For homeowners in Canada with a mortgage to pay and spare rooms to rent, becoming a homesharing host can help solve financial and personal needs. All homeowners quickly discover that homeownership comes with costly expenses, including the mortgage, insurance, monthly maintenance, and daily living expenses. Despite the costs, homeownership remains the goal of young Canadians and newcomers, even with the high home prices and mortgage rates, according to a recent Scotiabank survey. Renting out that spare room and welcoming housemates as a home share host can help lower your monthly homeownership costs.
Discover the benefits of becoming a homesharing host and how to do it!
Being a homesharing host in Canada can help you with mortgage costs.
Homesharing Can Reduce Homeownership Expenses
Renting out a spare room can bring Canadian homeowners valuable extra income via home share to help pay their mortgage and bills. Becoming a home share host is a solution that can bring financial relief, whether you’re an empty nester, a struggling young homeowner, or a newcomer to Canada homeowner. It also enables homeowners to make new friends and gain companionship.
The 1.4 million Canadians who got a mortgage in 2020 or 2021 may have seen their median monthly mortgage cost increase by $420, or 30 percent, upon renewal. Even though the Bank of Canada continues to lower interest rates, many homeowners renewed their mortgages when or just after the rate reached a high of 5 percent in 2023.
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Renting out a spare room can ease that financial pressure. It also provides affordable rental housing for newcomers and international students.
Homesharing hosts rent spare bedrooms to long-term housemates for rent (and possibly help around the house and companionship). While the homesharing concept isn’t new, Prepare for Canada and Sparrow Share have partnered to offer a unique and fulfilling path for Canadian homeowners to become homesharing hosts.
Sparrow estimates that there are over 12 million empty bedrooms across Canada.
Homesharing in Canada Made Easy
Canada will welcome 395,000 immigrants in 2025 and 380,000 in 2026. That’s in addition to tens of thousands of international students and temporary foreign workers looking for affordable housing. Rental demand and rent asking prices nationwide remain high for renters.
Homesharing, done right, is a safe, reliable, hassle-free process that benefits both hosts and renters.
People under 30 form the majority of housemates in Canada.
Homesharing in Canada Means More Rentals
In Ontario, it’s estimated that more than half of residents, and three-quarters of those over 65, live in houses larger than they need. According to the Canadian Centre for Economic Analysis, that adds up to five million spare bedrooms across Canada’s largest province.
Sparrow Expertly Matches Hosts and Housemates
Oren Singer, the co-founder and CEO of Sparrow, says Canada needs “to do a better job of making it easier and safer for newcomers to find good housing options in Canada.” “There’s a ton of underutilized housing space in the form of spare rooms and basements,” said Singer.
Making Sure Homeowners Get the Right Price
Dave Frattini, Managing Partner of Prepare for Canada and Rentals for Newcomers, says the Prepare for Canada/Sparrow initiative offers a simple, turnkey homesharing service to help homeowner hosts find a pool of compatible housemates.
To ensure accountability, Sparrow verifies every potential renter through background, credit, and income checks. Their matching algorithm finds renters who complement the homeowner’s lifestyle.
Sparrow also ensures that the homeowner’s room rental is the optimal price. They collect and report rent payments to credit bureaus to motivate renters to pay on time.
Housemates can rent a room for as little as two months or up to a year.
We’re on a mission to help newcomers enter the rental market faster and easier by connecting them with homeowners and newcomer allies.
Dave Frattini, Prepare for canada
Homeowners who want to become homesharing hosts can list their rentals and create a profile for free. A service fee for hosts is only charged once the host has received the first rental payment from the housemate.
The host service fee (a one-time-only charge) ranges from 1/4 – 1 month’s rent, depending on the length of the homesharing contract. There are no service fees for housemates.
TERM LENGTH
ONE TIME ONLY HOST SERVICE FEE
1 -3 months
1/4 month’s rent
4 – 5 months
1/2 month’s rent
6 – 9 months
3/4 month’s rent
10 – 12 months
1 month’s rent
Benefits for Canada Homesharing Hosts:
Becoming a homesharing host offers many benefits, including:
Enjoying the companionship of a like-minded housemate.
Reducing your mortgage payment and the burden and stress of home maintenance.
Playing a vital role in easing Canada’s housing crisis.
Helping newcomers and international students settle successfully in their new country.
