For many reasons, a 2-bedroom apartment is often the smart accommodation choice for newcomers to Canada and international students. The primary advantage is having a roommate to share the costs and make the rent price affordable. Discover what you can expect to pay for 2-bedroom rentals across Canada and the added benefits.
How Much are 2-Bedroom Apartments in Canada?
According to Rentals.ca, the asking price for a 2-bedroom apartment in Toronto in October 2024 is $3,091 per month (a one-bedroom is $2,380), down 9.7 percent from October 2023.
For newcomers looking for something more affordable in Ontario, a two-bedroom in Hamilton rents for $2,102, and in Windsor, Ontario at $1,786 per month.
Go further west in Canada, and a two-bedroom in Edmonton, Alberta, costs an even more affordable $1,703, according to Rentals.ca.
On Canada’s east coast, the asking price for a 2-bedroom apartment in Halifax in October was $2,487.
Vancouver, Toronto, and Burnaby were the most expensive cities in Canada to rent a two-bedroom apartment in October 2024. In all three cities, the average two-bedroom rent exceeded $3000; in Vancouver, it was $3,430 monthly.
The most affordable 2-bedroom apartments in Canada are in Fort McMurray, Saskatoon and Regina. All are under $1,500.
Still, rent prices in Canada are falling, with experts predicting it’s becoming a renters market. In October, the rental market nationally saw the first decline in annual rents since July 2021. The average cost of rent is down $50 a month from a record high in June 2024.
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Why Are Two-bedroom Units Popular?
Two-bedroom units appeal to younger Millennials, GenZ renters, and immigrants arriving with families, so it’s no wonder they have the highest rent demand in urban areas. Deciding how many bedrooms you need for you and your family depends on your needs, finances, and how you budget for affordable living.
Usually, a family of five can live in a 2-bedroom apartment. Be upfront with the landlord about how many people will live in the rental. Landlords cannot refuse to rent out their property because of the size of your family.
Also, when choosing a two-bedroom apartment, consider its size and layout to ensure everyone can live comfortably.
There are more than 2.13 million apartment units across Canada, and according to Statistica, the majority are two-bedroom.
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In addition to more living (and closet) space, a two-bedroom gives you more design options for furniture and the freedom to customize your living space.
Why Do People Prefer a 2-Bedroom Apartment?
Sharing a two-bedroom apartment means sharing utility and other costs with a roommate to reduce housing expenses, and to make the rent affordable. If your rental costs are lower, you can live closer to work or school and avoid transportation costs.
Also, a 2-bedroom apartment can give you:
- A work-from-home office
- Extra space for visiting family and friends
- A guest bedroom
- A larger balcony, handy in the summer.
A larger apartment is a smart living choice for starting a family in Canada. Also, if you plan, like many newcomers to Canada, to buy a home within three to five years after arriving, a two-bedroom allows you to remain in one spot until you do. In other words, there are no moving or relocation costs or hassles.
Four Common Floor Plans for 2-bedroom Apartments
1. Small 2-Bedroom Apartment
The smallest floor plan usually has two bedrooms and one full bathroom with access to the bathroom from a hallway outside of either bedroom. This allows people to access the bathroom without entering a bedroom and is the perfect layout for two roommates. In addition, the two bedrooms are (almost) equal in size. Be sure to check out the amount of storage.
2. Medium-sized Apartment
The medium-sized 2-bedroom apartment may have 1.5 bathrooms on one or two floors. The two-story layout often has a living room, kitchen, half bathroom downstairs, two bedrooms, and a separate full bathroom upstairs. A one-story layout may have a half bath near the living room and kitchen and a full bath near the bedrooms. An extra half bathroom is helpful for newcomers with families or for guests.
3. Large Apartment
A large 2-bedroom apartment plan features two bathrooms, usually in many condo rentals. The main bedroom has an attached full bathroom in this layout, while the second bedroom does not. The second full bathroom is usually off a hallway, allowing guests to use it without entering the bedroom.
4. Deluxe 2-Bedroom Apartment
The 2-bedroom deluxe layout, common to condo rentals, may have 2.5 bathrooms. It usually includes walk-in closets for the main bedroom. It may include fixture upgrades and a larger kitchen and dining area.
A 2-bedroom apartment offers newcomer renters the chance to balance affordability, maximize smart living space, and maintain flexibility while doing longer-term life planning, such as buying a home.
You may discover that renting a 2-bedroom apartment is an affordable living option with many benefits!
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*Rent prices were accurate when this article was published but may change over time.
For many newcomers, buying a home in Canada is a dream that can help set roots and build equity. Following Canada home prices can help you discover affordable cities and regions. Researching the housing market in Canada is vital when considering what city to settle in, where, and when to buy a home. Discover what’s in store based on the most recent October 2024 housing market statistics.
For newcomers looking to buy a home, October sales in the Canadian housing market hit their highest mark in over two years. Housing experts like Scotiabank’s Patrick Perrier credit this to lower borrowing costs and mortgage rates. This has coaxed eager buyers into the housing, which now features an ample supply of homes for sale.
Robust October Sales in Canada’s Housing Market a Surprise
According to Canadian Real Estate Association (CREA) senior economist Shaun Cathcart, the October increase in sales was a “surprise,” even in the wake of the Bank of Canada’s cutting its key lending rate. Since June 2024, the bank cut its key interest rate four times, from a high of 5% to 3.75%, and more cuts are coming in December. High interest rates have discouraged Canadians from buying homes.
The number of homes sold in October increased by 30% compared to October 2024. Nationally, sales in the housing market in Canada were up 7.7% from September. In total, 44,041 homes were sold.
October home sales in the Greater Toronto Area (GTA) and British Columbia’s Lower Mainland hit double-digits.
The average home sale price nationally was $696,166, up 6% from October 2023.
At the end of October, 174,458 properties were listed for sale in Canada, an increase of 11.4% from October 2024.
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Other Housing Market in Canada Findings
- Home sales were up 14% from September 2024, and prices vary by province.
- Ottawa, Montreal, and Edmonton saw sales hike.
- Provinces with relatively cheaper properties, such as Newfoundland and Labrador, New Brunswick, Quebec, Saskatchewan, and Alberta, have seen home prices increase year-over-year.
- Many cities in Ontario and British Columbia, Canada’s two most expensive provinces, saw lower home prices than in October 2023.
With the best 5-year fixed mortgage rate below 4%, and as Scotiabank’s Perrier points out the housing market balancing itself out, homebuyers are in a stronger position than last year.
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Immigrants are Quick to Join the Housing Market in Canada
Immigrants are a vital segment of Canada’s home-buying market. A Royal Lepage report showed that newcomers buy one in five homes in Canada. After arriving, they also buy homes faster than ever and are far more focused on home buying than Canadian-born homebuyers.
