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The March 2025 Canada job market report reveals a slightly tighter job market for newcomers. For those soon to arrive or recently arrived in Canada, knowing how the job market is performing will help you join the workforce. Discover growth sectors, unemployment rates, and factors affecting the job market.

A man in a suit and tie sits across a table from a woman wearing a green sweater during a job interview. The financial services sector saw job gains in March.
The financial services sector saw job gains in March.

Changes in the Canadian Job Market by Sector

According to Statistics Canada, 347,000 more people were working in March 2025 compared with March 2024. That’s a year-over-year gain of 1.7%.

These sectors saw good job gains in March:

  • Transportation and Warehousing (10,100+)
  • Professional, Scientific, Tech Services (9,600+)
  • Finance, Insurance, Real Estate, Rental and Leasing (6,300+)
  • Public Administration (6,300+)
  • Natural Resources (4,400+)
  • Utilities (4,200).

The economy lost 33,000 jobs in March, the biggest job loss since January 2022. This loss in March followed February’s stagnant gain of just 1,100 jobs, which left the unemployment rate unchanged from January at 6.6%.

Until March, Canada enjoyed three consecutive months of growth in November 2024, December 2024, and January 2025, with 211,000 jobs.

Sectors with the most job losses in March were the wholesale and retail (-28,000), information and culture, (-20,300) and, business, building and other support services (-10,300).

Other sectors that saw job losses include agriculture, manufacturing, construction, educational services, accommodation and food services and health care and social assistance. 

Overall, there was a 62,000 drop in full-time jobs, and a decline of 48,000 private sector jobs.

SECTOR% CHANGE
FEB TO MAR 2025
Agriculture-3.9
Natural Resources1.3
Utilities2.8
Construction -0.2
Manufacturing-0.4
Wholesale & Retail Trade-1.0
Transportation & Warehousing0.9
Finance, Insurance, Real Estate,
Rental & Leasing
0.4
Professional, Scientific and Technical Services0.5
Business, Building & Other Support Services-1.4
Educational Services-0.2
Health Care & Social Assistance-2.4
Accommodation & Food Services-0.2
Other Services (Except Public Administration)1.5

March Unemployment Rates Across Canada

The unemployment rate measures the health of the economy and the job market. Amid the uncertainty created by the ongoing trade war with the United States, the unemployment rate rose to 6.7% from 6.6% in February.

Ontario and Alberta had sharp drops in employment, with job losses of 28,000 and 15,000, respectively. Saskatchewan gained 6,600 jobs, Nova Scotia gained 2,000, and Newfoundland and Labrador gained 1,600 jobs. The other provinces saw few changes.

CITY & PROVINCEMARCH UNEMPLOYMENT
% RATE CHANGE
(Previous Month in Brackets)
CANADA6.7 (6.6)
Barrie, Ontario 7.1 (5.6)
Calgary, Alberta7.2 (7.3)
Edmonton, Alberta7.2 (7.1)
Halifax, Nova Scotia4.9 (5.0)
Hamilton, Ontario7.2 (7.4)
Kitchener-Cambridge-Waterloo, Ontario8.3 (8.3)
London, Ontario5.9 (6.6)
Ottawa, Ontario5.5 (5.5)
Saskatoon, Saskatchewan4.8 (4.7)
Sudbury, Ontario5.7 (6.0)
Toronto, Ontario8.7 (8.6)
Vancouver, British Columbia6.7 (6.8)
Windsor, Ontario9.3 (9.4)
Winnipeg, Manitoba5.9 (6.2)

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Other Canada Job Market Report Highlights

  • Saskatchewan led the way in job creation, followed by Nova Scotia
  • British Columbia added 5,700 jobs
  • Part-time jobs rose by 30,000
  • Canada’s jobless rate remains below its recent high of 6.9% in November 2024
  • Employment rates remain stable in the critical 25-54-year-old core age group.

Canada Job Market Report Surprised Many Economists

Canadian economists, such as Derek Holt, Scotiabank’s vice president and head of capital markets economics, predicted job market gains of 25,000 for March and a drop in the unemployment rate to 6.5%. Holt, however, remains unconvinced of the “accuracy” of the March decline in jobs, calling the report’s details “soft.”

