Housing In Canada Tips for Foreigners
Before newcomers arrive in Canada, finding homes or other accommodations should be their top priority.
During your initial weeks in Canada, a place to stay is a vital requirement that must come before anything else. Arriving in a foreign country without having settled your living arrangements would be a nightmare, so before you book your flights, we’re here to help by giving you the best information and tips on what housing in Canada possibilities are available in Canada.
What types of accommodation are available in Canada?
In Canada, there are roughly four different types of lodging available. It’s vital to be aware of the kinds of locations that best fit your existing immigration circumstances. You’ll also need to think about things like work, school, living alone or with family, staying permanently or only temporarily, and so on.
Knowing which ones are best fit for you will therefore provide you the finest experience during your first few days in Canada.
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If you’re only going to be in Canada for a short while, hotels are a terrific option. They also let you remain in a cozy temporary home while you look for your ideal home or rental.
You have the choice to remain in the university of your choice if you are an international student. The majority of Canadian colleges and universities provide housing options for presently enrolled students to use throughout their academic career. Even during summer break, you have the option to stay if you so choose.
Similar to owning a house in Canada, B&Bs and apartment rentals need monthly payments to the tenant for the duration of your stay. Although this differs from buying a home, where you pay the full price up front and own the property. This is the most popular choice for immigrants, while they wait to save up and own a house of their own in Canada.
When the time is right, purchasing a home in Canada can complete your move. For the majority of arrivals, purchasing a home takes longer than a year, and some Canadians may decide they would rather always rent than own.
Tips on Renting an Accommodation in Canada
Tip 1: Make sure that you can show proof of employment.
The tenant needs to see proof of employment to know that you have a source of income to cover the rent each month, whether it’s a job from home that allows remote work while you’re moving to Canada or if you’ve been employed by a Canadian employer to start right away.
Tip 2: Have at least a year's worth of rent saved up, plus the security deposit for your move.
It is best to save enough rent money to keep you comfortable for at least a one-year contract so that you are completely worry-free during your first year in Canada. You won’t have to worry about rent payments while you look for better employment possibilities or get accustomed to your new workplace.
Tip 3: Always ask the inclusions of your rental.
Utility costs such as hydro, power, and other expenses are often included in the rent; but, in certain cases, you must open accounts and make your own utility payments. Asking what’s included in your rental and what still needs to be paid in addition to the monthly rent is recommended because certain utilities may be partially charged to you.
Tip 4: It's best to apply for renter's insurance, to be on the safe side.
Property loss, damage, theft, and accidents are often protected under a renter’s insurance policy. It is strongly advised for newcomers and international students as it protects and reimburses you in the event of an emergency, and the majority of Canadian landlords and buildings require renter’s insurance.
Tip 5: Figure out if you plan to rent a furnished or unfurnished space.
Choosing an unfurnished room may be your best option if you want to install your own furnishings and appliances as well as save money on monthly rent. In terms of furnished rentals, all you have to do is move in, making this the more convenient but more expensive option. Do whatever is best for your situation before you arrive tp make things easier and faster for you.
Check out the average rental price in Canada vs. other countries here!
Tips on Buying a House in Canada
Tip 1: You will need to find a realtor.
When it comes to locating the ideal property within your ideal budget, a realtor may make things really simple for you. Finding a property on your own may be quite challenging, and you risk paying too much for a house that has the same exact offers in another for less.
Tip 2: Check your financial status.
Before you and your agent browse the real estate listings, have your finances in order. This method will assist you in organizing the important papers needed to support a mortgage application. A high credit score is the most crucial financial prerequisite you’ll need. Lenders evaluate your credit score, which ranges from 300 to 900, to determine how much of a risk it is for them to offer credit to you. In general, the lower your score, the less probable it is that your mortgage application will be accepted.
Tip 3: Gather all the required documents.
The following documents must be presented to the mortgage lender:
- Government-issued ID
- Proof of employment and income
- Proof of a down payment
- Details on any other assets
- Details regarding your debts (if there are any)
Tip 4: Get Your Mortgage Pre-Approved
Go to a mortgage lender and ask to get “pre-approved,” which means that the lender will examine your financial situation and determine how much money they will offer you.
Pre-approval might be a lengthy process, but it allows you to:
- Be aware of the largest mortgage you might receive.
- Calculate your anticipated monthly mortgage payments.
- Fix an interest rate for 60 to 120 days.
Tip 5: Ask your realtor about first-time home buyer incentives.
You can receive huge discounts and save a ton by taking advantage of these incentives! Some incentives include, RRSP Home Buyer’s Plan, First-Time Home Buyers’ (FTHB) Tax Credit, GST/HST New Housing Rebate, and more!
Is It Easy to Find Accommodation in Canada?
Certainly is! You can locate a lot of locations to stay for as long as you’d want or even permanently! You won’t have any trouble finding home because the Canadian housing market is flourishing, and most immigrants are able to discover the ideal place to live long before they even arrive!