Housing Prices in Canada and Affordability
Housing affordability varies in most Canadian real estate markets for homebuyers and renters. So, it’s wise for immigrants to research the housing market and home prices in different regions before deciding where to settle. Affordable housing markets can help newcomers buy homes within their budget.
Canada recently reduced its permanent resident target from 500,000 to 395,000 in 2025, down to 380,00 in 2026, and set a target of 365,000 in 2027. Lower targets aim to ease pressure on the housing market in Canada. With lower home prices, it will be easier for newcomers to own a home.
Canada Home Prices and Market Trends
British Columbia, Ontario, and Alberta feature the highest housing prices in Canada for newcomers, while New Brunswick and Newfoundland have the lowest.
Housing Prices in Vancouver, British Columbia
The average price for all residential properties in Metro Vancouver was $1,172,200 in October 2024. That’s a 1.9% drop from October 2023 and a 0.6% decrease compared to September 2024. In October, home sales in Metro Vancouver increased over 30% year-over-year.
Housing Prices in Calgary, Alberta
In October, the average home price in Calgary was $577,700, a 0.76% drop from the previous month and a 5.2% increase year over year. The cost of detached and semi-detached homes, townhouses, and condos has increased yearly. At 2,174, Calgary’s monthly home sales saw a 0.1% yearly rise.
Housing Prices in Edmonton, Alberta
Edmonton’s average home price was $396,800, 0.6% lower than September 2024 and up 7.8% year over year. Edmonton is still the most affordable among Canada’s five largest cities. The price of detached, semi-detached, and townhouses has increased yearly.
Housing Prices in Saskatoon, Saskatchewan
The average house price in Saskatoon in October was $402,600, up 0.20% compared to September 2024 and up 6.6% year over year. Saskatchewan had 1,520 sales in October across the province, the highest monthly sales level ever reported in October.
Housing Prices in Winnipeg, Manitoba
The average sale price in Winnipeg for October 2024 was $361,400. That’s a 6.% year-over-year increase and 0.30% lower than September 2024.
Housing Prices in the Greater Toronto Area (GTA)
The average home sold price in the GTA decreased 3.3% year-over-year to $1,060,300 in October 2024, down 0.79% from September 2024. The average cost for detached and semi-detached homes increased, while the price for townhouses and condos decreased.
Housing Prices in Ottawa, Ontario
The average home sale price in Ottawa’s housing market increased 0.4% year-over-year and decreased by 0.51% month-over-month to $639,500 in October 2024. The average cost for a single-family home, a townhouse and an apartment all fell.
Housing Prices in Halifax, Nova Scotia
The average home price in Halifax was $539,200, 1.9% higher than last year. In October, the average home price in Nova Scotia was $444,067, 5.7% higher than last year and 1.1% higher than last month.
Housing Prices in Brampton, Ontario
The average sold price of a Brampton home is now $1,035,184, down 0.6% from last year. The average price of a freehold townhouse increased by 1.2% year-over-year to $882,000.
Housing Prices in Surrey, British Columbia
The Fraser Valley Real Estate Board, which includes Surrey, recorded 1,330 sales in October, up 35% from September and 37% year-over-year. The average home price in the City of Surrey was $1,662,715. That’s down 1.6% year-over-year and 7.4% from September.
Predictions for the Housing Market in Canada
In his recent Canada home price analysis, CREA chair James Mabey said October’s sales “suggest buyers have been in the market since rates began to fall in early summer, but they were waiting for the right property to come up for sale, which didn’t happen in a big way until September.”
CREA economist Shaun Cathcart speculated that the October jump in sales was a direct result of the increase in new listings that came on the market in September. This resulted in a 4.8% increase in supply. He predicts prospective home buyers will not see a similar new supply of homes for sale until spring 2025.
“With that in mind, you can think of the October numbers as a preview for what we might expect to see next year.”
According to Scotiabank’s Perrier, the recent interest rate cuts should impact housing sales by mid-2025. “Any further declines in mortgage rates in the coming quarters,” said Perrier, “will of course continue to lift sales further and beyond mid-2025.”
Action Steps for Newcomers to Join the Canada Housing Market:
With more homes now for sale, buyers may be anxious to sell as the end of the year approaches. This can help lower Canadian home prices and is good news for newcomers entering the housing market.
These action steps can help you navigate the housing market in Canada and find affordable housing options:
- Monitor housing market performance and Canada home prices closely, particularly where you plan to settle.
- Watch for future Bank of Canada interest rate cuts and short-term and long-term effects on home prices, mortgage rates, and regional housing market conditions.
- Know how housing prices differ nationwide when deciding where to settle in Canada.
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New Canadians may shy away from renting a basement apartment. Many imagine a dark and damp basement with bad living conditions. But this is far from the truth. It may not sound appealing, but in Canada, basements are usually quite nice and no different from any other part of the house. Discover the pros and cons of renting a basement apartment in Canada and if it’s the right option for you!
It’s common for people to start renting a basement apartment, especially if they want to live downtown in high-rent cities such as Toronto and Vancouver. Basement apartments are usually more affordable than one- or two-bedroom apartments.
Pro: Basement Apartments are More Affordable to Rent
If you are new to Canada, you probably want to find affordable housing, especially while you search for a job. In that case, basements will be your best bet. Landlords who rent out basement apartments often live in the home above the basement. As a result, they may charge lower rental prices because they are renting out only a part of their house.
Because basement apartment rental prices are more affordable than other rental options, you can live in a neighbourhood that might otherwise be out of your budget.
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Con: Some Basement Apartments in Canada are Small
Since you only get part of the house, you may have less living space than other types of rental housing. Basement apartments in Canada generally have:
- One or two bedrooms
- One full bathroom
- Kitchen/dining area
- Living room
- Necessary amenities (fridge, stove, washer/dryer, etc)
- Private entry.
If you live alone, or have a small family, basement apartments have more than enough living space. If you have a large family, you might want to look for a larger living space, such as a 2-bedroom apartment.
If you’re searching for a basement apartment in Canada, determine how much space you need. View online listings to get a sense of the space. But, be sure to visit the rental property to inspect it and ensure the size and layout meet your needs.
Also, ask the landlord if utilities such as hydro and water are included in the rent and what amenities are included. Not all basement apartments will have a washer and dryer. So, make sure a laundromat is nearby for convenience.
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Walk-Up versus Walk-Out Basement Apartments in Canada
The two main types of basements are walk-up basements and walk-out basements. This is a crucial factor to consider when choosing a basement apartment.
Walk-Up Basement Apartment
In a walk-up basement apartment, you climb stairs to enter and exit. This type of basement is mostly located below ground and usually offers less natural light.
Walk-Out Basement Apartment
A walk-out basement has an entrance/exit on ground level so you do not need to climb stairs to exit. These basement apartments have an entrance at the back of the house where the backyard is. As a result, walk-out basements have more natural light. Living in a walk-out basement can feel like you live on the ground floor.
Which Basement Apartment is Better for You?
