Published November 5, 2024 • 4 Min Read
You’re getting ready to begin a new chapter of your life in Canada, which may feel both exciting and a little daunting. One of the very first things you will need to do is find a place to live in your new home. Whether you plan on renting a home or buying one, you will need to understand how the Canadian housing market works, in order to find and secure a place you can call home.
This free guide for newcomers provides essential information, tips, and advice for renting or buying property in Canada. So, whether you’re looking to find temporary accommodation for your first few days in Canada, need to secure a long-term rental home, or are exploring the idea of purchasing your first home in Canada, this guide will provide resources, tips, and advice to ensure you are making the right decisions on housing for you and your family.
Here’s a brief overview of key topics you’ll find in the guide:
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Finding temporary, short-term accommodation in Canada: an overview of the different types of accommodation available, and criteria to keep in mind as you look for a place for your first few weeks or months.
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Choosing between renting versus buying property: the pros and cons of both options, so you can make an informed decision.
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Finding a long-term rental accommodation: a step-by-step approach to renting, including tips to find a rental unit without a credit score or job letter, and knowing your rights and obligations as a tenant.
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Buying a home in Canada: an overview of the process of buying a home in Canada, how mortgages work, and hidden costs you’ll need to budget for.
Many newcomer begin their life in Canada by renting temporary accommodation for the first few weeks or months, while they get a sense of the city or neighbourhoods they want to live in, and a feel for the local housing market.
As you settle in and start looking for a permanent place to live, you will need to figure out what type of homes are available in the cities and neighbourhoods you are interested in, and decide if it makes more sense for you to rent or buy a long term home.
If you’re planning on renting a home, this guide will explain where and how to begin you search for a rental home, what to looks for, and offer suggestions to overcoming typical challenges that many newcomers face, as well as resources to understand tenants’ rights in your province.
For many, the Canadian Dream involves owning your home. This guide will help you understand the different steps involved in buying a home, what stakeholders you may need to involve, and what hidden costs you’ll need to budget for (in addition to the cost of the home itself). This guide will also help prospective homeowners understand how mortgages and financing work in Canada, how to get pre-approved for a mortgage, and what costs to budget for in addition to the cost of the property. You’ll need to understand how much you can borrow, at what rate, and whether that rate is fixed interest or variable interest. This will help you determine what your budget is, and set your expectations as to the kind of home you may expect to be able to afford. You’ll also learn about the offer and closing processes.
Download the free Newcomer’s Guide to Finding your Home in Canada.
With the right information, guidance, and a strong understanding of the Canadian housing market, newcomers to Canada should feel right at home in their new home.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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