Renting in Canada This Week: How Long Must Renters Save to Buy a Home?

Does it actually take 13 years for renters in Toronto and Vancouver to save for a home?

Want to know how much you need to make to afford rent in Canadian cities?

And would you agree to watch someone's kid to secure an apartment in Vancouver?

We've got all this and more in this edition of Renting in Canada This Week. Enjoy:

With rental demand and asking rents falling in many Canadian cities, is the rental landscape now favouring renters?

Gerry Fawley, co-founder and CEO of Denciti Dev. Corp., says Canada should develop a national rental infrastructure plan.

Vancouver is facing a major housing shortfall of 49,000 housing units by 2031, says a new study

 

 

Do renters in Toronto and Vancouver, Canada's two priciest cities, face a 13-year wait to save for a home?  Candyd Mendoza of CMP has the data.

How much should the minimum wage be to afford rent across Canada? Zoocasa's Angela Serednicki looked into it.

According to Ashley Newport of Niagara, here's how much you must make to rent a home in St. Catharines.

 

 

Zakiya Kassam of Storeys.com reports that 33 new condo projects that were actively selling have been converted to rental, put on hold, cancelled, or placed under receivership over the past two years. 

The Daily Hive's Megan Devlin reports that a Metro Vancouver family posted a listing asking their prospective tenant for free childcare services in addition to the rent they’d pay for their room.

 

Renters and credit card debt:

 

Short-term rentals are an essential resource for newcomers landing in Canada. However, nuisance complaints have prompted the City of Brampton to review the rules for short-term rentals.

The Canadian Rental Association celebrated the benefits of renting, encouraging consumers and businesses alike to embrace rental solutions.

Surrey, B.C., remains a popular destination, particularly for newcomers from India. Check out these rental listings to find the right one for you.  

Finally, finding a place to rent is only part of the journey for immigrants to Canada. Working with a settlement agency can help newcomers come to Canada successfully. 

If you have a question, please email us at rentals@prepareforcanada.com

Steve Tustin is the Content Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

*No AI-generated content was used in the writing of this story, and all sources are cited and credited where possible.

© Rentals for Newcomers 2024