“Nevertheless,” said Holt, “it still doesn’t matter in the face of the changed world we now have upon us with the (U.S.) trade war.”

Tu Nguyen, an economist with RSM Canada, said the March jobs report may indicate what Canadians can expect as the trade dispute with the U.S. intensifies.

“We saw a lot of layoffs happening in trade in March, and we expect April to see even more layoffs and a rise in the unemployment rate,” said Nguyen. 

A male construction worker is working on a steel bridge. Tariffs on steel and aluminum are creating uncertainly in Canada's job market.
The United States is applying a 25% tariff on steel and aluminum imports from Canada.

Tariffs are Creating Economic Uncertainty

In March, the Donald Trump U.S. administration put tariffs on many imported goods from Canada, like steel and aluminum imports.

Trump has since threatened more tariffs. However, he has also announced multiple changes and delays, creating uncertainty for Canadian businesses and the job market. The uncertainty is also raising concerns about a global recession.

Inflation, Interest Rates, and the Job Market

Inflation unexpectedly fell to 2.3% in March, down from 2.6% in February. The drop was due to lower gasoline and travel tour prices.

Experts predicted inflation would rise in the short term during the trade war. However, the Bank of Canada warns that a lengthy trade war will cause economic damage and may lead to job losses due to layoffs.

Key factors driving Canada’s recent steady job growth before March have been lower inflation, interest rates, and a drop in international students and temporary foreign workers.

On April 16, the Bank of Canada opted to hold its interest rate at 2.75% following seven consecutive cuts. Many economists predict there will be more cuts in 2025, affecting both job creation and the cost of living.

Exactly what impact tariffs, inflation, and interest rates will have on the Canadian job market in the short- and long-term remains uncertain. So, newcomers watching the job market need to pay attention to these issues.

Two men and two women in a line receive information packages from a woman at a job market fair
Newcomers must pay attention to job market trends that can affect their job search.

Outlook for the Canadian Job Market

Economists remain uncertain about the Canadian job market for the remainder of 2025 if the trade war does not end soon or escalates.

RSM economist Nguyen predicts Canadian job losses will continue as long as the tariffs remain in place and pose a threat.

Understanding job market trends is crucial for newcomers seeking to enter Canada’s job market. The job market losses in March reinforce the economic uncertainty that tariffs and the global trade war are creating.

Low inflation and steady interest rates indicate a resilient economy, despite the uncertainty surrounding the trade war. 

With a rapidly changing job market, it’s essential to consider how changes will affect job prospects in your specific industry and occupation. Researching job prospects for your profession in Canada is the key to your success. It will make it easier to continue your career if there is a strong outlook for your profession and sector.

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. 

A "House for Sale" sign stands in front of the exterior of a home. Shared ownership makes buying a home in Canada a realistic goal for newcomers.

What is Home Co-ownership?

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:

  • 6% of Canadian homeowners co-own their home with someone other than their spouse or significant other.
  • 89% of this group co-own with family members and 7% with friends.
  • 76% of co-owners listed affordability as their motivation. That figure jumped to 83% among those aged 25 to 34 (Millenials and Gen Z).

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.

Stacked coins with a calculator, clock, and small wooden home are placed on a table to convey homeownership factors.

Down Payment Costs in Canada

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 PRICEMINIMUM DOWN PAYMENT REQUIRED
$500,000 or less5%
$500,000 – $1 million5% of the first $500,000 + 10% of the remaining balance
$1 million or more20%

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.

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Understanding Co-Ownership in Canada

Co-ownership in Canada is usually structured in two ways:

  1. 1. Joint Tenancy: Each owner holds an equal share of the property with the right of survivorship. That means if one owner dies, their share passes automatically to the remaining co-owners.

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.

A couple review a co-ownership document while a man seated across from them points out key parts in the document.