Many people prefer walk-out basements to walk-up basements. Walk-out basements have more natural light, better backyard access, and feel more open. And because of this, you don’t feel like living in a basement. However, finding a walk-out basement is hard because the house needs to be on a slope. So walk-out basements are a find.
If you find a walk-out basement, it may be more expensive than a walk-up basement apartment. However, it is possible to find a well-priced walk-out basement. Just make sure to start your search early.
Walk-up basements are more common. Most rooms will have ground-level windows so you will get natural light. However, the basement apartment you choose depends on your needs and preferences.
Do I Need Tenant Insurance for a Basement Apartment?
Tenant insurance is good to have no matter what type of housing you rent. However, it’s brilliant to have if you rent a basement apartment. The risk of water damage caused by the rental unit above you is higher (water flows downward). So, consider buying to protect your contents and valuables and reduce the costs if you have to move out while repairs are done.
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Are Basement Apartments Legal?
Landlords must ensure that the basement apartment meets provincial regulations and standards to ensure it is a safe and appealing living space. But, as a tenant, you should verify the legal status of the rental unit.
Landlords must be able to provide:
- An ESA certificate that indicates the electrical system complies with safety standards.
2. A fire certificate to confirm the basement apartment meets fire safety requirements.
3. A certificate of compliance to prove the basement is registered and compliant with regulations and all city bylaws.
You can file a complaint with the local municipality If a landlord doesn’t provide these documents. Landlords who do not meet compliance standards can face fines of up to $25,000. Regulations and safety features ensure that occupants and neighbourhoods are not at risk of injury, death, or severe damage.
I’m Ready to Buy a Home, Why Should I Rent?
Buying a home in Canada is a long-term commitment and can be more expensive than renting a home. So, it’s smarter to rent before you buy a house in any city. No amount of online neighbourhood or city research will give you as much insight as living in it.
Renting is a shorter-term commitment. And, as the whole country is new to you, you may want to wait until you are certain where you want to live. If you rent in your city of choice before buying a home, you can explore and experience different neighbourhoods.
If you buy a home, you may discover you don’t like the neighbourhood or the city. You may want to move to another city or province for better job opportunities in your field. Relocating to another home, city, or province is expensive. It’s better to take your time before you buy a home.
A basement apartment is a great choice if you want a temporary place. It allows you to gain a sense of the city before you buy a house. A more affordable basement apartment will decrease your living costs while you settle in Canada.
I Don’t Have any Credit History in Canada, Will this be a Problem?
This is a problem that many newcomers in Canada face. And while this can be a stumbling block, you can rent a home in Canada without a credit history. Get tips here to rent a home in Canada without a credit score.
Renting a basement apartment can be an affordable housing solution, offering a beautiful, safe, and comfortable living environment. Explore your options! You may discover a basement apartment is the perfect solution.
There are many different types of housing from rental apartments to condos to detached homes. Each offer unique features that appeal to people at different stages of life. However, with a range of housing options, you can select the type that best meets your needs, budget, location, and personal preferences while adapting to life in Canada.
Eight Different Types of Housing
Before beginning your search for accommodation in Canada knowing about the different types of houses to rent or buy is helpful. Deciding which type of home is right for you can be difficult. For example, a rental apartment is ideal if you are just settling in Canada. A condominium is ideal for people who have a busy lifestyle and want to avoid the costly property maintenance of a home. Or, if you have a young family, you may prefer a house with a backyard for your children.
Renting any of these homes in Canada rather than committing to homeownership can give you greater flexibility.
1. Rental Apartments in Canada
You can find various types of apartments in larger buildings or complexes. Apartments typically offer a kitchen, bathroom, and living space. However, you can also find studio apartments with a combined living and sleeping area.
Studio apartments appeal to single people who don’t require a great deal of space and want to save on accommodation costs. Renters can also find one- or two-bedroom apartments that offer more space. Renting an apartment offers greater flexibility, which can be very important for newcomers. If you need to move to a new neighborhood or city, it’s easier to break a lease.
Renting an apartment is attractive to newcomers when first arriving in Canada. It’s more affordable than buying a home, and again offers more flexibility than homeownership.
Apartments seem similar to condos, but there are key differences between apartments and condos.
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2. Basement Apartments
Most basement apartments have a private entrance, kitchen, bathroom, living room, one or two bedrooms, and access to laundry.
In Canada, you can often find these below-ground apartments for rent in detached or semi-detached homes. Homeowners often rent out basement space for short-term rentals or long-term rentals while they occupy the main levels of the house.
A benefit of basement apartments is they are usually less expensive than other types of housing. If you are on a tight budget, it’s a great option, especially if you want to live downtown rather than in the suburbs.
3. Condominiums
Condominiums (or condos) are a form of ownership that can apply to almost all types of housing. While condominiums are generally large complexes, other types of properties, for example, townhouses, may also have a condo ownership model. You own the unit, or “condo”, but you do not own the land it is built on or any common space outside your unit.
Owning a condo is often more affordable than buying a detached home, and a top reason why condos appeal to buyers. In addition, you have access to on-site amenities such as a swimming pool, fitness room, party room, and guest suites.
With a condo, you pay monthly fees to maintain indoor and outdoor common areas shared by the condo owners, including parking areas, elevators, entrances, and recreational facilities. Many condos also have a concierge and provide 24-hour security. Monthly fees can vary and are usually based on the square footage of your unit. You pay condo fees in addition to your mortgage payments. If you rent a condo, these fees are usually included in your monthly rent.
This type of housing appeals to people who want a secure, residential setting without the required responsibilities of maintaining a home and yard.
Condos are becoming quite popular in Canada’s urban housing market because of the limited supply of single-family homes.
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4. Single-Detached Housing Type
A single-detached house stands alone and tends to be the most expensive home type due to the land costs. However, detached homes usually provide more space than most apartments or condos and will often have a backyard, parking, and patio space. Because detached homes offer more space and privacy, they appeal to growing families or multi-generational families. When you purchase a house in Canada, you own the home and the land it’s on.
While some newcomers arrive in Canada ready to buy a home, this involves paying the mortgage, property taxes, and utilities such as electricity, gas, and water. As a homeowner, you’re responsible for the care and maintenance of your property and must follow local bylaws. Bylaws are local municipal rules and regulations that vary across Canada. Examples of bylaws include residential property standards to ensure proper home maintenance.
As a homeowner, you can renovate the inside and outside of the house. But, you have to obey local bylaws and apply for building permits to renovate the structure of the home.
Upon deciding to purchase a home, it’s smart to save money for an emergency fund to deal with unexpected or costly repairs.
You can also rent a detached home. Renting a detached home can provide more space without spending time or money on necessary repairs. The homeowner will incur the home repair costs.
The cost to rent or buy a detached home is based on local real estate markets which vary across Canada, and the size of the home.
