Good Sides:
1. Diversity of Options: Whether you're interested in a downtown condo in Toronto, a family home in Vancouver suburbs, or a countryside retreat in Quebec, Canada's vast geography and varied communities offer something for everyone.
2. Quality of Construction: Canadian homes are generally built to high standards, especially in terms of insulation and heating systems to withstand the cold climate.
3. Stable Market: The Canadian real estate market is often considered stable and has historically been a good investment. Even during global economic downturns, the market has shown resilience.
Bad Sides:
1. Cost: One of the biggest drawbacks is the high cost of real estate, particularly in major cities like Toronto and Vancouver. This makes it difficult for many people to enter the housing market.
2. Competition: In popular areas, the demand often outstrips the supply, leading to bidding wars and skyrocketing prices.
3. Barrier for Newcomers: While not unique to Canada, newcomers might find it challenging to rent or buy property due to a lack of Canadian credit history or employment records.
Renting Challenges for Newcomers
For those who have just moved or are planning to move to Canada, renting can be the most immediate hurdle. Here are some common challenges:
1. Credit History: In Canada, a good credit history is often required to rent a place. For newcomers, this can be a problem as they have not yet built up a Canadian credit history.
2. Employment Proof: Landlords generally ask for proof of employment. This can be tricky for newcomers who may not have secured a job yet.
3. Deposits: It's common for landlords to require a security deposit, typically one month's rent, which adds to the initial costs of moving.
4. Limited Choice: Without a Canadian credit history or employment record, you may find your options for rental locations quite limited.
How to Overcome These Challenges:
1. Guarantor: A guarantor who is a Canadian resident can vouch for you, making it easier to secure a rental agreement.
2. Prepaid Rent: Some landlords may accept several months of prepaid rent as a substitute for employment and credit checks.
3. Sublet or Co-living: Initially living as a sublet or in a co-living situation can help you build a Canadian rental history.
Websites for Finding Housing:
- Kijiji
- Zillow
These platforms offer various filters to help you find housing that fits your budget, location, and amenity preferences.
In the next part, we'll cover home buying and mortgage options, so stay tuned for that.