Know the Pros and Cons

PROSCONS
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:

  • Clarify each party’s contribution towards the down payment, mortgage payments, and ongoing expenses.
  • Decide who manages day-to-day operations and how to divide duties
  • Include buyout clauses and procedures for the party wanting to sell their share
  • Create a way to resolve disputes
  • Obtain legal advice when entering a co-ownership agreement.

Co-ownership with an Investment Company

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.”

Investment Firm Faces the Same Co-Own Risks

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%).

A person on the left drops house keys it is holding in their left hand into the outstretched palm of another person.

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.

Co-ownership Action Plan for Newcomers

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.

A young man is using a red fire extinguisher on a fire in the oven. Tenant insurance can cover the cost of the fire damage.
Minor fire damage in a rental can cost between $5,000 and $15,000 to repair.

Why Newcomers Require Tenant Insurance

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.

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What Does Tenant Insurance in Canada Cover?

An insurance policy in Canada can protect newcomers by covering:

Moving boxes, furniture, and expensive personal belongings in a living room. Renters insurance covers damage to valuables due to fire, theft, and damage.
Renters insurance covers loss of personal belongings.

Personal Property

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.

Accidents and Injuries

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.

Industrial fans are placed in an apartment to repair water damage in a rental apartment.
Insurance will cover temporary living expenses.

Relocation Costs

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.

 

A Landlord-Tenant Law books sits on a desk with a gavel, house keys, and a pen. Insurance is not mandatory, but it's smart to have it when renting an apartment in Canada.

Is Tenant Insurance Mandatory in Canada? 

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:

  • Property damage
  • Relocation costs
  • Out-of-pocket legal fees.
An open jewellry box with expensive rings, earrings, and watches.
Renters insurance protects your valuables from theft.

What if My Landlord Has Home Insurance?

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.

Tenant Insurance for International Students

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.

A small box replica of a house and a pen rest on top of a folders labelled Tenant Insurance Policy
Renters insurance gives newcomers peace of mind!

How Much Does Renters Insurance in Canada Cost?

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!

A young couple are watching a film in their apartment and relaxing on a sofa.

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!

Tips for Newcomer Renters

  1. Learn about affordable tenant insurance in Canada
  2. Make a list of your belongings and their cost value
  3. Buy tenant insurance to meet landlords’ lease conditions
  4. Give yourself peace of mind with insurance.

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.

A young Asian woman is standing in front of a departures board in an airport and checking her boarding pass.

Key Things to Know Before You Travel

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.

A stethoscope with and a red rubber heart are placed on top of health insurance forms.

Who Should Buy Visitors to Canada 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:

  • Waiting to join a provincial health insurance plan when you are new to Canada
  • Applying for the super visa for parents or grandparents
  • Working in Canada on a work visa and not covered by provincial coverage
  • Visiting Canada for an extended stay.
A medical professional is calculating heath care  costs that are covered by travel medical health insurance in Canada.

Medical Costs are High in Canada

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.

A close-up of hands and a pen completing an application for permanent residence. There is a Canadian flag in the background.

Medical Insurance Bridges Gaps in Coverage

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.

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A young girl is recovering in a hospital bed with an iv drip. Visitors to Canada insurance will cover hospital care for sickness or injury.

What Does Travel Medical Health Insurance Cover?

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:

  • Emergency medical treatment
  • Hospital care for sickness or injury
  • Doctor, ambulance, x-ray, and diagnostic lab services
  • Prescription medication
  • 24/7 emergency assistance.
A stethoscope is placed on top of a medical health insurance policy.

Know What Benefits Your Insurance Plan Covers

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:

  • Does the plan have simple eligibility requirements?
  • Does it cover pre-existing medical conditions? Some plans cover “stable” pre-existing conditions.
  • Is there a waiting period before coverage begins? If you buy travel medical insurance after you arrive in Canada, you must wait 48 hours for coverage to begin.
  • Does it offer 24/7 emergency coverage? This is vital to get the best and quickest treatment.
  • Does it offer multilingual customer service? It will be easier to understand doctors and medical professionals with translation services.
A mother and daughter are speaking to a doctor in a hospital room. While they wait to join Canada's universal healthcare system, they have private insurance to cover costs.

