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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!
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.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARHomesharing 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.
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.
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.
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.
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 |
Becoming a homesharing host offers many benefits, including:
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.
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.
“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.
With rising homeownership expenses, becoming a Canada homesharing host may be the boost you need!
When you move to Canada, there are many things to consider, and the process can be quite long. One of the biggest things to consider is how to transfer your money and belongings to Canada quickly and cost-effectively. Fortunately, you have many options to transfer money and belongings to your new home in Canada.
Before you move to Canada, you must find a safe and easy way to transfer your money. Fortunately, there are many ways you can transfer money from your home country before you move to Canada.
When moving to Canada, you will have to make an important decision; should I open a Canadian bank account before I move or after I move to Canada? This decision will determine how effectively you can handle your finances once you move to Canada.
Opening a bank account with a Canadian bank before you move is possible, though you need to know how to do it. However, it is usually better to open an account with a Canadian bank before you arrive than waiting until after you land. Opening a Canadian bank account before you move to Canada will make it easier to:
Some people prefer to open a Canadian bank account after they arrive. However, opening a Canadian bank account from outside Canada requires more documents and can be a little stressful. Some people prefer to open an account when they can talk to a professional face to face rather than completing the process online. If this sounds like you, then you can wait until after you arrive to open your Canadian bank account. Just remember that it’s possible to open a Canadian bank account before you move and many newcomers have done it.
Now let’s look at some common ways to transfer your money to Canada.
Wire transfer is one of the easiest and simplest ways to transfer your money to Canada. However, you can only do this if you have already opened a bank account in Canada before you move to Canada. And with a Canadian bank account, you can send a wire transfer from your current bank account to your Canadian bank account.
Opening a bank account with one of Canada’s larger banks is a good idea because they have branches across Canada and are easily accessible. The larger banks also usually offer better customer service.
Some of Canada’s larger banks are:
After you open a Canadian bank account, you can send a wire transfer to your Canadian account. Once you arrive in Canada, you can easily access your funds from your Canadian bank account.
Ready to take control of your financial journey in Canada? Join our expert-led online webinar! Learn essential banking tips to build a strong financial foundation. Hear from David Frattini, Managing Partner at Prepare for Canada, and Neil Dhanani, Financial Advisor at Scotiabank, as they guide you through everything you need to know.
REGISTER FOR THE WEBINARAn international money order is one of the most common ways to transfer your money from your country of origin to Canada. It is a good option if you decide to open a Canadian bank account after you move to Canada. You will need to get an international money order from your current bank in your country of origin before you move to Canada.
When you arrive in Canada, you will need to open a bank account and deposit the money order to your Canadian bank. Most international money orders have a maximum limit of $1,000 per order. This means that you will have to buy multiple orders to deposit all your money in a Canadian bank.
This method of transferring your money is usually safer than carrying cash. This is because money orders are paper documents and only a few can be worth a lot of money.
It is important to note that you will not be able to use your money right away. Once you have deposited the money order into your Canadian bank, you will have to wait for some time before you can access your money. The wait time will vary depending on the bank, so ask your bank when you can access your money.
Cash is another option, though it may not be the safest way to transfer money to Canada. It might be a little hard to travel with all of your life savings. However, if you feel comfortable with carrying all your money as you move, Canada will allow you to do this.
You must declare the amount of money you carry to the Canadian Border Services Agency (CBSA). You will only need to declare it if that money is valued at more than $10,000 in Canadian dollars. This money could already be in CAD or it could be foreign currency. This step ensures that you do not transfer illegal money into Canada.
If you carry more than CAD $10,000 and do not declare it, the CBSA can seize your money. You may have to pay a penalty of anywhere from CAD $250 to $5,000 to retrieve your money from the CBSA.
If you’re bringing a large amount of money, cash is not the best way to bring money into Canada. Cash can be hard to handle when there is a lot of it and there is always a chance of the money getting stolen.
