of somewhat beneath 3 million people. One of the most acceptable angles of living in Toronto is its multiculturalism since half of the city's public was born from exterior Canada. It's genuinely straightforward to meet people from a vast extend of beginnings and societies. Since Toronto is the centre of numerous Canadian businesses, it gives excellent financial prospects for migrants. The average Toronto house cost developed to $1,155,345 in October 2021; a 1.7% rose from the normal domestic cost of $1,136,280 in September 2021(wowa.ca, 2021).

Figure 4: Toronto Housing Market
(Source: wowa.ca, 2021)

The average Toronto house cost in October 2020 was $968,535 a year prior, which implied the current average house cost in Toronto was increment by 19.3% year over year in October 2021 (wowa.ca, 2021).

Figure 5: Property Tax Rate
(Source: toronto.ca, 2021)

The property mentioned above tax rate was determined by “The Municipal Property Assessment Corporation” (MPAC), by “Council approved City Tax Rate(s)” with “The City Building Fund Levy” and “The Education Tax Rate”, as set by the Government of Ontario (toronto.ca, 2021).

Figure 6: Internet Speed in Toronto
(Source: bandwidthplace.com, 2021)

The bandwidth of the internet in Toronto is 11.58mbps in download, and upload speed is 2.77mbps. Vancouver

Figure 7: Vancouver Housing Market Overview
(Source: wowa.ca, 2021)

A shrinking number of properties for sale in Vancouver's housing market had dropped in October 2021. There was a decrease in a new home in October 2021, 4,049; it was almost a 22% decline from September 2021, listing 5,171 new houses. The sales were risen 11%, from 3,149 to 3,494 in 2021(wowa.ca, 2021).

Figure 8: Vancouver Property Taxes
(Source: wowa.ca, 2021)

In November 2020, Vancouver real estate prices climbed by 13%, with the average price of a property in Vancouver being $1.3M. Long-term, real estate prices in Vancouver climbed by 27% in October 2020.

Figure 9: Vancouver Internet Speed
(Source: bandwidthplace.com, 2021)

6.34 Mbps is the download speed, and upload speed 4.24 Mbps is the internet speed of Vancouver. All the data about the three cities was taken from the secondary data taken from websites, and this data was evaluated to help immigrants make decisions for immigration.

3. Findings
The methods show the real estate price and % of Montreal, Toronto, and Vancouver in figure1 4 and 7. The real estate price in Toronto is lower than other two cities. In Figures 2, 5 and 8, the numeric is for the three cities, and again Vancouver had the lowest property tax. Because of the decrease in the real estate business, lowering the tax rate could increase the business. Figures 3, 6 and 9 showed the bandwidth speed, and Toronto has the highest downloading speed other than two cities.

4. Discussion
Each year, Canada invites a developing number of newcomers. Workers and movements have ended up basic to Canada's victory. Notably, Canada had one of the least birth rates in the world. As a result, Canada required workers to assist the economy. Something else, the country's work drive would be diminished, coming about in more financial improvement. Canada needed migrants to broaden its assessment base in arrange to back cherished social administrations such as all-inclusive wellbeing care, streets, and schools. In a general sense, foreigners were a vital and inseparable portion of the economy in the sector, counting work, instruction, and culture.

The figure is the shown method because it may not be possible to move outside the country and survive easily. Canada is widely open for immigrants to improve state conditions. That was why the three cities in Canada is famous, and from the analysis and numerics shown in the figures, it can be concluded that Montreal and Vancouver are much costly in real estate and property tax. Toronto was much affordable for immigrants because it had reasonable prices and tax rates. Canada is good for education, culture build, and scenic beauty that was Montreal in Canada perform the same. Still, due to specific reasons like the near capital city, good culture diversion was acceptable to immigrants.

5. Conclusion
In conclusion, it can be stated that the immigrants search for better opportunities and growth by moving to a better country for education and career. Canada was the most favourable state among the countries, and for some specific reason, Canada always welcomed immigrants. This topic found that Montreal was a better city than the other two cities for immigrants and the livelihood was better for an individual.

Reference
Bandwidthplace.com, (2021).Internet Speed of Montreal.Retrieved from: https://www.bandwidthplace.com/location/canada/quebec/montreal/#:~:text=Speed%20test%20results% 20show%20an,tablet%2C%20and%20desktop%20devices%20tested. On 08/11/21 Bandwidthplace.com, (2021).Internet Speed of Toronto.Retrieved from: https://www.bandwidthplace.com/location/canada/ontario/toronto/. On 08/11/21

Bandwidthplace.com, (2021).Internet Speed of Vancouver.Retrieved from: https://www.bandwidthplace.com/location/canada/british-columbia/vancouver/#:~:text=Speed%20test%20results%20show%20an,tablet%2C%20and% 20desktop%20devices%20tested.On 08/11/21.

El-Assal, K., (2021).Canada landed almost 38,000 new immigrants in August 2021. Retrieved from: https://www.cicnews.com/2021/10/canada-landed-almost-38000-new-immigrants-in-august-2021-1019335.html#gs.fzvey6. On 08/11/21 Toronto.ca, (2021).2020 Property Tax Rates.Retrieved from: https://www.toronto.ca/services-payments/property-taxes-utilities/property-tax/property-tax-rates-and-fees/2020-property-tax-rates/. On 08/11/21

Wowa.ca, (2021).Montreal Housing Market Statistics for All Property Types in October 2021.Economics assignmentRetrieved from: https://wowa.ca/montreal-housing-market On 08/11/21
Wowa.ca, (2021).Montreal Property Tax Calculator 2021.Retrieved from: https://wowa.ca/taxes/montreal-property-tax.On 08/11/21.
Wowa.ca, (2021).Toronto Housing Market Report.Retrieved from: https://wowa.ca/toronto-housing-market. On 08/11/21
Wowa.ca, (2021).Vancouver Housing Market Overview.Retrieved from: https://wowa.ca/vancouver-housing-market.On 08/11/21.
Wowa.ca, (2021).Vancouver Property Taxes.Retrieved from: https://wowa.ca/taxes/vancouver-property-tax.On 08/11/21.