5. Semi-detached Housing Type
This is a home joined to another on one side, but not attached to any other dwelling or structure. Owners are only responsible for the care and upkeep of their side, just like a single-detached house. When you own a semi-detached home, you own your side of the property, including the land it is on.
Semi-detached houses appeal to people who want to own their own house as well as the land it is on. Semi-detached houses are usually less expensive than fully detached houses, although, like all real estate, this depends on the area.
If you’re buying this type of housing, it is usually more affordable than a single-detached home. However, it may offer less privacy. Whether you want to rent or buy a home, it’s always smart to find an experienced real estate agent to guide you through the process.
6. Townhouse
The Canadian housing market is also seeing a growing interest in townhouses. This housing type is a unit attached to other housing units in a row. In each unit, you share a wall on either side with the people beside you. Often, especially in cities, there may also be a smaller unit above each townhouse, so there could also be someone living above or below you. Townhouses (sometimes called row houses) are usually two or three levels tall and each level is called a storey.
With a townhouse, you may have a private backyard, or ground-level or roof-top patio. Townhouses appeal to people who want to be involved in maintaining their home and property.
This type of housing is becoming more popular, particularly among first-time homebuyers seeking more affordable options in the face of rising home prices.
7. Duplex or Triplex Housing Type
A duplex or triplex is a building that is divided into multiple units. Like semi-detached houses, each household has its separate entrance and is responsible for the care of the unit. Typically, you would buy the entire property and rent a unit to help offset your mortgage payments. Types of homes that are ‘duplexed’ or divided into two or more separate living units may be detached homes, semi-detached, or row houses.
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8. Rooms for Rent
In Canada, it’s common for homeowners to rent out rooms within their homes and share accommodation. Homesharing provides and an affordable housing option for newcomers, and great living experience, and opportunity to make new friends.
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When considering your housing options in Canada, consider the different features that each option offers. With different types of housing, you can select the one that best meets your budget, lifestyle, and preferences.
Are you moving to Toronto soon? Finding an apartment in Toronto for rent is a big priority. While there is much to plan before you move to Canada, finding housing is at the top of the list. And, it’s challenging when you are looking for a place to live while you are living abroad.
Toronto is a big city with many diverse neighbourhoods and apartments to rent. But, you want to find a place that is comfortable and fits your lifestyle. The following information will help you find an apartment in Toronto while you are living abroad!
Research Apartments for Rent in Toronto Before You Arrive
The first step to finding apartments for rent is to research the housing market. Your research will help you become familiar with:
Types of Apartments for Rent in Toronto
There are many types of housing in Toronto to rent from apartments to condos to basement apartments to townhouses. You’ll also find studios, 1-bedroom, and 2- bedroom apartments. It’s important to determine what your needs are before you begin your search.
Cost of Rental Apartments in Toronto
The cost of rental housing in Toronto is quite expense in comparison to other cities in Canada. The amount of rent you pay depends on the type of housing you require, size, amenities, and location. Living in downtown Toronto is more expensive than living in the suburbs of Toronto. However, living downtown gives your more access to restaurants, entertainment, transportation, and much more.
It’s good to explore the cost to rent apartments before you arrive. That way you’ll know how much to budget for accommodation in Canada.
Price of Housing Based on Location
Living downtown Toronto is expensive. So, it’s important to consider if you want to settle downtown or in the suburbs where housing is less expensive. But, living downtown gives your access to more jobs, restaurants, entertainment, public transit, and much more.
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Find a Short-Term Rental Apartment Before You Arrive
A common strategy for people looking for an apartment in Toronto when living abroad is to first find a short-term rental. This could mean staying with friends or family if you know people in the city. Or you could stay at a hotel or Airbnb. Staying in a short-term rental allows you to explore other Toronto neighbourhoods in person before you commit to a long-term rental.
Ideally, you want to live close to where you work. A short-term rental gives you the flexibility to move when you know where you will be working.
Finding the right neighbourhood is vital. The City of Toronto is quite dispersed, and depending on where you live and work, you may discover that it can take well over an hour to commute to work. If you want to avoid a lengthy commute, ideally you will rent an apartment that is relatively close to your job.
A challenge of looking for an apartment in Toronto online is knowing if a listing is legitimate or not. Listings can be deceiving. Units may not be as they appear in photos. There is no substitute for seeing a rental in person before you agree to lease it. So, your best best is to secure a short-term rental before you arrive in Canada.
Search for Toronto Apartments for Rent When You Arrive
The time to start your seach for a long-term apartment for rent in Toronto is when you arrive. That way you can visit the apartment in person, meet the landlord, and explore the neighbourhood to ensure it meets your needs. Finding a suitable and comfortable long-term rental is important, especially since you will likely have to sign a year-long lease.
Some people try to take advantage of new renters in the city, so tread carefully with online listings. Here are some tips to avoid rental scams:
- If a listing seems too good to be true, it probably is.
- Be careful with people who are pushy or trying to persuade you into entering a lease agreement quickly.
- Never send money to someone online unless you are sure the listing is legitimate.
Use a Local Real Estate Agent to Find Rentals in Toronto
One of the best decisions you can make when looking for an apartment in Toronto is to enlist the services of a local real estate agent. They will have an inside track on listings that are coming up and can help you quickly narrow down your search based on budget, location preferences, type of housing, and other factors of importance to you. However, it’s best to connect with a real estate agent only when you are in Toronto.
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Finding an apartment in Toronto for rent can be a challenge. And, it’s even more challenging when you are looking from abroad. But, when you use this information to research the rental market before you arrive, it will help you to find the perfect Toronto rental when you arrive!
Finding accommodation in Canada can be challenging for newcomers and international students amid a rental housing crisis. While finding a short-term rental before you arrive is an important first step, the hard work is finding your first long-term rental.
Of course, researching the rental market before you arrive will help you compete in Canada’s tight, low-vacancy rental markets. Get a helpful overview of Canada’s rental market and tips to prepare for a successful housing search!
Rental Prices in Canada
A recent 2024 National Rent Report from Rentals.ca showed that asking rents in Canada increased 9.3 percent year-over-year to an average of $2,188 in April.
Slower but steady rent increases are predicted throughout 2024 due to high demand and low supply. The demand stems from an influx of newcomers, and people who cannot enter the homeownership market despite falling prices and sales.
The competition for rental units will get tighter as newcomers continue to arrive.
How to Find Accommodation in Canada with Rental for Newcomers
To find accommodation in Canada, many newcomers turn to Rentals for Newcomers (RFN).
Why has this site become so popular with newcomers seeking their first rental home in Canada?
RFN helps people avoid the headaches, heartaches, and expenses of their rental search by promoting landlords who value newcomers.
Registration is Free
For immigrants arriving in Canada’s competitive rental market, sites like Rentals for Newcomers are invaluable. Plus, it’s FREE, but you must create an account!
Registering will allow you to interact with landlords behind the rental listings.
