Homesharing Helps Homeowners Deal with Rising Expenses

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!

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%, 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% in 2023.

Renting out a spare room can ease that financial pressure. It also provides affordable home-share rental option for newcomers and international students.

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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.

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:

• Earning up to $1,200 extra monthly income, depending on the city location, to cover rising living costs.

• 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.

Becoming a Canada Homesharing Host

Canadian homeowners with a spare bedroom can sign up to be a home-sharing host here.

“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 homeowners looking for a sense of community and an income stream from renting a spare room can sign up here to be homesharing hosts.

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 cities like Vancouver and Toronto can make over $15,000 yearly.

• 58% of homesharing hosts are over 50 and retired.

• 51% of housemates are under 30 and just starting their careers or getting an education.

• Over 62% of homesharing hosts and housemates are women.

• Homesharing hosts and housemates speak over 40 unique languages with interests like travel, fitness, arts, fashion, sports, gaming, and photography.

With rising homeownership expenses, becoming a Canada homesharing host may be the boost you need!

WRITTEN BY

Steve Tustin

Senior Editor, Prepare for Canada

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.

© Prepare for Canada 2025