Housing Options for Canada

minaudo Active member

Member since 07 January 2015

minaudoActive member10 February 2015 12:35:13

There is no doubt that the cost of living in PARTS of Canada is higher than in areas where most immigrants are coming from. Vancouver and Toronto are among the most expensive and housing is the largest part of that living expense.

Here are some more affordable ideas that you might want to look into further:
- work for accommodation. If you have some skill that someone may need you might be able to barter your services (programming, cooking, writing, event management, etc.)
- renting a larger space with some roommates or other family (this has been done for decades)
- buying a home using money from a group of investors (family and friends) from your existing town of origin
- communal home where you all own part of the home and live together sharing the bathrooms & kitchen

If you know of any others, please share them.

ajmedina New member

Member since 09 February 2015

ajmedinaNew member10 February 2015 14:35:14

Thanks for share your tips

And I have one question what cities are cheaper to rent?

minaudo Active member

Member since 07 January 2015

minaudoActive member10 February 2015 17:06:53

There are hundreds of cities in Canada. The more isolated or the less desirable ones are the ones with less rent and they tend to be the smallest ones. Use the 'MetroActive Neighbourhood Selector Tool' to find your ideal city.

ajmedina New member

Member since 09 February 2015

ajmedinaNew member10 February 2015 18:43:15

Thank you very much Minaudo

I'll try that tool

Graemek Member

Member since 08 February 2015

GraemekMember12 February 2015 09:59:27

A cheaper option if you are in the position of buying, in Vancouver, is to look for condo developments that offer properties on long-term leased land, rather than full land ownership. As much of Vancouver and the North Shore is built on native-owned reserves, many developments offer affordable condos - high-rise or townhouse style - on 99 year leased land. You might find something at half the price of a regular condo.
I don't know if such deals exist in Toronto. Best to ask a local real estate agent. Mortgage rates are at an all time low now so that also makes ownership more attractive than renting.

minaudo Active member

Member since 07 January 2015

minaudoActive member12 February 2015 10:14:25

Graemek wrote:
A cheaper option if you are in the position of buying, in Vancouver, is to look for condo developments that offer properties on long-term leased land, rather than full land ownership. As much of Vancouver and the North Shore is built on native-owned reserves, many developments offer affordable condos - high-rise or townhouse style - on 99 year leased land. You might find something at half the price of a regular condo.
I don't know if such deals exist in Toronto. Best to ask a local real estate agent. Mortgage rates are at an all time low now so that also makes ownership more attractive than renting.

If you are considering this option, there are many things you should understand both about this type of long-term lease and mortgage financing for foreigners or newcomers to Canada. Contact me if you're interested.