Watch a Canada Homeshare Host Share Her Experience:
Brigitte Sharpe of Toronto decided to become a Sparrow homesharing host after her son moved out.
“I’ve got a second room,” said Sharpe. “It’s very difficult for people to find spaces, so I thought I would give it a shot.”
Sharpe says that she and her housemate of six months bonded and now have a friendship. She believes that they will definitely get together in the future.
Renting a spare room can help homeowners with their monthly housing costs.
“We’re on a mission,” says Frattini, “to help newcomers enter the rental market faster and easier by connecting them with homeowners and newcomer allies who can provide safe and affordable housing.”
“We look forward to reaching out to any homeowners across the country who want to contribute to building this innovative housing solution for newcomers.”
And, of course, for homeowner hosts, there are the benefits of “having someone around.”
“I recently spoke with one of our hosts who’s been renting out her spare room to a PhD student from the University of Toronto for about a year now,” said Singer.
Creating a Sense of Community
“She shared that, while the extra income has been helpful, the biggest benefit has been the peace of mind that comes with having someone around.”
Singer said that this reminds him “how homesharing isn’t just about financial stability, it’s about creating a sense of community.”
Canadian homesharing hosts say they enjoy having someone around.
Homeshare in Canada Facts
Canadian homeowners can earn a national average of $591 monthly or about $7,000 yearly by renting a room in their homes.
Homeowners in large city regions such as Vancouver and Toronto can make over $15,000 yearly.
58 percent of homesharing hosts are over 50 and retired.
51 percent of housemates are under 30 and just starting their careers or getting an education.
Over 62 percent of homesharing hosts and housemates are women.
Homesharing hosts and housemates speak over 40 unique languages. They also have many interests, such as travel, fitness, arts, culture, fashion, sports, gaming, and photography.
With rising homeownership expenses, becoming a Canada homesharing host may be the boost you need!
For newcomers and international students arriving in Canada, the current rate of inflation affects how much you pay for housing, groceries, transportation, and other expenses. Staying informed about inflation changes can help you budget and manage your finances. Stay up-to-date with recent changes so you can manage the cost of living in Canada.
The most recentStatistics Canada data(June 2024) shows the annual inflation rate fell from 2.9 percent in May to 2.7 percent in June. This rate drop is welcome news for immigrants who have recently arrived or will soon arrive.
Lower gasoline prices were the driving force behind the rate drop.
What is contributing to the current rate of inflation?
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Durable goods (cars, home appliances, consumer electronics, furniture, sports gear, toys, etc.) fell by 1.8 percent, which also helped lower the rate.
More good news for newcomers is that cell phone services were down 12.8 percent in June compared with 19.4 percent in May. Canada has some of the highest mobile phone rates in the world.
Clothing and footwear prices also edged lower in June. Service prices rose 4.8 percent annually in June, compared with a 4.6 increase in May.
Some costs and services that led to the June inflation drop:
COST OR SERVICE
CHANGE
Durable Goods (furniture, appliances)
Down 1.8% year over year
Used vehicles
Down -4.5% amid improved inventory levels compared with a year ago
Travel tours
Down 11.1 compared to a year ago
Recreation/Leisure
Down 0.5% in June after a 0.4% gain in May
Cell phone services
Down 12.8% in June compared to May 2024
Gas prices
Rose just 0.4% in June compared to 5.6% in May
Price for fresh fruit
Down -5.2% in June compared with May (-2.8%)
Newcomers can monitor inflation in Canada to help budget for costs.
Housing inflation is a concern for immigrants
“Shelter inflation,” or the costs involved inhomebuyingandrenting, was still more than double the primary rate of inflation in June. Shelter prices in Canada increased by 6.2 percent over the last year and continue to be the primary cause of higher inflation.
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While rent growth has slowed in recent months in Canada’s largest cities,TorontoandVancouver, some popular rental markets, such as Alberta, continue to have rental price growth. Rent prices in Canada rose 9 percent in June compared to June 2023.
So, will the drop be enough to convince the Bank of Canada (BOC) to cut its key overnight lending rate gain?
Will an interest rate cut follow the inflation report?
The BOC lowered interest rates from 5 percent to 4.75 percent in June 2024. That cut was the first in four years, and the first time the rate fell below five percent since July 2023.
The Bank will meet on July 24 to discuss whether current economic conditions warrant further cuts.
