Many newcomers to Canada prefer to rent rather than buy a home when they arrive. Finding a new home can be stressful, so this article will present you with the fundamentals of the Canadian rental process.
How to find your rental accommodation:
You can look for rentals on your own using several online and in-person resources. Sites such as Condos.ca, Padmapper, and Zumper will show you the available accommodations in various neighbourhoods and their prices. You can also employ a realtor or real estate agent to help you find a home.
One of the simplest ways to find rental homes is to go to the neighbourhood where you want to live and check for “For Rent” signs on houses or buildings. Then, call the phone number provided or inquire with the building manager about the leasing choices.
It is important to think about where you wish to reside. The typical cost of renting in a specific location, public transit alternatives, commute durations, accessibility to schools, jobs, grocery stores, etc., parking, and crime rates are all aspects to consider during this process.
Organize important documents
To be able to rent a place in Canada, you must produce specific documentation proving that you can afford the rent and that you will pay on time. Landlords may request:
1) A letter of employment detailing your salary.
2) Credit history
3) References (for example, from prior landlords)
4) Account statements
5) Id photocopies
It may be challenging to achieve these standards after only recently relocating to Canada. There are, nevertheless, a few possibilities or recommendations that can assist you in finding a rental apartment without a credit history or a work letter.
Tips on Finding a Rental
If you have not yet found work, demonstrating adequate finances to cover more than a few months of rent would most certainly aid your case. This demonstrates your dependability as a tenant. You can contact your bank, which may be able to supply you with a document confirming that you have the necessary funds to pay rent.
A guarantor or co-signer is another possibility. A guarantor or co-signer is someone who promises to pay your rent in your absence. Guarantors and co-signers are legally binding and are usually relatives or close friends.
Each province has its own set of rules regarding rent deposits that tenants must pay before moving in. Renters in Ontario, for example, are expected to pay the first and last month’s rent. If you are missing key documents, such as an employment letter, you can pay a few more months of rent upfront to entice a landlord to approve your rental application over another. However, landlords are not permitted to request this type of payment in advance, and it is entirely up to you to offer it if you are comfortable with it.
It is important to understand that landlords are not permitted to request your Social Insurance Number (SIN). Furthermore, they are not permitted to question about your ethnic heritage, religion, marital status, or sexual preferences.
You can also seek for privately owned apartments or basement apartment rentals. Apartments operated by a single landlord rather than a property management company may have a considerably simpler application process. In terms of credit and employment verification, the process for apartments in large rental buildings can be rather demanding. Individual landlords may be more accommodating in your case.
Signing the lease agreement
The lease is the legal instrument that details the terms on which you and your landlord have agreed. It will likely indicate:
- The amount of rent you are required to pay each month
- How you are to pay rent each month (i.e. by cheque, direct deposit)
- The dates of your lease
- Rules about the rental (i.e. smoking, pets)
- The conditions for ending or cancelling your lease
- The conditions about subleasing
- What repairs are your responsibility
- What happens at the end of your lease
- Since a lease is a legally binding document, you should make sure you understand it in its entirety before signing.
After signing the lease, you may need to transfer utilities such as hydro to your name from previous renters or the landlord. Finally, once you have received the keys, you can move into your new house.
