To buy or to rent when you move to Canada?

When moving to Canada one of the first considerations you have to make is where you plan to live , followed by  do you rent or buy ?There is no real magic answer to this though,  as it depends largely on personal preference, circumstances and knowledge.

So my aim here  is to help provide you with some knowledge that  will help you weigh up your options, so that you can decide.

Map of Canada
Image via Wikipedia

Because it is such a big change some people prefer to rent when they move here,whether it be for just a month or two, 6 months or more,  this gives you the ability to sort out other financial commitments first, and get a ‘feel’ for the communities/areas. If this is the case, one good place to look for a rental, is  . Here there are lots of private landlords and many of the rental agencies which advertise here, so is a good place to start.With regards to renting/tenants rights a good resource is

Note most landlords ‘prefer’ long term rental agreements, but do feel free to ask for what you want, e.g. 6 months or so.

However,  if you want to ‘settle’ in and  want to take advantage of the slower market  and  low rates,(as of  Dec 2011) and hence plan to buy soon after your arrival, this most definitely can be possible, and financing (e.g. new mortgage)  when you are new to Canada is an option with a fairly low down payment,, but with the right steps in place. So,  if you are planning to buy fairly soon after your arrival- it is worth speaking to a mortgage broker well in advance ,if possible,  to make the transaction as smooth as possible, and so that you have all your ‘ducks in a row’ for when you move here. (see my local services section for 2 GREAT mortgage brokers- who have had much experience dealing with expats obtaining mortgages in Canada).

Or if you are simply unsure, and just want to discuss your options, and weigh up the pro’s and con’s, I am always happy to discuss, so feel free to email or call, having ‘been there,done it and got the t-shirt’ I am always happy to help.

Mel McCartney

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