How Much Does Travel Medical Health Insurance Cost?

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.

Suitcases are placed on a conveyer bel belt

What Does Travel Insurance Cover?

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.

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What is a Rent-to-Own Agreement?

In 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.

A smiling man in a blue shirt pushes a laughing woman with her right arm raised as she sits in an empty moving box in their new rent-to-own house
Rent-to-own programs can help young renters fulfill their dreams.

What are the Benefits of a Rent-to-Own Program for Newcomers?

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:

Save for a Down Payment 

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.

Get Finances in Order 

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.

Live in Your Dream Home Before Buying

 

A rent-to-own agreement allows you to live in a house you’ve picked out before buying it.

Potential Increase in Property Value 

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.

What are the Drawbacks of Rent-to-Own Programs?

Property Values May Fall 

The renter is responsible for buying the home at the agreed-upon price, even if the property’s value decreases during the agreement term.

Potential Forfeit of Rental Credits

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.

What are the Payments for a Rent-to-Own Contract?

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. 

Payment Example

Here’s what it would cost to enter a rent-to-own agreement to buy a home in Canada for $495,000:

  • 2.5% option to buy = $12,375
  • The amount owed upon purchase of the home = $482,625
  • The 5% down payment required after term (5%) = $24,131
  • Monthly rent = $1,850
  • Monthly rent credit (extra funds for future down payment) = $740
  • The down payment saved after the set term (i.e., 3 years) = $26,640
  • So, the amount left over after the 5% down payment = $2,509.

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.

A man is holding a bucket to collect water from a leaking ceiling.
Insurance is a must-have for rent-to-own participants.

Tenant Insurance and Rent-to-Own Programs

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.

4 Rent-to-Own Tips for Newcomers

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.

Home-sharing Solutions for Newcomers

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.

A room for rent sign hangs in the front window of a home. Seeking a room for rent is an affordable housing options for newcomers in Canada.

How “Rooms for Newcomers” Works

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.

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Rental Costs in Canada Remain High

In addition to the demand and competition for affordable rentals, rental prices remain high, particularly in popular destinations for newcomers like Toronto and Vancouver.

A mobile device and a pen rest on top of a list of monthly expenses written on a sheet of paper. The expenses reflect those of someone recently graduated.

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.

A homeowner is sharing coffee at a breakfast table. Renting a room in a home is often more affordable than renting a one-bedroom apartment in Toronto or Vancouver.

Sharing Accommodation is an Affordable Option for Newcomers

“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.”

A smiling homeowner is giving a key to someone seeking  to rent a room in his home.

Focus on Safety and Security

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 LENGTHFEE
(% OF ONE MONTH RENT)
1 – 3 months25%
4 – 5 months50%
6 – 9 months75%
10 – 12 months100%

Toronto Home Sharing Host Pays it Forward

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!

Five Million Spare Bedrooms in Ontario

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.

Victorian style houses in a Toronto neighbourhood. Seeking rooms for rent can be a easy, safe, and affordable housing option for newcomers.

Newcomer Homeowner Hosts are Also Needed

“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.

Matching Newcomers to a Place They Can Call Home

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.

Best Neighbourhoods for Renting an Apartment or Home in London, Ontario 

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.

Lambeth is London’s Best Hidden Gem Neighbourhood

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.

Cars line both sides of a downtown street. Rent prices in London's neighbourhoods are much cheaper than in Toronto.

Safest Neighbourhoods in London, Ontario

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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Here are some of London’s best and most popular renting neighbourhoods for newcomers to Canada and international students:

Old North London Neighbourhood

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.

Drone Video of London, Ontario by Our Retired Life

Southcrest Neighbourhood

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 Neighbourhood

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 London Neighbourhood

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. 

River Bend Neighbourhood

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 Neighbourhood

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 Neighbourhood

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.

A woman walks on a trail through a park in daylight with other walkers behind her in the distance.

Masonville Neighbourhood

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 Neighbourhood

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 Neighbourhood

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 Neighbourhood

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 Neighbourhood

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.

