3 Tips to Avoid Canada's Overpriced Rentals
It’s a tricky situation: Canada is such a popular place to live that people are crowding into cities faster than the housing markets can accommodate them. The influx has caused rental prices to skyrocket beyond what’s manageable for many Canadian residents. If you’re planning on living in Canada, read on for three great ways to avoid overpaying in a landlord’s market.
1) Choose a smaller city
If you’re new to Canada, you may have only heard of three or four Canadian cities. However, there are dozens more urban centers with plenty of jobs, schools, and entertainment for every member of the family. Yes, they are smaller, but their costs of living are generally much more reasonable. Before deciding on a big city like Toronto or Montreal, consider what you need out of your home city and then starting doing some research.
If you’re looking for post-secondary education, keep in mind that many of Canada’s greatest universities are not located in its biggest cities. For example, the award-winning University of Guelph is located just one hour from Toronto in the small but vibrant city of Guelph, Ontario. You’ll still be close to Toronto, but you’ll save a lot of money on rent and other living costs.
If you’re looking for that perfect job somewhere in Canada, check out websites like www.monster.ca for thousands of listings in great areas all over the country. Remember that the smaller cities will almost always offer more affordable rental housing.
2) Hold off on a rental commitment
While Canada’s real estate market is definitely on the upswing, the growth rate is slowing down slightly. This is a good thing if you’re a renter because it means that you’ll be getting some of your bargaining power back. If you must rent, try to wait as long as you can before signing a new agreement. If your landlord isn’t budging on his or her price, consider moving. With vacancy rates gradually increasing, landlords are rapidly losing their ability to overcharge for their properties.
3) Buy or build ASAP
Of course it’s difficult to get a down payment together for a home of your own. That said, it’s still advisable to do what you can to scrape the money together. There are many mortgaging options out there to help you buy or build the home of your dreams, not to mention thousands of realtors and builders who want your business, especially in the smaller centers.
If you’re looking into buying a resale property, smaller cities will have more affordable options because they aren’t usually as popular as the biggest cities in Canada. If you want to hire a builder, remember that many builders offer discounts for locking in a price early. Furthermore, it’s practically guaranteed that your house will go up in value in a growing market like Canada, even before you move in.
