Join the Scotiabank StartRight® Program designed for Newcomers‡ and get up to $2,200* in value in the first year.
Finding and booking a short-term rental before you arrive in Canada is a vital first step for newcomers and international students. A short-term rental allows you time to search for a long-term rental that will best meet your budget, personal preferences, and location needs. It also gives you time to conduct settlement activities, search for a job, and discover the city. Here’s what to know about short-term rentals and how to find them.
Airbnb is a well-known and popular short-term rental site with a large presence in many Canadian cities. Other operators to research online include Sublet.com, VRBO, HomeAway, Booking.com, and Hotels.com.
Beware of rental scams on classified ad websites like Kijiji and Craigslist. Scammers are known to post rental offers on well-known sites such as Facebook, Kijiji, and Craigslist. Classified sites are challenging to regulate, so they are popular with scam artists.
Do your homework before renting through either Kijiji or Craigslist, and be careful when considering a listing on these sites.
City bylaws govern short-term rentals in Canada, and the allowable length of stay may vary. For example, the rental period in Toronto is less than 28 consecutive days. So, ask the operator, or research city rules regarding the length of stay.
There are webinars, websites, and videos about neighbourhoods in most major Canadian cities. Pre-arrival settlement agencies can also guide you before you arrive in Canada.
Rental prices change based on available rentals, supply, demand, and location. Book your short-term rental at least six weeks before your arrival date to get the best deal.
Short-term rental costs in major cities such as Toronto, Vancouver, and Calgary are higher than in mid-sized cities such as Hamilton, Regina, or Fredericton. So, research websites to find the rental that fits your budget.
There are busy and slower seasons for short-term rentals. Generally, March to August are the busiest months, and January to April is a slow season. However, many rentals are also event-driven, so be aware of large events in the city where you intend to land. These factors will drive demand and affect pricing.
In Canada’s long-term rental market, prices are coming down. However, prices are still quite high in some cities. Vacancy rates also influence rental costs. Low vacancy rates remain low in large cities popular with immigrants and students. So, it may take longer than you plan to find a long-term rental. Researching rental rates before you arrive will help you set a realistic housing budget for the city where you plan to live.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARA short-term rental allows you to explore the city and neighbourhoods and determine which location is right for you and your family.
If you know where you will be working, a rental near your work can help you judge commuting times and costs. A rental in or near a city’s downtown core allows you to look for your first long-term rental home and offers many benefits. Rental fees may be higher, but you’ll have access to:
All legitimate rental operators have and advertise their cancellation policy. Look for it and read the policy before you book your rental. If the rental does not provide a policy, be suspicious and ask questions. For example, many operators have a 30-day cancellation policy with a full refund.
Once you arrive in Canada, most financial transactions, such as your short-term rental, can help build your credit history. So, keep track of your rental payments and the addresses of your rental(s). A positive recommendation from the rental owner is also useful when looking for long-term accommodation and impressing Canadian landlords.
Unfortunately, newcomers and international students are the primary targets of rental scams. If you are the victim of a scam, contact your Canadian bank (if you have opened an account) and credit card provider to see if you can stop payment. You can also report the scam to the local police.
These red flags are signals to walk away from a rental:
For many newcomers, buying a home in Canada is a dream that can help set roots and build equity. Researching the housing market and prices in Canada will help you decide which city to settle in, where to buy a home, and when to buy. The most recent housing market statistics from March 2025 reveal that the trade war creates uncertainty and affects housing sales and prices. Discover what’s changing in Canada’s housing market.
Immigrants are a vital segment of Canada’s home-buying market. A Royal Lepage report showed newcomers buy one in five homes in Canada. After arriving, they also buy homes faster than ever and are far more focused on home buying than Canadian-born homebuyers. Following housing prices and trends in Canada can help you find the most affordable cities.
National sales in the Canadian housing market dropped 4.8% in March compared to February 2025. According to the latest statistics from the Canadian Real Estate Association (CREA), actual home sales were down year-over-year by 9.3% in March. It was also the slowest March for home sales since 2009.
Many Canadian real estate markets saw a decline in sales compared to March 2024, with the greatest downturn in Ontario and British Columbia. The Fraser Valley in British Columbia saw a 25.7% decrease in sales.
The Niagara Region in Ontario saw a 42.1% year-over-year drop in sales. London and St. Thomas were next with a 32.7% drop, and Hamilton-Burlington fell 19.2%. Even the usually active Greater Toronto Area, home to some of the priciest housing markets in Canada, saw a 23.6% decline in sales.
CREA also reported that the national average sale price of a home in Canada sold in March was $678,331, down 3.7% year-over-year. New listings were up by y3% month-over-month.
According to CREA’s latest forecast, the national average home price is now expected to decrease by 0.3% year-over-year to $687,898 in 2025, approximately $30,000 below January estimates.
Like in February, the more affordable Canadian housing markets saw the most notable growth in March. Edmonton was first among major Canadian cities with a 13.6% increase, signalling renewed interest in Alberta’s housing sector.
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARBritish Columbia, Ontario, and Alberta had the highest housing prices in March, while New Brunswick had the lowest. St. John, New Brunswick, had the cheapest average housing price in March among major cities at $330,000.
The average price for all residential properties in Greater Vancouver was $1,190,900 in March 2025, up 0.49% from February 2025. Home sales totalled 2,091, representing a 13.4% year-over-year decline and the lowest since 2019.
In March, the average home price in Calgary was $583,114, a 1.14% increase from the previous month. Calgary home sales in March fell 10% from last year and were down 4.8% from February.
Edmonton’s average home price in March was $431,300, 2.25% higher than February. Edmonton is still the most affordable among Canada’s five largest cities. The Greater Edmonton Area real estate market saw 2,494 units sold, a 1.3% increase from March 2024.
The average house price in Saskatoon in March was $415,900, representing a 2.59% increase from the previous month. According to CREA, the province of Saskatchewan had strong home sales and rising prices, defying national trends. Sales in the province rose more than 8% year-over-year.