A couple walk their bikes through a park. Bicycling through the many parks in London's best neighbourhoods is a popular activity among renters.

White Oaks Neighbourhood

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 Neighbourhood

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 Neighbourhood

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 has Affordable Rentals

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.

London Neighbourhood Rents are Cheaper Than Toronto

Prices are falling across the best London, Ontario, neighbourhoods for renting and will likely continue to decline in 2025:

RENTAL PRICE1-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. 

A young couple lean against a couch and read a laptop as they search for the best London, Ontario neighbourhoods in which to rent an apartment

Action Plan for Newcomers for Renting in London

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.

Skyscrapers and downtown rentals in Edmonton, Alberta, Canada.
Edmonton, Alberta

An Overview of 2025 Rental Prices in Canada

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.

A woman is using an online website to find rental apartments and rent prices in Canada.

How to Find Accommodation in Canada with Rental for Newcomers

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.

Register for 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! Register for free and connect with landlords.

How to Find Affordable Apartments in Canada?

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.

A couple is using a tablet to find affordable rental accommodation in Canada.

Research Canada’s Rental Housing Market

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.

Close-up of a person completing a renters insurance policy form.
Rentals for Newcomers provides information about why you need renters insurance in Canada.

How Rentals for Newcomers Can Help You Find Accommodation 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.

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Prepare to Find Accommodation in Canada

“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:

A young couple is meeting with a landlord when looking to find accommodation in Canada.
Newcomers must “sell themselves” as suitable tenants to landlords.

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.”

How Does RFN Help Newcomers Avoid Rental Scams?

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.

Cheerful parents are seated on the floor with their young child after finding an affordable apartment in Canada.

Get Verified Rental Listings 

“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.”

Summary

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.”

Toronto Condo Market Sales Slow

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.

A man in a pink shirt affectionately touches the shoulder of a smiling women in a striped shirt who  cooking at a stove
Condo rentals offer newcomers more amenities than apartments.

The Pros and Cons of Condo Living for Newcomers

Whether renting or buying, living in a condo offers newcomers advantages and disadvantages:

PROSCONS
Less maintenance and repairsNo control over maintenance & repair schedules
On-site amenities, such as a sauna, swimming pool, gymPaying for amenities you don’t use
Enhanced security featuresLess privacy and possibly more noise
Predictable monthly maintenance or condo for ownersSpecial 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 recreationCondo 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.

Toronto Condo Rental Market for Newcomers

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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Newcomers and Condo Market Rental Options

“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.”

Toronto Condo Market Rents Continue to Fall

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 TYPERENTAL 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)
Toronto Condo Rental Prices: Source: Rentals.ca October, 2024
A man and a woman with their backs to us and each carrying a box hold the hands of their two young children inside a home
Condo size is a major consideration for buyers.

Toronto Condo Buying Market for Newcomers

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).

A smiling young woman real estate agent proudly holds a sold sign outside a condo building
Condos sales in Toronto are expected to rise in 2025.

Toronto Prices to Remain Stable

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:

CMHC, TTREB, Rentals.ca

A tastefully decorated white bed rests beside a full-wall mirror in a 2-bedroom apartment.

For many reasons, a 2-bedroom apartment is often the smart accommodation choice for newcomers to Canada and international students. The primary advantage is having a roommate to share the costs and make the rent price affordable. Discover what you can expect to pay for 2-bedroom rentals across Canada and the added benefits.

How Much are 2-Bedroom Apartments in Canada?

According to Rentals.ca, the asking price for a 2-bedroom apartment in Toronto in October 2024 is $3,091 per month (a one-bedroom is $2,380), down 9.7 percent from October 2023.

For newcomers looking for something more affordable in Ontario, a two-bedroom in Hamilton rents for $2,102, and in Windsor, Ontario at $1,786 per month.

Go further west in Canada, and a two-bedroom in Edmonton, Alberta, costs an even more affordable $1,703, according to Rentals.ca.

On Canada’s east coast, the asking price for a 2-bedroom apartment in Halifax in October was $2,487.

