Canadian Real Estate for New Immigrants

Likewise different countries, Canada provides the opportunity to choose a place to which you can call it as “Home”.  In Canada, you can easily find homes that are fully furnished. It means that all the necessary furnishings will be included in the home such as furniture. Furnished homes and apartments can really be a good option if you are immigrating for the first time in Canada and especially from the far countries because you can’t bear the cost of moving your own furniture to Canada. So, the option of furnished home would be the best to take into consideration. But most people in Canada don’t do this. They always opt for unfurnished home or apartment as they want to decorate it as they want to see it. Some of the unfurnished homes will still provide the kitchen appliances like stoves and refrigerators.

 While shifting to Canada, it is important to decide whether you will rent or buy the home where you plan to live. This is important to decide because it will influence your decision of considering the list of property while you are searching for the home. Most of the permanent residents prefer renting a home initially so that they can get to know the environment of the place they live in, find a reasonable job and then do a steady and deep research on real estate in Canada and their prices. On the other hand, there are some people who come to Canada and straight away buy new homes for their livings. If you plan to buy a new home, then you should be ready to pay the down payment for that home as most of the banks and mortgage providers in Canada will definitely ask you for at least 10-15% of the down payment to the total cost of home. It means that if you are planning to buy a home that worth $100,000, then you will have to pay $10,000 as down payment.

On the contrary, if you are planning to rent a home, then also you must be ready to pay some amount upfront as advance for first and the last month’s rent as most of the landlords in Canada will ask you for this when you sign the lease for your new home. Also, you will have to provide contact information of a reference to the landlord and that must be someone from Canada. For Example, your employer would be a good reference.

In any case whether you rent or buy home, you should expect to pay amount of $400 to $2500 per month depending on the quarters you choose. Considering it as a rule of thumb, one should not spend 50% of his income on housing costs that includes your rent/mortgages and utility bills. That means that you should set up a budget prior to start hunting for house/apartment in Canada. Also, remember that you will find different living costs in the same province. So, try to focus on finding homes outside areas of major cities to save costs.