Most of the jewelry and valuables you bring to Canada when you are moving are duty-free. This means you will not have to pay any taxes on those items. There are some items that you might have to pay duty on. For example, you will have to pay duty on new items or items that still have tags on them.
Generally, you do not have to pay duty on any goods you bring when you move to Canada. However, once you have moved to Canada and are bringing back any valuables from abroad, those goods may be subject to duty. You will also need jewelry appraisal reports from a recognized Canadian jeweller.
Canada will allow you to bring almost all your personal belongings and items duty-free. Things such as silverware, pots and pans, and any other household items are duty-free. However, any new items that still have a tag on them are subject to duty so keep that in mind. Alcohol and tobacco are also subject to duty if you bring them in large amounts.
There are some goods that you are restricted to bring into Canada. These goods include weapons and firearms, fireworks, ammunition, and explosives. You are not allowed to bring any of these goods into Canada.
You can check out this comprehensive article by the Government of Canada to learn more about what you can bring to Canada and if it is subject to duty.
Ideally, you don’t want to ship more than you have to since shipping costs are based on volume. You may decide that it’s less expensive to buy what you need when you arrive in Canada. You can always check out the cost of furniture and other items you may need in Canada online and compare it to the cost of shipping. If replacement costs are higher, then shipping makes sense. You’ll also avoid the stress of shopping when you arrive. Another benefit of shipping your goods is having your familiar belongings from home.
If you have more goods than you can carry with you while travelling, you can ship your goods before you move to Canada. There are many options to ship your goods to Canada, some are considerably more expensive than others.
Two ways you can ship your goods to Canada are by sea and air. Shipping by sea is cheaper than air but it is less convenient. Firstly, shipping by sea can take a lot of time. You will have to ship all your goods a good while before your move to Canada so you can access them when you arrive. You may not want to do that if you need those goods until you move. Once your goods arrive in Canada, you pick them up from a warehouse. The goods will not be delivered to your house.
Your other option is to ship by air. Shipping by air is more expensive, but it’s fast. You will have the comfort of waiting until your move and then shipping the goods to Canada. But just like shipping your goods by sea, you have to pick up your goods at a warehouse or further pay a moving company to deliver the goods to your home in Canada.
So to summarize, shipping by sea is a good choice if you want to save money or ship a large amount of belongings. However, you’ll have to wait longer for your goods to arrive. Shipping by air might be a better option if you’re shipping a few items to Canada. In the end, make sure to carry any essential items with you when you travel so you can access them when you arrive. Ensure you do not exceed the weight and size restrictions your airline will allow.
Hiring a professional moving company for your move to Canada can help you understand what to ship, its costs, and most importantly the shipping and customs regulations. However, it’s vital to carefully evaluate the company that you select to move your valuable belongings. To assess potential movers, be sure to ask these important questions:
2. Can you provide references?
3. What licensing and insurance can you provide?
4. What type of estimates do you require?
5. How do you charge for moves?
6. How will you protect my home?
7. How will you protect my belongings?
8. Do you have workers’ compensation insurance?
9. What is your claim process?
10. When will my shipment arrive?
There is a cheaper alternative to storing your goods in a warehouse for pickup. If you have a friend or relative in the Canadian city you are moving to, they might be able to help you. If you do not have too many goods you are shipping, you can ship the goods to their home in Canada. Once you arrive in Canada, you can pick up your goods from their home. This will help you save money you would have had to pay to store your goods in Canada.
When shipping your household belongings to Canada, you want them to arrive safely and without damage. Unfortunately, contents can be damaged during shipping. But if your goods are not insured, you cannot claim damages. It is understood that if you’re paying to ship bulky items to Canada, then their value must be high. Therefore it’s crucial to pay for insurance to ensure the safety of your belongings and give you peace of mind.
Usually, it is better to consider the cost of insurance as part of the shipping costs. This leaves you with no option but to pay for the insurance as well, which is a good choice by all means. To determine and prioritize your budget for the insurance, always make a comprehensive list of what you are shipping and how much it would cost if you have to replace it all in Canada.