The average sale price in Winnipeg for March 2025 was $384,600, 2.92% higher than February 2025. March saw sales of 1,189, up 6% over March 2024 and 11% below the 5-year average.
The average home sold price in the GTA in March was $1,068,500, down 0.50% from February. In March, GTA home sales were down 23.1% year-over-year, with 5,011 sales. According to CREA, new listings in the GTA in March rose by 28.6% year-over-year, reaching 17,263.
The average home sale price in Ottawa’s housing market increased by 1.13% month-over-month to $626,200 in March 2025. The number of homes sold in March was 1,103 units, a 6.2% decline from March 2024.
In March, 421 homes were sold in the Halifax region, representing a 16% decrease compared to March 2024. The average home price in Halifax in March was $601,250, up 1.8% from February and up 6.5% from March 2024.
Brampton home sales fell by 39.2% in March year-over-year, with 310 homes sold. The average Brampton home price in March was $954,144. That’s down 1.9% from the previous month and down 7.2% from March 2024. Brampton had 1,105 active listings at the end of March, up 28.9% year-over-year.
The Fraser Valley Real Estate Board, which includes Surrey, recorded 1,036 sales in March, a 13% increase from February, but still 26% below the sales total for March 2024. The average home price in March in Surrey was $1,118,000.
Housing affordability varies in Canadian real estate markets for homebuyers and renters. So, research the housing market and home prices in different regions before deciding where to settle. Affordable housing markets can help newcomers buy homes within their budget.
Lower home prices and interest rates make it easier for newcomers to join Canada’s housing market.
Two smart home owning options available to immigrants who lack the funds for a down payment are rent-to-own and co-ownership. Both of these strategies can help open the doors to homeownership in Canada.
According to Scotiabank’s Chief Economist, Jean-François Perrault, the uncertainty created by tariffs and the trade war “is no friend to the housing market” in Canada.
“We’ve seen (over the) last couple of months a significant slowdown in housing market activity because people are worried,” said Perrault. “They’re unwilling to pull the trigger on and commit to a major expenditure,” such as buying a home.
The CREA report states that there were 165,800 properties listed for sale at the end of March 2025. That’s up 18.3% from March 2024 but below the long-term average of 174,000 listings.
The report shows that new listings increased by 3% month-over-month.
“Up until this point, declining home sales have mostly been about tariff uncertainty,” said Shaun Cathcart, CREA’s Senior Economist. “Going forward, the Canadian housing space will also have to contend with the actual economic fallout. In short order, we’ve gone from a slam dunk rebound year (in sales) to treading water at best.”
While sales continue to decline in expensive markets like Greater Toronto, Hamilton-Burlington, and Vancouver, this shift presents an opportunity for newcomer buyers. This is especially true for the Toronto condo market, which has seen an increase in inventory and lower prices.
The March price decline, stabilizing interest rates, plus expected cuts from the Bank of Canada translate into home-buying opportunities for newcomers.
With less competition, falling prices, and future interest rate cuts, newcomers may be in a stronger bargaining position. They may now be able to afford homes in cities previously out of reach in a more competitive market.
Scotiabank’s Perrault advises prospective homebuyers to wait until the new government, elected on April 28, has a chance to implement its housing market policies. “There’s this kind of perfect storm for the housing market to some extent for the next few weeks, next few months, depending on how the trade war uncertainty evolves and who wins the election,” said Perrault.
With economic uncertainty due to the U.S./Canada trade war, sellers may be anxious to sell, but buyers remain cautious. This may reduce Canadian home prices and is good news for newcomers entering the housing market.
These action steps can help you navigate the housing market in Canada and find affordable housing options:
Co-ownership is a creative and increasingly popular home-buying solution for newcomers to Canada. Many immigrants are eager to buy a home in Canada, but can’t afford the financial costs alone. Co-ownership allows newcomers to combine resources, share costs, and enjoy the benefits of owning property in expensive cities like Toronto and Vancouver. Discover how shared ownership works and what to consider!
Becoming a homeowner is a goal for many immigrants to Canada. However, the high cost of down payments and mortgage financing force many newcomers to put their dreams on hold for years. High home costs may also force newcomers to make a costly secondary move to more affordable cities.
Saving for a large mortgage payment is one of the biggest challenges for newcomers. Home prices in the most popular cities in Canada remain high and out of reach of many Millennial and Gen Z immigrants.
Co-ownership is a strategic home-buying solution and a direct path to real estate investment. It’s ideal for newcomers who may be priced out of the market even after living in Canada for years.
Historically, co-ownership involves friends, family members, or investors pooling their resources to buy a home to share. They own a property jointly, with each owning a percentage.
A homeownership deal is a legal and financial partnership where the co-owners share costs, responsibilities, and benefits. Deciding to renovate or sell the property typically requires the agreement of all co-owners.
A recent Leger survey for RE/MAX Canada found that 50% of Canadians would consider alternative home-buying solutions. The survey found that 21% would consider co-ownership.
A 2023 Royal LePage survey showed that:
Co-ownership involves careful planning, good communication, and legal safeguards to provide a healthy partnership. According to industry experts, following this recipe leads to successful co-ownership.
Saving for a large down payment remains the number one challenge for newcomers looking to buy a home. For example, homes priced at $500,000 or less in Ontario require a minimum down payment of 5%. So, if you’re buying a house for $400,000, the minimum down payment would be $20,000 (5% of $400,000).
| HOME PRICE | MINIMUM DOWN PAYMENT REQUIRED |
|---|---|
| $500,000 or less | 5% |
| $500,000 – $1 million | 5% of the first $500,000 + 10% of the remaining balance |
| $1 million or more | 20% |
For Ontario homes between $500,000 and $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. So, if you buy an $800,000 home, the minimum down payment is $55,000 (5% of $500,000 plus 10% of $300,000).
For homes more than $1 million, you’ll need a 20% down payment. So, if you buy a $1.5 million home, the minimum down payment would be $300,000 (20% of $1.5 million).
It’s easy to see how co-ownership makes it easier and faster to create a down payment.