Derek Holt, Vice President and Head of Capital Markets Economics for Scotiabank believes that “the BOC is still likely to cut” in July, which would be good news for immigrants.
Canada's inflation rate target remains 2%
The BOC has set a target of two percent inflation. Inflation hit a high of 8.1 percent in June 2022, just as the Canadian economy was recovering from the pandemic. The BOC hiked interest rates 10 times between March 2022 and the summer of 2023 to control inflation.
The BOC believes that making it more expensive for Canadians to borrow money forces consumers and businesses to spend less, thus lowering prices and slowing the economy.
Themost recent employment reportfor June revealed that the Canadian economy lost 1,400 jobs. The unemployment rate increased to 6.4 percent, meaning 1.4 million people were unemployed in June, an increase of 42,000 from May.
According to the latest report from the IRCC, monthly immigration to Canada rose by 22 percent in April. It increased again by 9.3 percent in May, with 46,550 newcomers that month,
That puts the total number of new permanent residents arriving in the first five months of 2024 at 210,865.
The details of the report are consistent with the backdrop of consumers becoming increasingly cautious with discretionary spending.
Benjamin Reitzes, BMO economist
Inflation is a major concern for immigrants and international students who have arrived in Canada or are arriving soon. The cost of living in Canada affects many basic items and services essential to newcomers’ daily lives.
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
Read more about your financial first steps in Canada.
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For many newcomers, buying a home in Canada is a dream that can help set roots and build equity. Following the housing market will help you research Canada home prices and discover affordable cities and regions. Researching the housing market is vital when considering what city to settle in, where, and when to buy a home.
For immigrants eager to buy a home, the Canadian housing market remains in a “wait and see” mode. As the Bank of Canada continues to lower interest rates, the Canadian Real Estate Association (CREA) reveals that potential buyers are waiting for more mortgage rate cuts. Discover what’s in store based on the most recent September 2024 housing market statistics.
Expect a Rebound in Canada’s Housing Market in 2025
CREA senior economist Shaun Cathcart explained the current housing market “holding pattern” trend this way:
“With the pace of (interest) rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now.”
Cathcart predicts that the current holding pattern may last until the end of 2024 and expects a sales rebound in 2025. This is when the full impact of interest rate cuts will take hold.
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CREA predicts that home sales nationally will reach 6.6 percent in 2025 (their prediction early in the summer was 6.2 percent).
In September, the Bank of Canada cut interest rates for the third time, lowering the overnight lending rate to 4.25 percent. Experts expect the bank will announce similar cuts in October and December. This could lower mortgage rates to as low as 3.5 percent by the end of 2024, making homeownership more affordable for newcomers.
For newcomers from India, China, or the Philippines arriving and looking to buy a house soon, the good news is the current “buyer-friendly market” may continue until the end of 2024 and beyond.
Despite the ongoing holding pattern, Canadian home sales nationally in September increased 1.9 percent month-over-month, reaching the highest sales level since July 2023. That slight increase follows a 1.3 percent increase in August, a 0.7 percent fall in July, and a 3.7 increase in June.
Housing Market in Canada Favours Buyers
Prices rose slightly in September. The national average home price was $669,630, up 2.1 percent from September 2023. CREA’s September report reveals that 76.9 percent of regions in Canada have home prices below the national average, and 38.5 percent of regions have prices under $500,000.
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Other Facts from CREA’s September Housing Market Report:
New listings were up 4.9 percent month-over-month.
The national average sale price was up 2.1 percent year-over-year in September.
Approximately 185,427 homes were listed for sale, up 16.8 percent from September 2023.
Western Canadian cities such as Edmonton and Winnipeg , the cost of homes are in the $400,000 range and offer greater affordablility.
Regina, Saskatchewan and Saint John, New Brunswick have budget-friendly homes for newcomers averaging under $330,000.
Newcomers are a significant segment of the Canadian home-buying market.
Recent data from Statistics Canada reveals that immigrant homeownership is rising across Canada. British Columbia, Ontario, and Alberta have the highest home ownership costs for newcomers, while New Brunswick and Newfoundland have the lowest.
A Royal Lepage report revealed that immigrants buy one in five homes in Canada. After arriving in Canada, they also buy homes faster than ever and focus far more on home buying than Canadian-born homebuyers.
Housing affordability varys in most Canadian real estate markets for renters and homebuyers. So, it’s wise for newcomers to research housing prices in different regions when deciding where to settle.
