To buy or to rent?

When you first arrive in Canada, you will probably be living in a temporary home. You will soon be looking for a more permanent place to live. Canada has many different types of housing and a wide range of prices. Finding the right place will take some time and effort. Your first decision will be whether to rent a house or an apartment, or to buy a house.

Whether you rent or buy will depend on your personal finances and whether you already have a job in Canada. Most newcomers decide they should first rent a house or apartment. This gives them more time to save money to buy a house and to decide where they want to live.

If you want to buy a house, unless you can pay the full price, you will need to get a long-term loan called a mortgage.

Types of Housing

• Furnished or Unfurnished:Furnished housing should include beds, tables, chairs, lamps, curtains, a stove and a refrigerator. Unfurnished housing may include a stove and a refrigerator, but not always.

• Room for Rent:This is usually in a house or an apartment that is owned or rented by other people. Everyone shares the kitchen and bathrooms.

• Bachelor or Studio Apartment:These are small apartments designed mainly for one person. They have one large room with a kitchen and a sleeping area, plus a separate bathroom.

• Duplex:This is a house divided into two separate apartments. It may be bought or rented.

• Townhouse:This is a small house joined to other houses. It may be bought or rented.

• Condominium:This is an apartment or townhouse that is individually owned, while “common areas” are jointly owned. As well as the mortgage payment and property taxes, each owner pays a monthly fee for maintenance.

How much will it cost?

You could expect to pay between $350 a month for a room, and $2,000 a month for a luxury apartment or a large house. Rental costs vary greatly across cities and across Canada. Housing is more reasonable outside the large cities.

Plan on spending 35 to 50 percent of your income on housing. This should include the cost of electricity, heating, telephone service and water.

As people in Canada tend to move in the spring and summer months, these are the best times to look for a home; there will be more choices available.

The Canadian Way of Life

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