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARCo-ownership in Canada is usually structured in two ways:
2. Tenants in Common: Owners can hold unequal shares. They bequeath their share to a beneficiary of their choice instead of automatically transferring to other co-owners.
| PROS | CONS |
|---|---|
| Sharing Costs: Co-ownership allows investors to share costs from down payments to mortgage payments, maintenance, and property taxes. Affording Better Properties: Co-ownership creates financial power to buy homes in desirable locations or those with more amenities. | Exiting Co-ownership: Selling a property under co-ownership can be more complex because every owner must agree on major decisions. Resolving Disputes: Differences in personal finances or goals can create conflicts among co-owners. |
Before you enter a co-ownership agreement, these are vital financial and legal steps to consider:
In addition to co-owning a home with a family member or friend, companies such as Ourboro offer newcomers a path to homeownership.
Co-investment companies invest in the property with homebuyers and reduce the need for a large down payment.
A recent survey of Ourboro co-owners found that 56% identify as racialized populations and 47% were born outside Canada.
“Buying your first home can be intimidating on a good day, let alone trying to navigate the current market conditions or explore financing options,” Nick Pope, Ourboro’s co-founder, told Prepare for Canada.
“It’s an emotional journey,” said Pope. “Having a professional co-ownership partner can make a big difference; taking the anxiety out of the process by having a dedicated person guide them.”
An investment firm’s down payment contribution in co-ownership is an investment, not debt. The company, just like the homeowner, risks losing its investment if the home sells for less than the purchase price.
Using Ourboro as an example, if you co-buy a $1,000,000 home with them to meet the 20% down payment requirement, the combined co-investment must be $200,000. The homeowner’s mortgage would then make up the remaining $800,000 (80% of the home’s value).
If the newcomer homebuyer invests $80,000 (8% of the home value) and Ourboro invests $120,000 (12%), together you have a co-investment of $200,000 (20%).
As Ourboro points out, co-investment is a short-term home-buying solution that makes homeownership more accessible. It also offers long-term benefits through shared appreciation. As the property’s value increases, the homebuyer and Ourboro share the gains, creating a mutually beneficial arrangement to build wealth.
“We have such rigid expectations on what owning a home needs to look or feel like,” says Alex Kjorven, Ourboro’s Chief Product Officer. “But for many first-time homebuyers that don’t have access to generational wealth, it may not make sense to put all your savings into a home.”
“We’re excited to challenge existing norms and make co-buying a no-brainer for folks who understand that it doesn’t have to be all or nothing.”
Whether you partner with family or friends or an investment firm like Ourboro, co-ownership can be a smart path to homeownership. This is particularly true in expensive cities like Toronto and Vancouver, where newcomers can be priced out of the housing market.
Learn about real estate concepts such as mortgages, down payments, and closing costs.
Research leaders in the home co-ownership sector, like Ourboro.
Understand the pros and cons of shared ownership with an investment company.
Ask the right questions to determine if co-ownership is for you.
Have a legal exit strategy and plan to resolve disputes.
For newcomers, tenant insurance in Canada is the best way to protect your valuables with peace of mind. Also called renters insurance, it’s vital when moving into a long-term rental in Canada, especially when facing an emergency. Get the basics of tenant insurance, why you need it, and how it protects you financially.
When you rent your first home in Canada, you don’t own the property, but likely own the contents. This can include furniture, electronics, clothing, and other valuables. Replacing any of these items is expensive without insurance.
Tenant insurance provides peace of mind and protects you financially after a loss due to a break-in, fire, flood, or other event beyond your control. For example, if there is a fire in your apartment, you would have to pay for the damage even if you didn’t cause the fire.
While repair costs vary, even minor fire damage could range from $5,000 to $15,000 in Canada. Tenant insurance would pay to cover damages and other costs.
Arriving with an action plan for your first weeks in Canada can save you time and money. The quicker you settle into your new environment the faster you’ll feel at home! In this webinar, Your First Weeks in Canada, we discuss the important things to do to manage your first weeks efficiently.
REGISTER FOR THE WEBINARAn insurance policy in Canada can protect newcomers by covering:
Theft or loss of valuables can be a major setback for newcomers settling in Canada. Tenant insurance covers loss or damage to electronics, furniture, jewellery, etc., based on the policy limit.
You can be financially responsible if someone is hurt in your home, even if you didn’t cause the injury. Liability coverage includes medical expenses, property damage, and legal fees. It can also protect you if you injure or damage someone else’s property, even by accident.
If you must leave your rental because of property damage, tenant insurance will cover temporary living expenses during repairs. Relocation costs cover hotel bills, food, and other necessary living expenses until you can return.
While you do not need tenant insurance by law, it’s risky if you don’t have it. Also, many Canadian landlords will insist you have it as a condition of your lease agreement. Landlords likely won’t rent an apartment to you, and can refuse you if you don’t have insurance.
Buying tenant insurance is smart, especially if you don’t have the money to cover a large bill or a Canadian credit history. It could take a long time to recover financially, and that’s not how you want to begin your life in Canada. The landlord’s insurance will not cover loss for:
Your landlord’ s home insurance covers building damage, liability, and loss of rental income. But it does not cover your belongings or any expenses if you have to leave your rental for a period.
International students living in campus housing have costly valuables like laptops, phones, musical instruments, and jewellery. Plus, theft does happen in student housing. Tenant insurance covers and protects these belongings. Learn more about why insurance is vital for international students.
Monthly premiums are based on the value of your belongings. Generally, policies are affordable, and you’ll have peace of mind knowing you are protected in an emergency. Get your free quote now!
Emergencies are stressful, especially in a new country. Insurance is the best way to give you peace of mind and protect your valuables as you begin life in Canada!
Health care costs are expensive in Canada if you are not a permanent resident or don’t qualify for provincial health care coverage. So, travel medical health insurance, also called “Visitors to Canada” (VTC) insurance, is vital. Discover how to protect yourself and your family and begin life in Canada on the right foot!
When moving to Canada, insurance will protect you from unexpected medical costs, bills, and heartache. However, you must know what insurance you need, what it covers, when to buy it, and how it saves money.