Affordable housing markets can help newcomers buy homes within their budget and set themselves up for financial success.
Home Prices across Canada, September 2024. Source: Zoocasa
Highlights from the Housing Market Report and Home Prices Across Canada
Vancouver, British Columbia
The average home price in Greater Vancouver was $1,252,066 in September 2024, up 0.2 percent from August. Annually, average home prices are down 3.2 percent.
Calgary, Alberta
In September, the average home price in Calgary was $621,943. That’s 13.2 percent higher than the average sales price in September 2023, and 2.1 percent higher than August 2024. Increasingly, home buyers in Calgary are purchasing condos and townhouses and shifting away from detached houses.
Edmonton, Alberta
The average Edmonton home price in September 2024 was $440,366. That’s a 12 percent increase from September 2023 and a 1.2 percent hike from August 2024. Edmonton remains the most affordable among Canada’s five most significant population areas. The average price of a townhouse was $292,875 in September, up 9.6 percent year-over-year.
Saskatoon, Saskatchewan
The average house price in Saskatoon in September was $428,350, up 7 percent compared to September 2023. Across the province of Saskatchewan, the average home price was $343,800, up 6 percent year-over-year. There were 1,398 home sales in Saskatchewan in September, an eight percent year-over-year increase.
Winnipeg, Manitoba
In September 2024, Winnipeg’s average home sale price was $374,016, 0.9 percent higher than in August. That price is also up 0.1 percent from September 2023. The average sold price of an attached home in September was $360,739, up 5.9 percent year-over-year and down 0.4 percent from August.
Toronto, Ontario
Home prices in the Greater Toronto Area (GTA) housing market continued to fall in September 2024, with more homes listed for sale. The average GTA home price was $1,107,291 in September, up 3.1 percent from August. Year-over-year, the average GTA home price is down 1.1 percent.
Ottawa, Ontario
The average home price in Ottawa in September was $685,551, up 1.5 percent from September 2023 and 3.8 percent from August 2024. Home sales in September 2024 fell by 10.7 percent from last September. The average townhouse price was $551,259, down 2.6 percent from August.
Halifax, Nova Scotia
In September, the average home price in Halifax was $575,075, up 11 percent from September 2023 and 0.9 percent higher than August. Meanwhile, the average price of homes sold in Nova Scotia in September 2024 was $439,406, up 9.2 percent from September 2023. The number of new listings in Nova Scotia rose 8.2 percent from September 2023.
Brampton, Ontario
The average Brampton home price is now $1,035,184 down by 0.6 percent compared to last year. In September, the average price of a semi-detached was unchanged year-over-year at $932,000.
Surrey, B.C.
The list price of homes in Surrey, British Columbia was $1,078,668 in September 2024, compared to $1,189,612 in August 2024, down 7.82 percent month-over-month. The list price for condos was $556,080 in September.
Housing Market in Canada in 2025
So, how long will the Canadian housing market continue to favour newcomer buyers?
“So far, the recovery in sales has not generated too much pressure on house prices,” warns Scotiabank economist Patrick Perrier, “but we expect these supportive factors will eventually lead to a tightening of market conditions, thereby leading to an upward trend in house prices.”
Aa recent RE/MAX report shows that 16 percent of Canadians would be more confident buying a home once the Bank of Canada’s key interest rate drops by one more percent by the end of 2024.
So, is the Canadian housing market poised to take off as interest rates fall, and is now the best time for newcomers to buy?
“While some buyers may choose to take advantage (now),” said James Mabey, CREA Chair, “others may be inclined to wait as the bulk of future rate cuts from the Bank of Canada are now expected to show up in a matter of months as opposed to years.”
Action Steps for Newcomers Who Want to Buy a Home:
With more homes for sale, buyers may be anxious to sell as the end of the year approaches. This can help lower the cost of homes, which is good news for newcomers entering the housing market in Canada.
These action steps can help you navigate the housing market and find affordable housing options:
Monitor housing market performance and the cost of homes closely, particularly where you plan to settle.
Watch for upcoming Bank of Canada interest rate cuts and their effect on pricing, mortgage rates, and regional housing market conditions.
Know how housing prices differ nationwide when deciding where settle in Canada and when buying a home.
The good news for newcomers and international students is that the Bank of Canada’s interest rates are falling. Experts predict they will continue to fall throughout 2024. The cuts will lift some of the financial pressures affecting all Canadians – including newcomers – from increasing mortgage costs, borrowing costs, and the rising cost of many consumer items.