Vancouver, Toronto, and Burnaby were the most expensive cities in Canada to rent a two-bedroom apartment in October 2024. In all three cities, the average two-bedroom rent exceeded $3000; in Vancouver, it was $3,430 monthly.

The most affordable 2-bedroom apartments in Canada are in Fort McMurray, Saskatoon and Regina. All are under $1,500.

Still, rent prices in Canada are falling, with experts predicting it’s becoming a renters market. In October, the rental market nationally saw the first decline in annual rents since July 2021. The average cost of rent is down $50 a month from a record high in June 2024. 

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Docked sail boats rest adjacent to a tree-laden park and condo buildings in Vancouver
A 2-bedroom apartment in Vancouver rents for almost $3,500 a month.

Two-bedroom units appeal to younger Millennials, GenZ renters, and immigrants arriving with families, so it’s no wonder they have the highest rent demand in urban areas. Deciding how many bedrooms you need for you and your family depends on your needs, finances, and how you budget for affordable living.

Usually, a family of five can live in a 2-bedroom apartment. Be upfront with the landlord about how many people will live in the rental. Landlords cannot refuse to rent out their property because of the size of your family.

Also, when choosing a two-bedroom apartment, consider its size and layout to ensure everyone can live comfortably. 

There are more than 2.13 million apartment units across Canada, and according to Statistica, the majority are two-bedroom. 

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In addition to more living (and closet) space, a two-bedroom gives you more design options for furniture and the freedom to customize your living space.

Distribution of housing by type across Canada.

Why Do People Prefer a 2-Bedroom Apartment?

Sharing a two-bedroom apartment means sharing utility and other costs with a roommate to reduce housing expenses, and to make the rent affordable. If your rental costs are lower, you can live closer to work or school and avoid transportation costs.

A bearded man in a red plaid shirt lifts a box as a woman holding a box looks on as they move into their apartment.
Renting a 2-bedroom apartment can be a long-term strategy

Also, a 2-bedroom apartment can give you:

A larger apartment is a smart living choice for starting a family in Canada. Also, if you plan, like many newcomers to Canada, to buy a home within three to five years after arriving, a two-bedroom allows you to remain in one spot until you do. In other words, there are no moving or relocation costs or hassles.

2-bedroom floor plan with house keys placed on top of the plan.

Four Common Floor Plans for 2-bedroom Apartments

1. Small 2-Bedroom Apartment

The smallest floor plan usually has two bedrooms and one full bathroom with access to the bathroom from a hallway outside of either bedroom. This allows people to access the bathroom without entering a bedroom and is the perfect layout for two roommates. In addition, the two bedrooms are (almost) equal in size. Be sure to check out the amount of storage.

A modern bathroom featuring an illuminated round mirror overtop of a raised sink and beside a glass shower.
2-bedroom apartments usually feature two bathrooms.

2. Medium-sized Apartment

The medium-sized 2-bedroom apartment may have 1.5 bathrooms on one or two floors. The two-story layout often has a living room, kitchen, half bathroom downstairs, two bedrooms, and a separate full bathroom upstairs. A one-story layout may have a half bath near the living room and kitchen and a full bath near the bedrooms. An extra half bathroom is helpful for newcomers with families or for guests.

3. Large Apartment

A large 2-bedroom apartment plan features two bathrooms, usually in many condo rentals. The main bedroom has an attached full bathroom in this layout, while the second bedroom does not. The second full bathroom is usually off a hallway, allowing guests to use it without entering the bedroom.

4. Deluxe 2-Bedroom Apartment

The 2-bedroom deluxe layout, common to condo rentals, may have 2.5 bathrooms. It usually includes walk-in closets for the main bedroom. It may include fixture upgrades and a larger kitchen and dining area.

A 2-bedroom apartment offers newcomer renters the chance to balance affordability, maximize smart living space, and maintain flexibility while doing longer-term life planning, such as buying a home.

You may discover that renting a 2-bedroom apartment is an affordable living option with many benefits!

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*Rent prices were accurate when this article was published but may change over time.