Travel medical health insurance plans from your home country may not cover you for emergencies after you arrive in Canada. The right insurance will give you peace of mind to begin life in Canada without a costly medical bill.
To get free healthcare in Canada, or universal healthcare, you must be a permanent resident. Immigrants in Canada waiting to join a provincial healthcare program are vulnerable for months without Canadian travel medical health insurance coverage.
The Government of Canada recommends that newcomers have at least $100,000 in travel insurance coverage for unforeseen accidents or emergencies.
Travel medical health insurance can go by different names. In Canada, it’s called Visitors to Canada (VTC) insurance.
Visitors to Canada insurance can protect you for up to 365 days when you apply. You can also extend it. This travel insurance is for you if you are:
While Canada has universal healthcare, costs for services are high for uninsured non-residents.
For example, visiting a health clinic can cost between $100 and $200. A hospital and emergency room visit can cost $3,000 to $5,700 per day.
An inpatient hospital stay can be $3,000 or more per day. Major hospitals charge $17,000 per day or more for intensive care. Travel medical health insurance can help you cover these costs.
Newcomers to Canada who are permanent residents will likely receive government-funded universal healthcare. However, you may not have coverage for your first few months because of waiting periods in some provinces. So, to protect yourself and your loved ones, you can buy travel medical health insurance before you arrive to fill the gap.
If you arrive in Canada on a study or a work permit, you may qualify for public-funded health care. When you land in Canada, you can apply for government plans like the Ontario Health Insurance Plan or Alberta Health Care Insurance Plan. However, it may take months to join the provincial healthcare program. Bridging the coverage gap will protect you from any expected health and medical costs that may hurt your budget.
Whether you are moving to Canada permanently or temporarily, coming to study, or visiting as a grandparent or parent, private health insurance can protect you for the first few months.
Arriving with an action plan for your first weeks in Canada can save you time and money. The quicker you settle into your new environment the faster you’ll feel at home! In this webinar, Your First Weeks in Canada, we discuss the important things to do to manage your first weeks efficiently.
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The purpose of health insurance for newcomers is to cover medical expenses. Depending on your coverage, comprehensive medical health insurance for newcomers of all ages may cover things such as:
The first thing to determine before arriving in Canada is whether or not you are eligible for coverage. Carefully review the eligibility section of the insurance company’s policy or contact them directly to find out.
Also, determine if you must complete a medical health questionnaire. You may not have to if you’re 59 or younger. If you are older than 60, you may need to complete a questionnaire to determine the cost of your policy.
Here are other things to consider when selecting an insurance plan:
Travel medical health insurance for Canada is affordable. For example, it may cost $500 for three months for a family. This insurance will cover the waiting period to join the provincial healthcare program. However, make sure you’re covered for the entire period you need. Or get additional coverage if you need it. Get a free quote now!
The Government of Canada recommends you have at least $100,000 in travel insurance for unforeseen accidents or emergencies.
Travel insurance differs from medical health insurance. It can cover lost luggage, trip cancellation costs, medical expenses, and repatriation for newcomers. Some travel insurance packages may include health insurance coverage, but you must check to be sure.
In Canada, people use travel insurance when they travel outside their province. Travel insurance within Canada covers the difference between what the government healthcare insurance pays and what the travel insurance covers.
Also, when people leave their country of origin or country of residence for Canada, they often buy local coverage. This may not have the same level of coverage they will need in Canada. So make sure you compare the coverage.
Whether you are moving to Canada permanently or temporarily, coming to study, or visiting as a grandparent or parent, travel medical health insurance is vital. Research what coverage will best meet your needs to keep you and your loved one safe and secure.
It’s never too early to begin your research or get a travel medical insurance quote!
Many newcomers to Canada arrive with the goal of home ownership, and many buy a home within a few years. However, coming up with a sizeable down payment and building a Canadian credit history can be a challenge for newcomers. That’s why a rent-to-own program and contract can be a strategic path for newcomers looking to buy a home. Discover how rent-to-own works to decide if this is an option for you!
Home prices in Canada remain high and may seem unaffordable for many newcomer renters. As a result, rent-to-own programs are becoming more popular as an affordable way to buy a home in Canada. With growing popularity, more real estate companies and landlords offer newcomers rent-to-own programs to help them become homeowners.
This creative path to home ownership works by reducing the large down payments typically needed in today’s housing market. This makes the goal of owning a home in Canada easier for newcomers to achieve.
This is why rent-to-own programs, often called rent-to-buy, are attractive to newcomer first-time homebuyers.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARIn Canada, a rent-to-own agreement is a contract between the renter and the property owner. Like a standard rental agreement, the renter makes monthly payments to the property owner at a set price.
A rent-to-own contract is different from a typical rental contract. With rent-to-own, some of the monthly payment goes toward a down payment on the rental property. These are called rent credits and allow the renter to buy the home at an agreed-upon date.
This program can be ideal for newcomers who may face challenges buying a home through the traditional financing route from a bank. It also helps newcomers:
A rent-to-own agreement gives renters time to save for a down payment through the rent credits that apply to the home purchase when the deal expires.
A rent-to-own agreement allows newcomer homeowners to sort out financial issues and save money to buy a home in Canada at a locked-in price. The duration of the agreement also allows newcomers to build their credit history and score. Making on-time rent payments is vital to boosting your credit history.
A rent-to-own agreement allows you to live in a house you’ve picked out before buying it.
If the value of the property increases during the rental period of the agreement, the renter still buys the property at the agreed-upon lower rate. This allows the new homeowner to keep the higher value of the home.
The renter is responsible for buying the home at the agreed-upon price, even if the property’s value decreases during the agreement term.
If the renter cannot buy the home at the end of the agreement, they may have to leave the property and lose the down payment credits that were part of the program. Newcomers need to fully understand the agreement before signing.
Newcomers do not need a large down payment to get a rent-to-own home. However, they still have to pay some money up front. This fee or option deposit must be paid on your move-in date. The deposit is deducted from the set purchase price.