On July 24, the Bank of Canada cut its benchmark interest rate by 0.25 percent to 4.5 percent. The second 0.25 percent cut followed a similar one in June. Before June 5, the rate stood at 5 percent, down from a high of 8.1 percent in June 2022.
Interest rate cuts will boost the economy
The most recent Bank of Canada interest rate cut came as inflation in Canada fell from 2.9 percent to 2.7. The Bank’s target rate for inflation is 2 percent.
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Meanwhile, unemployment in Canada increased to 6.4 percent in June, up from 6.2 percent in May.
The interest rate cuts directly affect homeowners, businesses, consumers, and borrowers.
So, what can newcomers who have already arrived in Canada or arriving soon expect going forward?
Bank of Canada Governor Tiff Macklem said it is “reasonable to expect” more cuts in 2024. The Bank is “increasingly confident that the ingredients to bring inflation back to target are in place.”
Larger interest rate cuts are needed
“I take a lot of comfort from that. And I think Canadians need to just take a lot of comfort from that too.”
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As for the impact of the Bank of Canada interest rate cuts on housing, Perrault said that the rate cut (an indication of more to come) “should be a great comfort to people with mortgages and people in the housing market.”
You should expect those interest rates to come down as you think about your financial plan, as you think about holidays, as you think about renewing your mortgage or buying a car.
Jean-François Perrault, Scotiabank
“The challenge is that the housing market is going to be a little bit slower to respond” to the cuts.
However, some experts say that despite the recent cuts, interest rates are still too high for newcomers looking to buy a home.
“It’s not a surprise that the Bank of Canada lowered its rate, but I’m disappointed it wasn’t a 0.5 percentage-point drop,” said John Lusink, president of Right at Home Realty.
“That would have really stimulated the market. Will this recent rate cut have a dramatic effect on sales? No, I don’t think so. It’s still wait and see for a lot of people.”
“So we’re not expecting a dramatic turn on the housing market in the short run.”
Arrive in Canada Financially Prepared
Building a strong financial foundation is vital to your success. Join this webinar to start your banking journey in Canada on the right foot!
AnIpsos Research surveyshowed that newcomers buy homes quicker than ever and focus more on homebuying than those born in Canada.
Factor the impact of the cuts on your financial planning
Canada is on target to welcome 485,000 permanent residents in 2024 and will welcome 500,000 in 2025. Between 2021 and 2026, Canada will have welcomed 2.4 million additional permanent residents.
For Perrault, a key takeaway from the Bank of Canada interest rate cuts is that it is “very clear that interest rates are going to come down and that you should expect those interest rates to come down as you think about your financial plan, as you think about holidays, as you think about renewing your mortgage or buying a car.”
“I would encourage people to not be overly worried about the economy, not necessarily rebounding right away as rates come down because they’re expecting it to.”
“But it’s just a matter of time before things turn around,” said Perrault, “as those rate cuts kick in and people feel like they are in the right position to go out and try and buy a (home). We know it’s going to happen. It’s just a matter of when that’s going to happen.”
Follow the next Bank of Canada interest rate cut (Sept.4) and see how it affects prices in Canada.
Continue to follow theCanadian job market, rent prices, and inflation trends.
SOURCES: Bank of Canada, Globe and Mail, Scotiabank Perspectives, Toronto Star, Statistics Canada, Ipsos.
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canadaandhe is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
Read more about your financial first steps in Canada.
Building Credit History in Canada as a Newcomer
A lesson many newcomers learn when they arrive in Canada is that you need credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada.
Open a Bank Account Before Arriving in Canada
Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada.
Inflation in Canada and What it Means for Newcomers
For newcomers and international students arriving in record numbers, it’s helpful to understand how the currect inflation rate in Canada can affect how much you pay for housing, groceries, transportation, and other expenses.
Insurance in Canada: What Newcomers Need to Know
Protecting yourself and your family against unexpected danger and risk is what insurance in Canada is all about for newcomers to Canada and international students.
Do Newcomers Need to File an Income Tax Return?
If you became a permanent resident and lived in Canada, even for a short period, filing your first income tax return with the Canada Revenue Agency (CRA) can provide financial benefits.
