22 Feb A Comprehensive Leasing Guide for the Newcomers in Canada
Are you planning to settle in Canada and wondering about the intricacies of leasing property in the country’s competitive real estate market?
This comprehensive leasing guide will provide essential information to help newcomers navigate the Canadian rental landscape with ease. From understanding the rental properties to recent rental market trend, we have got you covered every step of the way.
Let us dive in!
Rental market in Canada
Canada’s rental market is governed by landlords and tenants, regulated by the landlord and tenant board specific to each province and the Residential Tenancies Act. Larger buildings may employ property managers. Each province has distinct renting laws. The Canada Mortgage and Housing Corporation (CMHC) provides information on laws, guidelines, and contacts for local rental authorities.
Exploring rental properties
Being a first-time renter or a seasoned tenant, understanding the different types of rental properties and knowing how to navigate the rental process can be immensely helpful.
To secure any rental premises, you need to go through a credit score check, provide references, and complete a rental application before signing the lease agreement.
Apartments
A convenient choice for urban dwellers!
Rental apartments are among the most common types of rental properties in Canada. They offer convenience with various amenities nearby. Apartments often come in different sizes, ranging from studios to multi-bedroom units, providing options suitable for individuals, couples, families, or roommates.
Condos
A blend of convenience and ownership!
Condos, short for condominiums, offer a unique hybrid between apartment living and homeownership. When you rent a condo, you get the benefits of shared amenities, such as swimming pools, gyms, and community spaces, along with the comfort of having a private unit. Condos are popular in both urban and suburban areas, attracting individuals and families alike.
Houses
Spacious living with more privacy!
If you prefer more space and privacy, renting a house might be the ideal choice for you. Houses for rent are common in both urban and suburban areas, offering larger living spaces, private yards, and additional storage options. In some cases, houses can be more expensive than apartments, but they often provide a more residential feel and a sense of community.
Townhouses
Affordable suburban living!
Townhouses provide an affordable housing option, especially for those who prefer suburban living with a smaller budget. These properties are typically multi-story units with shared walls, offering a blend of apartment and house features. Townhouses often come with amenities like private garages, yards, and community spaces.
Moreover, standalone single-family detached homes occupy their own individual lots. Also, duplexes or triplexes consist of houses divided into two or three units, a prevalent practice for the homeowner to reside in one unit and lease the others. These residences may feature partitioned bedrooms that are rented individually, with occupants sharing communal spaces like kitchens and bathrooms.
Furnished or Unfurnished?
When moving to Canada, one will need to decide between a furnished or unfurnished rental, each with its own pros and cons.
A furnished rental can be a time and money-saver since they often come equipped with essentials like furniture, appliances, and kitchenware. It brings a sense of comfort and convenience, sparing you the hassle of buying or moving furniture. However, it might be a bit pricier, and you may have to deal with furniture that doesn’t quite match your style.
On the other hand, unfurnished rentals typically come with a lower monthly rent and give you the freedom to personalize the space according to your taste. You won’t have to worry about furniture imposed by the landlord for short-term rentals. However, the task of furnishing the place yourself, can be both time-consuming and costly.
Ultimately, it boils down to your preferences and priorities in terms of cost, convenience, and personalization.
Rental market trend report 2024
A report from the Canadian Press on November 13, 2023, highlights that the average cost of renting a place in Canada rose to $2,178, showing a 9.9% increase from the previous year. This continues a trend of prices hitting new highs for six consecutive months. In October alone, rents went up by 1.4%, a bit less than in September and August, likely due to seasonal factors. For one-bedroom units, the average cost in October was $1,906 and the average price for a two-bedroom was $2,255.
Vancouver retained its position as the most expensive city for renters, with one-bedroom units listed at $2,872 and two-bedroom units at $3,777, both showing yearly increases. Toronto followed closely, with a one-bedroom average of $2,607 and a two-bedroom at $3,424.
As you consider vibrant city life in Vancouver or the bustling multicultural scene in Toronto, knowing these market dynamics helps you make smart choices for your new home.
Stay tuned for our upcoming article, where we will explore advanced leasing strategies, share additional tips, and guide you on avoiding scams. Your exciting Canadian journey is just around the corner!