A rent-to-own program agreement usually runs from one to 5 years. The landlord cannot sell the home to anyone else during the contract’s term. When you buy the house at the end of the lease term, you must pay the remainder of the down payment.
Here’s what it would cost to enter a rent-to-own agreement to buy a home in Canada for $495,000:
With this agreement, a tenant would save $26,640 for the down payment over the three years they’re renting the property. After putting 5% down, the remaining $2,509 could be used toward closing costs.
In Canada, 5% is the minimum amount you need for a down payment. In this case, the owner must also purchase mortgage loan insurance.
Most Canadian landlords require proof of valid tenant insurance. Tenant insurance protects your possessions and valuables (inside and outside your home). Tenant insurance can also provide other types of coverage, such as personal liability for accidents and damages and living expenses if you’re forced to move out due to flooding, fire, etc.
When you become the property owner, you must have home insurance to protect your belongings, the house, and the property. You must also provide liability protection.
Research home insurance quotes to get the right coverage for your needs.
1. Currently, there are no government rent-to-own programs in Canada. Newcomers interested in these programs must deal with private companies.
2. Rent-to-own programs vary, so research and seek advice. Experts recommend that newcomers work with professional companies affiliated with the Canadian Association of Rent to Own Professionals (CAROP).
3. Newcomers buying through a rent-to-own program must have tenant insurance.
4. The demand for rent-to-own programs is growing in provinces like Ontario, Alberta, and BC, where housing costs are high. Here is a list of CAROP members.
For newcomers and international students arriving in Canada renting a room in a home can be an affordable housing option. Most arriving newcomers seek a short-term rental, and then search for a longer-term rental. Many also consider sharing accommodation with others as a cost-effective option. But there is another solution for newcomers: home-sharing, or renting a room. Discover how renting a room in Canada can be a great solution for renters and homeowners!
Home-sharing is not new to Canada. For example, other home-sharing programs focus on helping students find affordable accommodation or keeping seniors living and aging in place.
Sparrow, a Canadian home-sharing platform helps immigrants explore and find rooms for rent and home-share solutions. It also looks to enlist newcomer homeowners as hosts. To achieve this, Sparrow has teamed with Prepare for Canada to make hosts, and rooms, available to newcomers.
This Sparrow-Prepare for Canada initiative provides immigrants and international students with accommodation sharing, another alternative to apartments, condos, or house renting. “We need to make it easier and safer for newcomers to find good housing options in Canada,” said Oren Singer, co-founder and CEO of Sparrow. “There’s a ton of underutilized housing space in the form of spare rooms and basements.”
“With the cost of living so high these days, many homeowners turn to home-sharing to supplement income.” The rooms-for-newcomers project is timely and affordable.
Though rental prices and vacancy rates are now easing across Canada, affordable housing remains an issue for many newcomers arriving each month.
“We need to make it easier and safer for newcomers to find good housing options in Canada.”
Oren Singer, Co-founder and CEO, Sparrow
“We’re proud to collaborate with Prepare for Canada to help connect and match newcomers to places they can call home,” says Singer.
Sparrow’s home-sharing platform matches hosts with spare bedrooms to newcomers and international students seeking affordable rooms for rent in Canada. The company also sees its business as building social connections and increasing the quality of life for Canadians.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARIn addition to the demand and competition for affordable rentals, rental prices remain high, particularly in popular destinations for newcomers like Toronto and Vancouver.
In February 2025, a one-bedroom apartment in Vancouver cost $2,522 a month, while a one-bedroom in Toronto was $2,353. Even a one-bedroom in Saskatoon, one of Canada’s most affordable cities for rent prices, was $1,217 monthly. Homeshare rents, at approximately $964 a month, are significantly cheaper.
“Basements or rooms for rent on the Sparrow platform are more affordable than the average studio or 1-bedroom rental rates,” says Singer.
“We’ve been helping newcomers make connections that simplify the immigration journey for over 12 years,” says Dave Frattini, managing partner of Prepare for Canada and Rentals for Newcomers. “Sparrow is a purpose-driven home-sharing platform and community that makes renting a room easy, safe, and affordable.”
“Together, we’re on a mission to help newcomers enter the rental market faster and easier. We connect newcomers with homeowners to help them find safe and affordable housing. We look forward to connecting with homeowners who want to build this innovative housing solution for newcomers.”
Sparrow’s rigorous matching and identity verification process ensures safety and security. Its matching process involves background checks, home share agreements, and screening interviews. Sparrow also matches based on compatibility to enable better connections based on habits, lifestyles, and living preferences. Newcomer homeowners and renters can sign up here.
Sparrow does credit and background checks to match people based on compatibility. Hosts can list their rooms for rent and create a FREE profile. Sparrow charges the host a fee when they receive the first rental payment from the housemate. Housemates do not pay Sparrow fees.
Anyone who becomes a host should check with their insurance company to see if they need additional coverage for home-sharing.
The host service fee (a one-time only fee) depends on the length of the home share contract and ranges from 25 – 100% of one month’s rent, for example:
| HOMESHARE TERM LENGTH | FEE (% OF ONE MONTH RENT) |
|---|---|
| 1 – 3 months | 25% |
| 4 – 5 months | 50% |
| 6 – 9 months | 75% |
| 10 – 12 months | 100% |
The lack of affordable housing for renters, plus population growth and inflation, inspired homeowner Karen H. to become a Sparrow host. “I decided I could pay it forward by helping somebody get in a space to live at a reasonable price.”
Karine S., who rents a room from Karen in Toronto, said that initially, she didn’t know about the Sparrow concept of housemates and renting a room. She said she was hesitant at first because of previous issues with roommates.
“I was a little bit wary going into this,” she said, “but the thing that clarified it for me was finding a compatible match (Karen).”
Watch the video to learn about Karen’s successful home-sharing experience!
Sparrow estimates there are over 12 million empty bedrooms across Canada.
A Canada Centre for Economic Analysis report estimates more than half of residents, and three-quarters of those over 65, live in houses bigger than they need. This is five million spare bedrooms across the province.