Rental Demand Makes Finding Accommodation in Canada Difficult
“We have unprecedented levels of demand that are met by low vacancy,” says Jesse Greenwell, Head of Communications Culture and Inclusivity at Mainstreet Equity Corp., a leading real estate company for mid-market rentals in Western Canada.
“Everything is outpaced by the demand,” he said.
“Rentals For Newcomers is a great example of a partner agency,” said Mainstreet’s Greenwell, which can help prepare newcomers for Canada’s rental market.
Researching Canada’s Rental Housing Market
Newcomers looking to find accommodation in Canada need to research before and after arriving. Canadian landlords won’t rent to you before you land, but knowing the rental landscape can help you find your first home more quickly.
Rentals for Newcomers is a great place to research and find that rental.
How Rentals for Newcomers Can Help You Find Accommodation in Canada
In addition to hosting rental listings from across Canada, Rentals for Newcomers provides:
- Information about the best neighbourhoods for renting in Canada’s most popular cities.
- Current rental prices in Canada’s major rental markets (for example, a Toronto one-bedroom apartment rented for $2,459 in April 2024, while a one-bedroom in Saskatoon costs $1,215 monthly – a difference of $1,244).
- Links to a monthly housing newsletter with the latest rental market trends and a comprehensive renter’s guide for newcomers.
- Information about how to get tenant insurance and why you need it.
- Tips for international students to find a rental.
- Tips to impress Canadian landlords, avoid rental scams, rent without a credit history, and much more!
Dave Frattini, managing partner of Prepare for Canada and Rentals for Newcomers, says RFN is an invaluable tool to give you a head start finding a rental.
Prepare to Find Accommodation in Canada
“Vacancy rates in most cities across Canada are now hovering around 1.5 percent,” said Frattini, “meaning landlords have all the power in choosing the tenant they want. Searching for accommodation in Canada is more difficult than ever for newcomers.”
Frattini advises newcomers to prepare to find accommodation in Canada and:
- Identify the type of accommodation they need.
- Understand rental prices in the city where they plan to settle.
- Gather important documents to provide to potential landlords.
Frattini emphasizes that when newcomers meet landlords “they need to prepare because landlords have the pick of the crop”.
Protect Yourself from Rental Scammers that Target Newcomers
Rentals for Newcomers also ensures that scam listings are not on its site to protect newcomers. The RFN site is part of the Rentsync rental technology software network, that verifies landlords.
Sites like Craigslist and Kijiji are vulnerable to rental scam artists targeting newcomers and students.
Get Verified Rental Listings
“Importantly, our listings are well managed,” said Frattini. “It’s both technologically and manually driven. Rentsync knows the landlords that are listing on Rentals for Newcomers.”
Frattini added, “We educate our audience about scam alerts. Through Rentals for Newcomers’ blog posts, we update our audience about scams in the rental market.”
Summary
Finding accommodation in Canada remains challenging for newcomers searching for their first long-term rental. Renters face fierce rental demand and competition. Using Rentals for Newcomers can help you overcome hurdles with resources and tools to make your search easier and faster!
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
© Prepare for Canada 2024
Searching for housing in Canada as a newcomer can be challenging. Working with a real estate agent to help you search for a rental is a great way to navigate the process. If you’re searching for a rental, you likely have things to ask a realtor about when renting your first home. Canada’s rental market is ultra-competitive right now. Vacancy rates in large and mid-sized cities across the country are at record lows (around 1.5 percent), prices continue to rise, and landlords may have multiple applicants for their rentals.
The competition gets more intense, with record numbers of newcomers arriving every month. Canada is working to increase its rental stock, but a surplus of rental units is years away.
Explaining the Rental Process to Newcomers
Nasma Ali, a Toronto real estate broker and founder of OneGroupToronto told Prepare for Canada that a licensed, experienced real estate agent (or realtor) can guide newcomers through a sometimes complicated rental agreement and process.
In addition to using their experience and contacts to help you find a rental home, “it’s good to have a realtor,” said Ali, “to guide you through the rental process and explain what each of the clauses (in the agreement) means. What are your rights and obligations, and what are you signing?”
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Learn all about Souqh and their real estate and housing expertise (VIDEO)
Ali says a real estate agent can also protect newcomers against landlords who try to “sneak something that’s not lawful” into the agreement. The realtor, she says, “is going to be advocating for you and protecting your rights.”
There are approximately 85,000 licenced realtors in Ontario. Prepare for Canada and Souqh, a fintech company, have partnered to give newcomers a FREE and easy way to find a realtor in the city where they wish to settle.
5 Common Things Newcomers Ask a Realtor
If you’re interested in working with a realtor to find your first rental home in Canada, here are some common questions newcomers ask about the process:
1. Is it expensive to work with a real estate agent?
Using a real estate agent to help find your first rental home in Canada costs you, the tenant, nothing. Your future landlord (the actual owner of the property) pays the realtor’s commissions and fees. However, be sure to check any agreement that you sign, either with the realtor or the landlord, carefully for hidden fees. If the realtor asks you to pay an additional cost, you can walk away and find another agent.
2. Will searching for a rental on my own be less expensive than using a real estate agent?
Newcomers who choose to find their own apartment for rent will find that the main cost is time…and stress! Canada’s rental market is competitive, with low vacancy rates below 2 percent in most large and medium-sized cities. This means many people are competing for the same rental home. Canada will welcome 485,000 newcomers in 2024 and 500,000 in 2025, so many newcomers are looking for a rental.
According to a recent Rentals.ca Canadian Renter Survey, 34 percent of people surveyed have been looking for a place for at least two months, with 15 percent searching for more than six months. So, it could take you that long to find a spot on your own.
Sites such as Rentals for Newcomers, which is unrestricted, provide listings from landlords who value newcomers as tenants. But, you must search, inspect, and negotiate simultaneously as you are likely looking for a job and getting settled.
As they say, time is money, and your time as a newcomer is best spent viewing the rentals in person, not searching for them.
3. Can I work with more than one real estate agent?
You can, but it is not advised, particularly if you have signed a representation agreement. It’s doubtful a realtor will work with you or put in their best effort if you have multiple real estate agents.
It’s smarter to select a realtor who knows the city or neighbourhood where you wish to live and trust their experience and knowledge.
4. Why do real estate agents recommend that I buy renters insurance?
While tenant insurance is not mandatory, most renters in Canada get renter’s insurance. This is mainly because many landlords and buildings require it. Many landlords will only rent to you with insurance and may insist that the realtor only present tenants willing to get it.
When renting your first long-term home as a newcomer, you don’t own the property, but you most likely own the contents, such as furniture, electronics, and other personal possessions, unless you rent a furnished place. Personal items, including valuables such as jewellery, can be costly to replace if you have to pay out of pocket for them.
Also, if you cause damage to the landlord’s property, tenant insurance can cover you for those damages. And, if you must move out temporarily due to damage (water, fire, etc.), tenant insurance can help cover your temporary costs.
