Explore Types of Housing in Canada: Your Guide

 

Whether you are a retiree, you have a family, or you’re someone looking for a one – of – a– kind of adventure, you’ll need to ensure that you will be well – accommodated in the province you chose so that you can easily adjust to your newfound home! Learning the pros and cons of your possible living destination, weighing in the estimated costs of living, and considering the number of immigrants in your chosen area is all essential before you decide about what kind of house you’re going to acquire or how you’re going to acquire it. It’s very important that you and your family consider all the options in terms of housing and properties.

This Article will give you an overview of how an expat like you, whether you’re planning to become a temporary or permanent resident, can acquire a house and/or properties in Canada.

Renting or Buying house in canada

Keep in mind that you’re not just going to buy or rent a place, you’re investing your hard – earned money. This is also where you’ll be spending most of your time, so better be wise, and really weigh everything or consult the right people before investing or committing to this huge undertaking.

A great way for you to weigh your options before doing any investments is to see all the possible pros and cons such as the type of house, the method on how to acquire it, the location, the overall value of the property, and other important things concerning real estate. It’s best to set your own standards when making these decisions as it will definitely vary based on you/your family’s needs.

Whether you’re renting or buying a place, ensure that it will match your ideal housing/ accommodation plans. You can include different factors such as the following:

 

• Financial capacity and investment value (insurances, payment terms, appreciation, estate planning etc.) 
• Meet your purpose (temporary/permanent resident/ with family/for work convenience etc.)
• Meet your standards (aesthetics/location)                                                                                                                
• Enable you to have easy access to your basic necessities (transportation/amenities)                                          
• Make you and your family truly ‘feel at home’

The last thing you want is to settle in an area you like but not stay in a house you feel comfortable living in. Sometimes expats, because of their excitement to buy a new house in a new country, find themselves unhappy after the fuzz is over because they made poor decisions and lacked proper planning.

 

Housing Options in Canada

 

Rental Apartments

• Apartments that are usually in a single housing unit or in a building.
• Apartments in Canada can accommodate a family of 3 to 4 (depending on the size of the apartment for rent).
• It has one to three bedrooms on average
• If you rent a ‘bachelor unit,’ it only has a single bedroom and can accommodate 1 to 2 persons; comes with living rooms, small dining/kitchen area, terrace/bal balcony (depends if you’re on a building or if the housing unit has one)
• Typically cheaper than renting in condominiums located in high – rise buildings
• Has more privacy compared to rental rooms.

 

Rental Rooms

• Sometimes owners of large houses divide their homes into many private bedrooms and rent it out
• The main downside perhaps is that usually people share a kitchen or even a bathroom.
• Lacks in privacy compared if you rent your own apartment
• Not ideal for immigrants with families
• Much cheaper compared when renting apartments or condos since you’ll pretty much be paying for a bedroom/s only, and the cost is split among the other renters.

 

Condominiums

• Condos are located in building divided into many units
• Quite pricey compared to renting out apartments or rooms especially if the building is newly built
•  Renters will not just pay for the monthly fees of the unit but also to the owner of the condominium itself because the building needs to be well – maintained and repaired.
• A fairly good choice for temporary/permanent residents or travellers who needs to stay for a longer period in Canada. This is also ideal for solo expats and even those with families or first – time homebuyers because it’s still quite cheaper compared to buying a house and lot.
• Provides 24/7 security, usually comes with furniture, and also has added amenities like pools, gym, rooftop areas, lounge areas, parking spaces etc.

House and Lot

• Houses in Canada are usually single – detached house with relatively bigger lots. There are also semi – detached types, and townhouses (house that shares walls).
• You can also have the option of just buying a lot and build your own style but of course this is way more expensive in terms of building costs and labor.
• Purchasing a house is ideal for anyone who wanted to become a permanent resident in Canada as you can hold it for the long term, pass it down to your chosen heir/s, and even sell it as an investment.
• Real estate taxes, purchasing price, other annual fees, and mortgages will certainly vary depending on the province or city you chose. The top places where housing is very expensive includes Toronto, Ontario, and Vancouver.