“We have an opportunity and responsibility to reimagine how we use and share our housing space,” says the Sparrow website. The company also notes that one in five Canadian renters spends more than half their income on shelter costs.
In addition to housemates, Sparrow and Prepare for Canada are looking for hosts to meet the demand for accommodation sharing. Renting out a spare room and welcoming housemates can help homeowners deal with rising expenses.
For newcomers and international students seeking a room to rent and share accommodation, this is a safe and affordable housing option, and a chance to make a lifelong friend!
London, Ontario, offers newcomers to Canada many great neighbourhoods to rent affordable apartments, condos, and homes. The city is undergoing a rebirth, attracting younger people to its affordable rental housing, location, business and job opportunities, and schools. London’s best neighbourhoods for renting are diverse, and apartments and houses for rent in London range from budget-friendly to expensive. London, Ontario’s best neighbourhoods for renting feature green spaces, parks, rivers, schools, and parking.
These are some of the best neighbourhoods for renting in London, Ontario, for newcomers to Canada. You’ll also find a hidden gem, the safest neighbourhoods, and rental tips. Discover which of London’s best neighbourhoods will be right for you as you begin your housing journey.
According to a survey of RE/MAX Real Estate Brokers, the best London neighbourhoods for renting are Byron, Lambeth and Old South London. These neighbourhoods rank as the top three best neighbourhoods in London for access to green spaces, parks, walkability, retail, restaurants, public transit, and ease of getting around.
Lambeth is a “hidden gem” among London’s neighbourhoods. It is one of London’s safest rental neighbourhoods and feels like a small town. Located in the southwest area of London, Lambeth’s allure includes its quaint and charming atmosphere. Naturally, it has a lot of older homes, but there are new developments.
With an agricultural history, Lambeth has many stores and hosts its yearly harvest festival. If that small-town feel is what you’re after, Lambeth is the spot to rent an apartment or home.
Carling Heights, White Oaks, and Southcrest are excellent neighbourhoods for affordability and for having a good supply of rental housing inventory.
The Byron, Masonville, and Lambeth neighbourhoods are some of the safest neighbourhoods. They have the lowest crime rates, particularly violent crime.
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REGISTER FOR THE WEBINARHere are some of London’s best and most popular renting neighbourhoods for newcomers to Canada and international students:
North London, or Old North London, is a neighbourhood between Downtown and Western University. Known historically for its old homes and beautiful parks, Old London has seen a resurgence of younger residents and is a good rental spot for newcomers. New condos and a lively commercial district populate Richmond Street. The neighbourhood’s rich history still gives the community a shine that makes it desirable.
Many international students rent in the area because of its proximity to Western University.
A neighbourhood in south London, Southcrest features high-rise apartment buildings, single detached homes built in the 1960s and 1970s, and townhouse complexes. Base Line and Wharncliffe’s intersection is a commercial plaza with a grocery store and other shops and restaurants.
Southcrest Park is in the heart of the neighbourhood. It features baseball diamonds, a play structure, a wading pool and a newly renovated outdoor pool. Southcrest residents can easily access nature through the Southcrest Ravine and Euston Park paths.
Byron is situated in Southwest London, close to the Thames River, and is rated as one of London’s three best neighbourhoods for renting. It is popular with middle-income families. In Byron, you’ll find condominiums and single-standing family homes. Byron has many school options, and all the necessary amenities are nearby.
Byron has great entertainment options and activities around town, such as Springbank Park, Boler Mountain, and more.
Located just south of Oakridge and west of Westmount, Byron is a friendly, affordable community and is just right for newcomers looking for their first rental home. Winter sports lovers enjoy being close to Boler Mountain for skiing and snowboarding in the winter.
Byron is a family-friendly rental neighbourhood with plenty of schools, parks, sprawling yards, and streets well-suited for learning to ride a bike.
Old South and Wortley Village, located among Commissioners, Wellington, and Wharncliffe Roads, is a neighbourhood of early-mid-century homes and local shops with plenty of movie-like charm. It’s rated as one of the best neighbourhoods in London for renting.
This London, Ontario neighbourhood is idyllic, with entertainment and leisure options and many green spaces for wandering.
Located close to Byron in the northwest area of London, River Bend is a new London neighbourhood bordered by the beautiful Thames River. It is one of the most sought-after neighbourhoods in London, although it is also one of the more expensive places to live.
This London neighbourhood is close to Hyde Park Plaza and other shopping venues. The Kains Woods Environmentally Significant Area features trails and wildlife for nature enthusiasts. Komoka Provincial Park is also located in River Bend and offers many activities, such as camping, snowshoeing, and horseback riding.
Blackfriars is the neighbourhood that defines London. Located just outside the downtown core, it runs along the Thames River. It is one of the oldest neighbourhoods in London and features many beautiful homes and historical features.
Blackfriars is home to Labatt Park, a centre for sports and leisure in London since 1877. The Blackfriars Bridge has connected the community to London’s downtown since 1877.
Carling Heights is part of northeast London near the beautiful Old East Village. The neighbourhood is a mix of residential and commercial and features heritage homes, and plenty of shopping. It is also home to London’s most historic sites, the Wolseley Barracks and the Royal Canadian Regiment Museum.
Its proximity to downtown and other vibrant neighbourhoods make it popular with newcomers to Canada and it is one of London’s best neighbourhoods for renting.
The Masonville neighbourhood in London is family-friendly and of the safest in London.
Masonville borders the northern outskirts of Western University and has single-family dwellings and plenty of green space. The Medway Valley Heritage Forest is a popular scenic spot for hiking trails. Carriage Hill Park offers local access to walking trails and a great playground.
Masonville is also home to CF Masonville Place, a shopping area with a mix of over 150 stores.
It’s also popular with empty-nesters and downsizers, with a blend of new and old family homes, small bungalows, condos, and apartments.
Summerside is a new, affordable, modern neighbourhood in London located in the city’s southeast section.
The neighbourhood has many schools to choose from and access to Meadowlily Woods, an environmentally significant area, with many parks and trails.