5. How much would I pay for a one-bedroom apartment in Canada?
As of May 2024, the national average asking price for a one-bedroom apartment was $2,188, according to Rentals.ca National Rent Report.* That’s a 9.3 percent year-over-year increase.
But asking prices for a one-bedroom vary by province and city.
For example, a one-bedroom in Vancouver (the priciest city for rent) is $2,646. In Toronto, it is $2,459. The cheapest rent in Ontario in a large or medium-sized city is Windsor at $1,553. Rents are more affordable in the western provinces, particularly in Saskatchewan. The asking rent in Saskatoon is $1,215 for a one-bedroom and $1,251 in Regina.
If you have recently arrived in Canada, discover how to find a realtor to find the perfect home for you!
Summary:
- Newcomers to Canada face challenges when searching for rental homes.
- Working with a real estate agent can help.
- Nasma Ali, a real estate broker and founder of One Group Toronto emphasizes the importance of having a realtor to guide newcomers through the rental agreement and process, protecting their rights and advocating for them against landlords.
- Using a real estate agent costs you nothing, as the landlord pays commissions and fees.
- Consider signing with a realtor who knows the desired city or neighbourhood.
- Check any agreements carefully for hidden fees.
- Consider getting tenant insurance, as most landlords require it.
- Renters insurance is recommended to cover personal possessions and potential damages to the property.
Action Plan for Newcomers:
- Register for Prepare for Canada’s FREE webinar “Using a Real Estate Agent to Find a Rental Property“
- Register with Prepare for Canada and Souqh to connect with an Ontario Real Estate Agent.
- Follow monthly trends in the Canadian rental market
* Rental prices across Canada can change monthly
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
Prepare for Canada did not use AI-generated content in writing this story; all sources are cited and credited where possible.
© Prepare for 2024
How Many People Can Share a Bedroom?
The National Occupancy Standard (NOS) supports the design and evaluation of housing policies and programs in Canada. It is a reference point for “suitable” housing to inform how many people could reasonably live in a dwelling based on the number of bedrooms. While newcomers want to know the “rules” about children sharing bedrooms, the NOS is NOT a rule to determine if a dwelling unit can be rented to a family. Rather, the standard refers to criteria to assess if housing is suitable.
What is Housing Suitability?
According to the NOS, a private household has suitable housing when there are enough bedrooms for family members based on age, gender, and relationships among household members.
The following criteria can help you assess whether or not a dwelling is suitable for your family:
- A maximum of two people can share a bedroom
- Household members who are married or a common-law couple can share a bedroom with their spouse or common-law partner.
- Household members over 18 years have a separate bedroom
- Single parents have a separate bedroom from their children
- Children under 5 years, either of the same gender or another gender may share a bedroom to reduce the number of bedrooms you require
- Children under 18 years of the same gender can share a bedroom
- A child aged 5 – 17 years should not share a bedroom with a child under 5 of the opposite gender.
Why is Suitable Housing Important?
When homes are overcrowded, it may contribute to health and safety issues, and privacy concerns. Furthermore, crowded households indicate that a lack of affordable housing exists in Canada. Given the current housing supply issue, the Canadian government is introducing housing programs to increase the housing supply and provide cost relief.
The NOS can help you determine the number of bedrooms to ensure suitable housing. The house size depends on your family’s size and structure. For example, if you have a family of six with two parents and four daughters, you can select a three-bedroom room. However, if you have three sons and one daughter, you may need four bedrooms.
However, you’ll also have to consider other factors such as affordability, cultural conventions, and how urgently you require housing. Once you determine how many bedrooms you require based on your family size, you can use this information to begin your housing search. Or, you can work with a real estate agent who can help you search for suitable housing based on this information.
If you have a large family, suitable accommodation will require more bedrooms. This, in turn, will increase the cost of accommodation.
Who Enforces the National Occupancy Standard?
Ideally, it’s up to you and your family to decide how many bedrooms you will need based on your circumstances and budget. It’s also important to know that landlords cannot refuse to rent out their property because of the size of your family. The NOS is not a basis to discriminate against prospective tenants. No organization enforces the standard.
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What are the Advantages of Children Sharing a Bedroom?
Sharing a bedroom can contribute to lower housing costs and hydro costs In addition, siblings who share a room spend more time with each other and develop a closer relationship. Children who share a room learn how to compromise and accommodate others. However, when friends come over, sharing a room can cause conflicts among siblings.
What are the Disadvantages of Sharing a Room?
Having separate bedrooms requires a bigger home, and higher housing costs. At the same time, hydro and utility costs will increase.
If siblings share a room and are of different ages, their bedtimes might differ. Or, concentrating on studies could become a challenge when siblings have conflicting schedules for study and playtime.
If siblings sharing a bedroom have different standards such as cleanliness, neatness, and organization, it can lead to conflicts. If siblings are of different genders, privacy would be an issue, especially when dressing.
What to Consider When Deciding the Size of Your Home
When deciding the size of the house, think about your budget. You should be able to afford the property you will live in, including the cost of utilities. There are ways to create separate spaces by adding curtains and room separators.
To ensure safety, privacy, and sanity, consider the ages of your children, their gender, and their personalities.
Searching for more information about living and working in Canada? Be sure to check out our upcoming free webinars.
Finding the perfect student accommodation is a vital part of the university experience. But, it can be overwhelming to know where to start. This overview will help you understand your housing options and important factors to consider before you leave for Canada. From determining your budget and location preferences to understanding different types of student housing, you’ll get smart tips to help you choose student accommodation that meets all of your needs.
Whether you’re looking for a dorm room, shared apartment, or private rental, our guide will equip you with the knowledge and resources to make an informed decision. We’ll also highlight important considerations such as safety, amenities, and proximity to campus.
With this guide, you’ll have everything you need to find the perfect student accommodation that fits your lifestyle and preferences and enhances your university experience.
Contents
- Why is it Important to Find the Perfect Student Accommodation?
- Factors to Consider When Choosing Student Accommodation
- What’s Your Budget?
- How Much is Student Housing in Canada?
- Is the Location Convenient and Safe?
- What Type of Student Accommodation Do You Need?
- Tips to Find Affordable Student Accommodation
- Questions to Ask When Viewing Student Accommodation
Why is it Important to Find the Perfect Student Accommodation?
Choosing the right student accommodation is more than just finding a place to live. It is about creating a safe and comfortable environment that will allow you to thrive academically and socially. Your student accommodation will be your home for the next few years, and it is essential to choose a place that meets all your needs.
Your accommodation can impact your academic performance. Living in an environment that is conducive to studying can make a significant difference in your grades. A comfortable and quiet space can help you focus and concentrate on your studies. Your student accommodation can also impact your social life. Living in a place that is close to campus and social amenities can make it easier to participate in extracurricular activities and make new friends.
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Factors to Consider When Choosing Student Accommodation
Choosing the right housing can be daunting, but it doesn’t have to be. Here are some factors to consider when choosing student accommodation:
What’s Your Budget?