Finding accommodation in Canada can be challenging for newcomers and international students amid a rental housing crisis. While finding a short-term rental before you arrive is an important first step, the hard work is finding your first long-term rental.
Of course, researching the rental market before you arrive will help you compete in Canada’s tight, low-vacancy rental markets. Get a helpful overview of Canada’s rental market and tips to prepare for a successful housing search!
A recent 2024 National Rent Report from Rentals.ca showed that asking rents in Canada increased 9.3 percent year-over-year to an average of $2,188 in April.
Slower but steady rent increases are predicted throughout 2024 due to high demand and low supply. The demand stems from an influx of newcomers, and people who cannot enter the homeownership market despite falling prices and sales.
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The competition for rental units will get tighter as newcomers continue to arrive.
Rentals for Newcomers helps people avoid the headaches of searching for rentals in Canada.
How to Find Accommodation in Canadawith Rental for Newcomers
For help finding accommodation in Canada, many newcomers turn to Rentals for Newcomers (RFN).
Why has this site become so popular with newcomers seeking their first rental home in Canada?
Rentals for Newcomers help people avoid the headaches, heartaches, and expenses of their rental search by promoting landlords who value newcomers.
Registration is Free
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!
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Registering will allow you to interact with landlords behind the rental listings.
Watch the video and discover how Rentals for Newcomers can help you find accommodation in Canada.
Canada will welcome at least 485,000 permanent residents this year and 500,000 in 2025, mainly from India, the Philippines and China. The country hopes to land 485,000 newcomers in 2024 and 500,000 in 2025. Canada has also welcomed a record number of international students. However, it has recently imposed new restrictions.
Rental Demand Makes Finding Accommodation in Canada Difficult
“We have unprecedented levels of demand that are met by low vacancy,” says Jesse Greenwell, Head of Communications Culture and Inclusivity at Mainstreet Equity Corp., a leading real estate company for mid-market rentals in Western Canada.
“Everything is outpaced by the demand,” he said.
“Rentals For Newcomers is a great example of a partner agency,” said Mainstreet’s Greenwell, which can help prepare newcomers for Canada’s rental market.
Researching Canada’s Rental Housing Market
Newcomers looking to find accommodation in Canada need to research before and after arriving. Canadian landlords won’t rent to you before you land, but knowing the rental landscape can help you find your first home more quickly.
Rentals for Newcomers is a great place to research and find that rental.
How Rentals for Newcomers Can Help You Find Accommodation in Canada
In addition to hosting rental listings from across Canada, Rentals for Newcomers provides:
Information about the best neighbourhoods for renting in Canada’s most popular cities.
Current rental prices in Canada’s major rental markets (for example, a Toronto one-bedroom apartment rented for $2,459 in April 2024, while a one-bedroom in Saskatoon costs $1,215 monthly – a difference of $1,244).
Links to a monthly housing newsletter with the latest rental market trends and a comprehensive renter’s guide for newcomers.
Tips to impress Canadian landlords, avoid rental scams, rent without a credit history, and much more!
Dave Frattini, managing partner of Prepare for Canada and Rentals for Newcomers, says RFN is an invaluable tool to give you a head start to find a rental.
Newcomers must prepare to “sell themselves” as suitable tenants to landlords.
Prepare to Find Accommodation in Canada
“Vacancy rates in most cities across Canada are now hovering around 1.5 percent,” said Frattini, “meaning landlords have all the power in choosing the tenant they want. Searching for accommodation in Canada is more difficult than ever for newcomers.”
Frattini advises newcomers to prepare to find accommodation in Canada and:
Frattini emphasizes that when newcomers meet landlords “they need to prepare because landlords have the pick of the crop”.
Protect Yourself from Rental Scammers that Target Newcomers
Rentals for Newcomers also ensures that scam listings are not on its site to protect newcomers. The RFN site is part of the Rentsync rental technology software network, that verifies landlords.
“Importantly, our listings are well managed,” said Frattini. “It’s both technologically and manually driven. Rentsync knows the landlords that are listing on Rentals for Newcomers.”
Frattini added, “We educate our audience about scam alerts. Through Rentals for Newcomers’ blog posts, we update our audience about scams in the rental market.”
Summary
Finding accommodation in Canada remains challenging for newcomers searching for their first long-term rental. Renters face fierce rental demand and competition. Using Rentals for Newcomers can help you overcome hurdles with resources and tools to make your search easier and faster!
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