Shopping, eateries and other services are nearby, just off Commissioners Road.
Summerside also has a sports complex with multiple soccer fields and parks.
Westmount is on the southwest side of London. It features a mix of older condos and single or semi-detached homes. Newer homes have been springing up around Westmount’s edges, but the area’s core is well-established.
Considered a nature lover’s paradise, Westmount is located along the southern edge of the Thames River and is beside several parks, such as Springbank Park. This London, Ontario neighbourhood is home to the Westmount Shopping Centre and offers many shopping and dining options within walking distance.
Westmount features large homes, tiny starter homes, older fixer-uppers, new builds, condos, and duplexes. It is a reasonably priced neighbourhood for newcomers to Canada.
Oakridge is an older neighbourhood with traditional homes and buildings located. The Thames River borders it to the south, the London Hunt to the west and the downtown area to the east. Its location makes it a desirable choice for families.
Oakridge has schools, stores, parks, green space, and golf courses close to the Thames River. Homes in this area are a mix of older 50s ranch-style homes, newer detached homes and condo apartments.
Primarily residential, Oakridge has plenty of family-oriented amenities, including parks, the Sherwood Library, and the Sherwood Forest Mall.
Stoneybrook is located in North London and has more than 7000 residents. It is a quiet family neighbourhood, with many homes built in the 1980s featuring large yards.
If you settle in Stoneybrook, you can easily walk to Masonville Mall or the Stoneybrook Shopping Centre. This neighbourhood has great outdoor spots, trails, and off-leash dog parks.
White Oaks is located in south London and contains a mix of single-family homes built in the 1970s and 1980s and large high-rise apartments. This popular London, Ontario, neighbourhood also features many townhouse complexes, making it appealing to newcomers.
White Oaks Mall serves as the centre for transit and shopping. The area also features the South London Community Centre, the South London Neighbourhood Resource Centre, and the Jalna Library Branch.
White Oaks Park is the central park and home of the annual South London Canada Day celebration.
White Oaks Park also has long paved paths joining up with many of the streets in the neighbourhood. It features baseball diamonds, soccer fields, tennis courts, multiple play structures, and swing sets, perfect for newcomers with families.
The park also has a newly renovated outdoor basketball court. Other parks in the area are Cheswick Park, Ashley Oaks Park, and White Oaks Optimist Park.
Fox Hollow or Foxfield is an up-and-coming neighbourhood on the edge of London’s northwest. It features newer developments and homes that are popular with younger families. It is also near Hyde Park Plaza’s grocery stores, shops and restaurants.
The Fox Field District Park has walking and biking trails. Snake Creek and Medway Creek intersect at the Medway Heritage Forest to provide plenty of outdoor experiences.
Argyle is a large neighbourhood in southeast London. Dundas Street is the leading commercial and transit corridor, with Argyle Mall at Clarke Road as the commercial hub.
The residential areas include single detached homes, townhouses, and three-story walk-ups. Argyle is a busy London neighbourhood with commercial offerings, leisure spots, and many independent shops and services.
London is southwestern Ontario’s largest city. It currently features the fourth most affordable rent prices among mid-sized Ontario cities.
The city offers affordable housing with a lower cost of living (including rent) than much larger cities like Toronto, lower crime rates, and excellent education and healthcare facilities. It also has top-tier schools like Western University and Fanshawe College and state-of-the-art healthcare institutions. It is an outstanding city where newcomers can live, rent, work, buy a home and raise a family. Learn more about Living in London, Ontario.
Prices are falling across the best London, Ontario, neighbourhoods for renting and will likely continue to decline in 2025:
| RENTAL PRICE | 1-BEDROOM (year-over-year change) | 2-BEDROOM (year-over-year change) |
|---|---|---|
| London, Ontario | $1,766 (down 4.3%) | $2,148 (down 2.9%) |
Source: 2025 Rentals.ca Rent Report:
Renting in London is cheaper than renting in Toronto. A one-bedroom in Toronto is $2,353, or $587 more per month than in London. So, renting an apartment in London can save you $7,044 per year.
Finding affordable rental apartments in Canada can be challenging for newcomers and international students. This overview provides valuable tips on how to find accommodation in Canada and prepare for success in your housing search. While finding a short-term rental before you arrive is vital, the hard work is finding affordable long-term housing. Researching the housing market before you arrive will give you information about rent prices in Canada. It will also help you compete in a tight, low-vacancy rental market.
Rental prices in Canada soared in recent years. Prices rose in Edmonton, Saskatoon, and Regina, as people left high-rent cities like Toronto and Vancouver searching for cheaper rent. Only recently have prices started to fall, a trend experts say will continue throughout 2025. However, while rental prices are decreasing in many cities, cost remains an issue.
Many newcomers turn to Rentals for Newcomers (RFN) to find accommodation in Canada.
So why has this online site become so popular with newcomers seeking their first rental home in Canada? Because RFN helps people avoid the headaches, heartaches, and expenses of their rental search by promoting landlords who value newcomers.
For immigrants arriving in Canada’s competitive rental market, sites like Rentals for Newcomers are invaluable. Plus, it’s FREE, but you must create an account! Register for free and connect with landlords.
Rent prices vary across Canada and some cities offer more affordable housing options. Researching and comparing rental prices can help you identify the most cost-effective cities. It’s equally important to ensure that suitable job opportunities exist. Ideally, you want to avoid making a costly secondary move to a new city.
Newcomers wanting to find accommodation in Canada must research the rental market before and after arriving. Knowing the rental landscape can help you find your first home more quickly. Rentals for Newcomers is a great place to begin research to find affordable apartments in Canada.
In addition to hosting rental listings from across Canada, RFN provides:
Dave Frattini, the Managing Partner at Prepare for Canada and Rentals for Newcomers, says RFN is an invaluable tool to find accommodation in Canada.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINAR“Searching for affordable accommodation in Canada is more difficult than ever for newcomers,” said Frattini. He offers these tips to prepare to find rental accommodation in Canada:
Frattini emphasizes that “newcomers must put their best foot forward when they meet landlords. Landlords can select the pick of the crop tenants for affordable rentals in prime locations.”
