COVID-19 could cost Canadian universities millions, even billions: Statistics Canada

MONTREAL – Canadian universities could lose as much as $3.4 billion this year due to the COVID-19 pandemic, Statistics Canada has projected, in large part due to a decrease in the number of foreign students.

In a report published this week, Statistics Canada tried to estimate university budget losses for the 2020-2021 school year.

Tuition fees make up an increasingly large portion of university revenues, the agency said. In 2013-2014, tuition fees accounted for 24.7 per cent of school funding, while they made up 29.4 per cent in 2018-2019.

The largest portion of university revenue comes from government funding, at 45.8 per cent.

Statistics Canada said the increase in the proportion of tuition fees was caused by a growing number of foreign students, who pay higher tuition — almost five times as much as Canadian citizens.

In 2017-2018, foreign students alone paid about 40 per cent of all tuition fees.

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Expect your home remodeling to ‘cost 50% more and take 50% longer,’ says finance expert

So you’re thinking about doing a major home renovation. You’ve been stuck indoors since the pandemic — and you plan to be for a while longer. So why not put some money into making it look nicer?

If you’ve never remodeled your home before, getting through the process can be a complete nightmare. I’ve been through four projects, and none of them were pleasant. But, after the first two, I finally wisened up to the game that some general contractors play to extract as much money from homeowners as possible.

Here’s what I learned from all my painful, exhausting and costly experiences:

1. It will cost more than expected.

Competition is fierce, so a contractor might initially offer an attractive price just to beat out all the other bids. Their goal is to get you to sign the contract. Once you’re locked in, they can upsell you with add-ons.

If

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Housing shortage fuels rising cost of homes in America

Back in 1971 when “All in the Family” debuted on CBS, no one questioned how a dock worker named Archie Bunker could afford a home on a charming block in Queens, New York. Back then, Archie’s home was worth about $35,000. 

Today, it is valued at more than $800,000. Even after correcting for inflation, that’s more than triple what Archie would have paid for it. 

And sure enough, when “CBS This Morning” visited last winter, there were not many Archie Bunkers buying into the neighborhood. You’re more likely to find doctors, nurses and engineers.

Not even COVID-19 could change that. The pandemic has inspired many buyers to look for larger, more comfortable homes. 

The median price of a townhouse, home or condo soared above $300,000 for the first time over the summer. The average property is selling in just 22 days, faster than ever. 

That new demand has run into

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