The first step to help you find suitable student accommodation is to consider your monthly budget. Once you determine how much you can afford, you can start your search for housing. Consider your living expenses, including rent, utilities, groceries, entertainment, and transit costs. It’s essential to budget for all expenses to manage financial stress and focus on your studies.
If you plan to work part-time in Canada, you can generate extra income and help cover your housing costs. However, most students still have to pay close attention to their budget when searching for student accommodation.
International students can work up to 20 hours per week if:
- Your study permit allows it
- You have a Social Insurance Number, and
- You meet other eligibility requirements.
Is the Cost of Student Accommodation Important to You? |
---|
✓ Yes, I need the cheapest accommodation I can find |
✓ No, I can afford a more expensive place |
✓ I have some extra money, but I have to be careful |
✓ I’d rather pay a bit more for a nice place to live |
How Much is Student Housing in Canada?
The price of student housing depends on factors such as the city, neighbourhood, type of housing, on-campus versus off-campus housing, etc. Sharing accommodation is likely the most affordable option. Generally, you can expect to rent a room in the range of $500 – $1,000 per month if you are sharing accommodation. However, if you are attending school in a large city such as Toronto or Vancouver, you can expect to pay higher rent. If you’re searching for student housing in a smaller city, the cost will likely be lower.
Is the Location Convenient and Safe?
Location is another critical factor to consider when choosing student accommodation. Living close to campus can be convenient, especially if you have early morning classes.
The travel distance to school may be a critical deciding factor for you. Or, you may be swayed by lower-cost student accommodation located further away from school. However, if the travel time and distance are significant, it may cost you more time and money. Check local public transit schedules and routes to ensure travel time and cost are reasonable.
Living in a safe and secure neighbourhood is essential for your well-being. Consider the proximity of your accommodation to public transit, social amenities, grocery stores, pharmacies, and healthcare facilities
Is Being Near Campus a Deal Breaker for You? |
---|
✓ Yes, I prefer to live on campus so I don’t have to wake up too early for classes |
✓ No, I want to get off campus when I’m not studying |
✓ Definitely, it might be unsafe to live off-campus |
✓ I want to live where other students live |
What Type of Student Accommodation Do You Need?
There are different types of student accommodation available, including dormitories, shared apartments, and private rentals. Each option has its advantages and disadvantages. Consider your lifestyle and preferences when choosing the type of accommodation that suits you best.
Student Accommodation Options
There are different student accommodation options available. Here are some of the most common options:
On-Campus Housing (Residence or Dormitory)
Living on-campus in a dormitory (also known as dorms) is a common type of student accommodation. Dorms can provide students with a private or shared room. Living in a dorm can be a great way to meet new people and participate in campus life. And, living with fellow students can provide a supportive environment that encourages academic success.
Dorms are usually affordable and include amenities such as common areas, laundry facilities, and study spaces.
However, living in a dormitory can have its challenges. You may have to share living spaces with several other students, which can be noisy and disruptive. Moreover, dormitories can be restrictive in terms of rules and regulations.
PROS | CONS |
---|---|
Affordable | Limited privacy |
Convenient location | Noisy and disruptive living environment |
Access to campus amenities (library, fitness centre, cafeteria, etc.) | Restrictive rules and regulations |
More opportunities to participate in campus life | Limited space |
Off-Campus Student Housing (Private Rentals)
Private rentals are another option for students. Usually found off-campus, living in a private rental can offer more privacy and independence. Compared to living in a dorm, private rentals are generally more flexible in terms of rules and regulations.
Apartments are often the first choice when it comes to private rentals. However, you may want to explore other types of housing such as homes, townhouses, and basement apartments.
Living in a private rental can be expensive, and you may have to cover additional expenses for furniture and small appliances. To manage high rental costs, many students opt to share accommodation.
You can also search for rentals in student-friendly neighbourhoods that surround colleges and universities. These neighbourhoods can provide accommodation that is close to campus, and offer easy-on-the-wallet restaurants, pubs, cafes, and shopping. Look for rental listings that indicate how close it is to the school that you plan to attend.
PROS | CONS |
---|---|
More privacy and independence | Expensive |
More space | Additional expenses for furniture and small appliances |
More flexibility in terms of rules and regulations | Limited access to campus amenities |
Greater control over your living environment | Limited opportunities to meet new people |
Homestay
A homestay allows international students to live with local families instead of living with other students in Canada. Homestay hosts can include couples, families with children, retirees, and individuals. While there are different homestay options to consider, generally you can expect a private bedroom with room for your clothing, a quiet place to study, internet, laundry facilities, and meals.
Hosts are also expected to provide safe accommodation and introduce their guests to Canadian life and culture.
Universities can pair international students with host families or retirees within the local community who may have space in their homes to rent out at an affordable rate.
PROS | CONS |
---|---|
Opportunity to be part of a family unit | Can be expensive |
Supportive environment with home-cooked meals | Won’t be living on campus like other student accommodation |
Opportunity to immerse yourself in local culture and activities | Must respect host family boundaries (cleanliness, guests, etc.) |
Shared Accommodation
Sharing accommodation off-campus is another popular option for students. ed apartments are another popular option for students. Living in a shared apartment can be a great way n excellent way to live independently while still having the support of roommates. Sharing accommodation can also help you create meaningful relationships and foster a sense of community.
However, living in a shared apartment can have its challenges. You may have to deal with conflicts with roommates, and you may have to manage expenses such as rent and utilities. Be sure to assess potential housemates to determine if they would be a suitable match for your personality, study habits, and lifestyle.
Do You Want to Live with Other Students? |
---|
✓ For sure, I can’t wait for group movie nights and parties! |
✓ Having housemates is cool, but I want my own room |
✓ Absolutely not, I need my own space |
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Tips to Find Affordable Student Accommodation
Finding affordable student accommodation can be challenging, but it doesn’t have to be. Here are some tips to help you find affordable student accommodation.
Start Your Search Early:
Searching for student housing, or housing in general, takes time, especially if you want to find the perfect student home. It’s best to search for housing about two months before you plan to move in. This will give you plenty of time to browse the market and come to an agreement with the landlord
Check Rental Sites Often:
New rental listings are posted daily on rental sites. You can start your search for off-campus student accommodation that is within your budget at Rentals for Newcomers.
Consider Sharing Accommodation:
Discover how to find shared accommodation with Sparrow and manage your student accommodation costs.
Be Ready to Compromise:
Once you get an idea of rental costs, you may find it difficult to find exactly what you want at a price that fits your budget. A good way to move forward is to list things you’re willing to compromise.
Look for Student-specific Housing Options:
Student housing options are often found in neighbourhoods adjacent to colleges and universities and are often budget-friendly. You may even be able to find rentals that offer incentives, discounts, and gift cards specifically for students.
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Questions to Ask When Viewing Student Accommodation
When viewing potential student accommodation, be sure to ask the right questions to ensure that it meets all your needs. Here are some questions to consider:
- What’s included in the rent (i.e. cable, internet, heat, water, and electricity)? This can significantly reduce your housing costs.
- What amenities are available? (i.e. onsite laundry, exercise room, swimming pool, security, etc)
- What are the lease terms?
- Is the building quiet?
- How safe is this neighbourhood?
What to Look for in Student Housing
Whether you visit student homes in person or online, these are helpful tips to keep in mind:
- Make sure everything looks clean. If the home is dirty and poorly maintained it may have pests. Especially as a student, pests will give you a hard time around the house.
- Make sure all the appliances are working. The last thing you need as a student is to find out that the appliances don’t work right after moving in.
- Communicate clearly and effectively with the landlord. Know exactly what utilities and amenities are covered in the rent and which ones you will have to pay for. Look for water, electricity, gas, internet, cable TV, air conditioning, and parking to name a few. There is a good chance that many of these will be included in the rent.
Finding student accommodation that meets your needs is vital to your academic performance, social life, and overall well-being. So, it’s important to consider the factors that will create the right environment for your success. From your budget to the location and type of student accommodation you select, making the right decisions will enhance your university experience in Canada.
With rising rental costs, finding affordable housing in Canada can be challenging. For newcomers, this can be a frustrating obstacle to overcome, especially in your first few weeks and months in a new country. In this article, we outline practical solutions to help you stay within your affordability range. With patience and persistence, you will discover options that can help you save money for accommodation in Canada without compromising comfort and quality.
Affordable Housing Statistics in Canada
Facing a declining supply of rental housing, especially in major cities like Toronto and Vancouver, costs for rental accommodation are rising at unprecedented rates. According to recent rental statistics from Rentals.ca, average asking rents reached a record high of $2,117 in August 2023. This makes it difficult to find and budget for high rental costs. However, there are still affordable housing options available across the country.
What is Affordable Housing?
Affordability is based on the proportion of your income that you pay for housing. An affordable home will require a smaller proportion of income, while an unaffordable one is larger, for example, greater than 30% of your before-tax household income.
Affordable housing is a broad term that includes housing that the private, public, and non-profit sectors provide. It also includes all forms of housing such as rental, ownership, and temporary and permanent housing.
Affordability At-a-Glance
According to Aled ab lorwerth, Deputy Chief Economist, Canada Mortgage and Housing Corporation, Canada needs to dramatically increase the supply of housing to restore affordability by 2030.
In the meantime, the Canadian government is making efforts to address the issue of affordable housing. They have implemented various programs and initiatives to help individuals and families find affordable accommodation.
- Canada needs about 3.5 million additional housing units by 2030 to restore affordability
- Housing demand varies across the country due to economic and demographic conditions
- Housing supply gaps are greatest in Ontario and British Columbia (due to economic growth in these provinces)
- Current housing construction shortfalls are contributing to the limited supply of housing.
Renting Options that Can Help with Affordable Housing
Renting is a popular option for individuals and families seeking affordable housing in Canada. In fact, Statistics Canada reveals that about one-third of Canadian households rent their residence. Keeping in mind that rental prices vary depending on the type of housing, location, size, and condition of the property, here are some tips to find affordable rental options:
1. Look for rental properties in up-and-coming neighbourhoods
Consider searching for rental properties in areas that are undergoing revitalization. These areas may offer lower rent prices compared to more established neighbourhoods.
2. Keep your eye open for rental listings that offer incentives such as:
- Free rent for one month or lower rent for the first few months
- Free parking
- Utilities (heat, water, electricity, internet, and cable) that are included in the rent
- Gift cards, student specials, and more!
Incentives, especially like utilities included in your monthly rent can lower your housing costs by a large amount.
These are examples of rental listings in cities across Canada that cover utilities such as heat, water, and electricity (using the “Utilities” filter.)
3. Consider sharing a rental property to help with affordability
Another option to consider is sharing a rental property with others. This can often lead to lower rent prices compared to traditional rental properties. And, for newcomers, home-sharing can be a great way to ease financial pressures, expand your social network, and add to your quality of life!
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Addressing Affordability in Major Cities in Canada
Affordability in major cities where the vacancy rates fall below 2 percent, like Toronto, and Vancouver, can be out of reach for many individuals. And, for newcomers trying to achieve financial stability in Canada, securing affordable housing is even more important. However, there are still options if you want to live in these cities without breaking the bank.
One option to consider is micro-apartments or micro-condos. These smaller living spaces are becoming increasingly popular in major cities as a way to provide affordable housing options. While they may have a smaller footprint, they often come with amenities and innovative design features to maximize space.
Another option to explore is purpose-built rental buildings. These buildings are specifically designed for rental purposes and often offer more affordable rent prices compared to privately owned properties. Professional property management companies usually manage purpose-built rental buildings ensuring quality and affordability.
Tips to Find Affordable Housing
Finding affordable housing can be a challenging and time-consuming process. However, with the right strategies and resources, you can increase your chances of securing an affordable home. Here are some tips to help you in your search:
1. Start your search early
Facing a shortage of affordable housing, it’s important to start your search well in advance. Give yourself plenty of time to explore different neighbourhoods and visit properties. Another challenge you may face is that you’re likely competing with many others in the market for affordable housing. In this case, choice properties may be off the market quickly.
2. Know how to ‘sell yourself’ to potential landlords
In cities with tight rental markets with low vacancy rates, you will be competing with many others in the market for affordable housing. In this case, you need to ‘sell yourself’ as the best possible candidate for the landlord to select.
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3. Utilize online resources
There are several rental websites and online platforms to help you search for rental properties that meet your affordability price range. And, you can filter your search by price range for greater search ease.
4. Network and seek affordable housing recommendations
Reach out to friends, family, and colleagues who may be able to recommend affordable housing options. People in your network may know of future vacancies that are within your budget and are not yet listed on rental websites.
5. Be flexible
Flexibility is key when searching for affordable housing. Consider compromising on certain amenities or locations to find a more affordable option. Keep an open mind and be willing to explore different possibilities, including basement apartments.
Related Post:
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6. Seek professional assistance
If you’re feeling overwhelmed or unsure about the process, consider seeking assistance from professionals such as real estate agents who can guide and support you throughout your search.
7. Explore smaller cities
Smaller cities that surround major cities may offer more affordable housing and provide easy access to amenities and public transit. For example, you can explore smaller cities within the Greater Toronto Area (GTA) such as:
With the rise of remote work and flexible schedules, living outside the city center is becoming a viable option for many individuals and families.
While the challenges of finding affordable housing in Canada may seem daunting, solutions and options are available. Remember, finding affordable housing requires persistence and patience. Don’t be discouraged if it takes time to find the perfect fit. By using the available resources, you can increase your chances of finding suitable housing that is within your budget.