“Rentals for Newcomers is a great example of a partner agency,” said Jesse Greenwell, head of Communications Culture and Inclusivity at Mainstreet Equity Corp. Mainstreet is a leading real estate company for mid-market apartment rentals in Western Canada, “which can help prepare newcomers for Canada’s rental market.”
RFN is part of Rentsync, a North American market leader for property technology. This gives RFN access to the latest rental technology, tools, insights, and trends.
Using Rentsync’s rental technology software network to verify landlords, Rentals for Newcomers ensures that scam listings are not on its site to protect newcomers. Sites like Craigslist and Kijiji are vulnerable to rental scams that target newcomers.
“Importantly, our listings are well managed,” said Frattini. “The platform is driven digitally and manually. Rentsync knows the landlords that are listed on RFN.” Frattini added, “We inform and update our audience about scams in the rental market in blog posts.”
Although rent prices are slowly decreasing and vacancy rates are improving, finding accommodation in Canada remains challenging for newcomers. Experts say this trend will continue throughout 2025. So, it’s vital to research and prepare to find your first long-term rental. Using Rentals for Newcomers can make your search easier, and faster, and help you avoid rental scams.
Renting a condo in Toronto has become more attractive and affordable to newcomers to Canada. Lower asking prices and more rental condos on the market have given newcomer renters more bargaining power with landlords. It has also given them an alternative to renting in an apartment building. Understanding Toronto’s changing condo market can help newcomers find their first rental home in Canada.
For newcomers, it’s a good time to rent or buy a condo in Toronto. And the market will offer many attractive options in 2025. The Toronto condo market is in flux due to an oversupply of condos amid falling sales and rental asking prices. Toronto and Vancouver are by far the largest condo markets in Canada. In Toronto, condo sales have slowed dramatically in 2024, descending into a situation described as “bleak.”
According to recent data from Altus Group and BILD GTA, only 210 new condos were sold across the Greater Toronto Area (GTA) in October. That’s down 84% from the same time last year. The drop reveals a slowing condo activity and why asking prices have fallen.
There are approximately 40,000 units of condo supply in the GTA. This consists of unsold condos in development, assignment listings, or condo resale listings. Toronto condo market forecasts suggest there may be more affordable opportunities for newcomers looking to rent or buy a condo. Read more about living in Toronto.
Across Canada, condo rent prices are falling for all unit types except for popular three-bedroom units. Nationally, two-bedroom condo rents saw the largest annual decline. This national trend in condo asking rents matches what’s happening in Toronto and Vancouver.
Whether renting or buying, living in a condo offers newcomers advantages and disadvantages:
| PROS | CONS |
|---|---|
| Less maintenance and repairs | No control over maintenance & repair schedules |
| On-site amenities, such as a sauna, swimming pool, gym | Paying for amenities you don’t use |
| Enhanced security features | Less privacy and possibly more noise |
| Predictable monthly maintenance or condo for owners | Special assessment charges for unexpected repairs |
| Condo boards elected by and answerable to owners. | Some condominium units are small |
| A community lifestyle with social, entertainment, and recreation | Condo board rules on noise levels, parking, pets, smoking and decorating |
| Possibility of renting out the unit as an Airbnb rental | Disruptions caused by Airbnb rentals |
Some of these pros and cons affect owners only and not renters. If you rent, your landlord will explain the condo rules and regulations before you sign the lease.
Strong population growth in the GTA has boosted condo rentals, according to third-quarter data from the Toronto Region Real Estate Board (TRREB).
In addition to population growth, there has been a growth in the number of condos for rent in Toronto. This offers newcomers looking to rent in the Toronto condo market greater choice and lower rental costs.
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REGISTER FOR THE WEBINAR“Many newcomers to the GTA initially choose to rent a home,” said TRREB President Jennifer Pearce.
“Given the record pace of immigration, it is no surprise that the number of (condo) rental transactions continues to trend upwards,” said Pearce. “In recent months, these renters are benefitting from more negotiating power, due to an increase in listing supply. This has resulted in a more affordable (condo) rental market.”
The average rent for all types of rentals in Toronto in October was down 9.0% year-over-year to $2,642.
In the City of Toronto condo rental market, rentals rose 38% year-over-year. According to a recent national report from Royal LePage, this increase was driven by newcomers and population growth.
| CONDO TYPE | RENTAL PRICES (OCT 2024) |
|---|---|
| Studio Condo | $1,874 (down 6.9% from 2023) |
| 1-bedroom Condo | $2,499 (down 5% from 2023) |
| 2-bedroom Condo | $2,386 (down 4% from 2023) |
| 3-bedroom Condo | $2,889 (up 2.8% from 2023) |
A condo can be a good entry-level home for newcomers looking to buy in the Toronto market.
With many condos on the market and at lower prices, would-be buyers have been renting and saving money. They’ve been waiting for interest rate cuts and condo prices to fall. Toronto condo buyers have been waiting for the Bank of Canada to lower its key interest rate below 3.5%. In December, the Bank lowered the rate to 3.25% from 3.75%.
Buyers have also been waiting for desirable two- and three-bedroom condos in prime downtown locations to come on the market.
When buying a condo, it’s smart to consider the size. The hottest-selling condos are two and three-bedroom units of 800 square feet or larger. However, the reality is that most units are 600 square feet or less (studios, one-bedroom, one-and-a-half bedrooms).
In Toronto, the average selling price of a condo (all sizes) in October was $650,000, down 0.7% from September. Overall, the price has fallen 6.1% since October 2023.
The average selling price for all property types in the GTA has fallen 15% since the peak in February 2022. Housing and condo prices in the GTA are expected to remain stable or rise slowly come spring, depending on interest rates.
Toronto’s condo market is becoming more attractive for newcomers. But for now, there appears to be no rush to buy one. As Toronto real estate agent Grace Chan told The Toronto Star, “Interest rates need to be lower, and the (condo) inventory needs to be more enticing,”
Sources: