Canada Info
Joined: 07 Dec 2006
Posts: 29
Home Country: canada
|
 Posted: Fri Dec 08, 2006 5:50 am Post subject: HOUSING IN CANADA |
 |
|
HOUSING IN CANADA
The Housing Market
In Canada, continued strong demand for housing and increasing house prices have resulted in a decline in rental occupancy rates (increase in rental vacancies).
Currently, the rental market has a strong supply of residential rental properties (approximately 5%, which is significantly above the average vacancy rate of 3.3%).
The Canadian rental market can be described as tenant-friendly. Historically low interest rates for mortgage-type borrowing have influenced people to move from renting to owning. The higher supply of rental properties means landlords are offering different incentives such as free rentals for a month, free parking, home appliances and so on. This is especially true in densely populated cities, such as Toronto. In Canada, 33% of all properties are rental properties.
56% of all Canadian immigrants settle in Ontario, the majority in the Greater Toronto Area, so some of this section focuses on Toronto. If your chosen Canadian destination is different, you will still find many of your questions answered here.
In addition to other large Canadian cities, such as Vancouver and Montreal, Toronto is where a large number of students arrive from many countries in the world in order to develop, improve or perfect their knowledge of the English language.
The housing market in the rest of the major cities in Canada including Montreal, Ottawa, Vancouver, Calgary and Halifax is similar to Toronto. However, the main difference is the price levels for purchasing property (real estate).
Prices
Average detached bungalow prices by City/Region (CAD$) - Source: RBC – Economics Q1-2005
* Canada: $238,000
* Toronto: $372,000
* Ottawa: $238,000
* Vancouver: $427,000
* Montreal: $208,000
* Calgary: $238,000
The different types of accommodation generally available in urban areas such as Toronto are as follows:
* Apartment
* House
* Single room rentals
* Hostel / Guest House accommodation
* Homestay accommodation
* College or University campus residence
* Hotel
* Motel
* Other shared accommodation
* Government-subsidized housing (usually requires a long waiting period).
Sources
There are many different sources of information when looking for an apartment or a house to rent:
* Local community newspapers (Villager, Guardian, etc.)
* City newspapers (Toronto Sun, Vancouver Sun, Globe and Mail, Toronto Star, Montreal Gazette, etc.)
* Free rental publications available in public places such as subway and bus stations (Homes for Rent publication, etc.)
* Personal contacts (family, friends, etc.)
* Management offices of rental properties (buildings, co-operative housing, etc.)
* Government offices
* Real estate agencies (not many do rentals)
In most cases for Toronto and major Canadian cities, the closer you are to the city centre, the higher the rent/mortgage will be. In Toronto, average rental prices are:
* Approximately C$850/month for a one-bedroom apartment in the city of Toronto is (between $500 and $1,200 depending on the proximity to city centre and the amenities included)
* Around C$1,000 for a 2-bedroom apartment (between $900 and $1,500 depending on the proximity to city centre).
There is a small supply of luxury apartments priced up to several thousand dollars a month.
Getting Started
Finding appropriate accommodation in Canada that fits your budget and requirements can be a long and difficult task. The keys to success in finding the best place to live are planning your search with enough time and keeping patient!
You can start looking for accommodation before you leave for Canada, as there are many websites with information and available properties. At the very least, you should get an idea of prices for different areas and make a clear budget and list of requirements for yourself. If you are arriving alone, it is best to stay with family or at a hostel/hotel/motel before appropriate accommodation can be obtained. If you are arriving with the family, it can be better to come to Canada ahead of them in order to secure accommodation for their arrival.
Getting familiar with your surroundings is something that you should do immediately upon your arrival to Canada, so take some time to find and familiarise yourself with the following:
* Public transportation system
* Different neighbourhoods and areas
* Government information centers for newcomers
* Sources of rental information (newspapers, local community newspapers, etc.)
Upon your arrival to Canada, you will probably have to stay in temporary accommodation before moving in something more permanent. There are many motels, hotels, hostels and guesthouses catering to different types of guests both for the short- and long-term periods. By properly researching your options (and you should have many alternatives to choose from), you can save a lot of time, money and aggravation.
Housing Classifieds
Advertisements for rental apartments and other properties can be found in a variety of sources including online and print publications. They are usually located in the ‘for rent’ or ‘classifieds’ sections.
In most major cities, there are several newspapers and free publications with advertisements for rental apartments and other properties. Ads run for different periods of time including, daily, weekly, bi-weekly and monthly depending on the condition of the rental market and the availability of advertising options with the publications.
Free rental newspapers (such as Rental News in Toronto) can be found in distribution boxes in front of most subway/metro/bus stations. They contain hundreds of pages and thousands of advertisements for rental apartments. Get hold of as many different newspapers, local community and free publications as soon as possible. This is a quick way to start your research and get a feel for what is available. As there is good supply, do not take the first apartment you see!
Real Estate Agents
Real Estate agents are representatives from private companies that mostly deal in selling properties but can also perform rental services. They sometimes have the most attractive accommodation, as many property owners do not wish to spend time looking for and contracting tenants.
In some situations, you will have a contract with the Real Estate agent, who then contracts with the owner. The Real Estate agent is a managing agent and performs all the administrative duties and tasks. In other cases, the owner pays a set fee to the agency for renting out the property. The landlord then deal with you directly after the contract has been signed.
Every Real Estate company has their own office; some agents have offices in several Canadian cities. Depending on what you are looking for, it can be a good idea to contact them to increase your available options.
There are accommodation and relocation services who can help you locate suitable properties and even arrange viewings. There is normally a charge associated with this type of service, so make sure they look reputable before paying over the cash. Online, you can find information about many rental properties available on the websites of estate agents and specialised sites for property.
Contracts
Standard rental contracts are designed to protect your interests as well as those of the landlord. As it is usually the landlord or agent who provides the contract, it is important that you completely understand its implications.
Areas to look out for include:
Duration of agreement: Most rental periods or leases last for 12 months, during which time the landlord cannot increase the rent. It is also important to note the notice periods that either you or the landlord have to give in order to terminate the agreement.
Responsibility for household bills: Some utility services will be included in the rent (e.g. water), while others you may be responsible for paying yourself (e.g. gas, electricity). Make sure you understand what you will be paying and how much it will be.
Forfeiture: If you are deemed to be in breach of your contract, you can be evicted from your accommodation. Be sure you understand what you can and cannot do as detailed in the contract.
Deposit: In most rental agreements in Canada, the landlord will ask for the first and last month’s rent to be paid in advance. This is actually done to collect the deposit that is used to cover any damages you may cause, along with any outstanding debts you may owe at the end of your tenancy.
It is often advisable to request that landlord inspects the property and draw up an inventory with you on the first day of your tenancy. This decreases the likelihood of you being charged for damages not caused by yourself.
Where to get legal help/advice: If you are unsure about the terms of your contract then it is highly advisable to seek legal assistance. One of the best free sources is the provincial rental housing tribunal such as the Ontario Rental Housing Tribunal (ORHT). This service offers independent and confidential advice face-to-face or by telephone. For more information see: http://www.orht.gov.on.ca. |
|
Register
Log in
FAQ
Search
Memberlist
