The Canadian rental market can initially seem complicated, especially when you are a new immigrant to Canada, where you are unfamiliar with everything and everyone. Finding a place for you and your family to live is an exciting part of moving to Canada. Let’s discuss how you look for your new home. Here’s everything you need to know about renting a home in Canada as a new immigrant.
THE CANADIAN RENTAL MARKET:
The Canadian rental market has several types of rental options. Rental rates depend on the city or region you’re considering, with larger cities like Toronto, Vancouver, and Montreal seeing higher rates due to more demand. There are a couple of reasons as follows:
• Rate of Vacancies:
A vacancy rate measures how many rental properties are in a specific empty area compared to the total number of rentals available in the same area. Even with such a low population density, current vacancy rates across Canada are quite low.
• Rates of Rentals:
The Rental rates vary according to location and dimension. If we look at Canada’s larger cities, like Montreal, Toronto, and British Columbia, the rates are higher. On the other hand, if we go to smaller towns and cities, we will find very friendly budget rental apartments that will allow us to accommodate them accordingly.
PROPERTIES FOR RENT IN CANADA:
There are several different types of homes available for rent in Canada. Understanding what options are available will help you find a place that’s ideal for you.
1- Houses:
Houses include homes built for single families and townhomes that are a row of connected houses and duplexes, the two side-by-side units in one building.
2- The Condo Unit Rentals:
The condo rental unit is one of the more unique rental units available. These rentals are privately owned units inside a condominium complex, meaning an individual, not a company, own the units. Most come with luxuries like a beautiful onsite view, entertainment and party rooms, and fitness centres. Unlike a purpose-built apartment unit, if you rent a condo, you’ll deal directly with the condo’s owner rather than a property broker.
3- Purpose-built rentals:
Managed or purpose-built apartment buildings are another popular rental option in Canada. Run by professional property management companies, these types of rentals often have common elements that all residents share, such as laundry rooms.
4- Shared Accommodations:
Also known as roommate arrangements, shared accommodations are a more affordable option if you’re on a smaller budget. With this type of rental, you rent a room in a home, apartment or condo unit and share common areas, such as the kitchen and living room, with the other tenants.
HOW YOU CAN RENT APARTMENT IN CANADA AS A NEW IMMIGRANT?
To secure a rental property in Canada, there are specific documents that you will typically need to provide as evidence of your ability to afford rent and make timely payments. Landlords commonly request the following:
• Letter of Employment:
The employment letter should outline the employment status and your salary details, which will verify your financial capability.
• Bank Statements:
Providing recent bank statements will display your financial stability and ability to cover rental costs.
• References:
References from previous landlords can ask for your responsible behaviour as a tenant, which will help give landlords confidence in renting to you.
• Credit Report:
A credit report provides information about your credit history and demonstrates your reliability and trust in meeting financial criteria.
CONCLUSION:
In conclusion, if you’re a newcomer looking to rent apartment in Canada or buy a home in Canada, there are a few additional factors to consider beyond budget, location, size, and features. Consider the local housing market and whether it’s a buyer’s or seller’s market, as this can impact your ability to negotiate rental or purchase terms. Additionally, it’s important to research the community and neighbourhood you’re interested in, including factors such as safety, accessibility to facilities, and schools if you have children.