Immigration Information

So you found a job, bought a parka and snow tires, and you're in the process of losing that accent so we’ll think you are actually from here, eh? The subsequent natural step for Northern Americans immigrating to Canada is to buy a piece of real-estate. It's the American dream, after all! If you are relocating for a job contract that isn't be permanent, or if you are otherwise not in a position to buy right away, you may want to consider leasing for a time period. This is particularly useful to suss out different neighbourhoods and see where you'll feel most comfy. No, we did not just spell ‘neighbourhoods ‘ wrong. It is one of many words to which an extra ‘u ‘ is added in the Canadian spelling. Get used to it.

Finding a place to rent in Canada can take a while. Nationwide, Canada had a rental vacancy rate in April 2011 of only 2.5 percent (in Toronto, make that 1.6%). So long as vacancy rates remain that low, you must allow a longer time to get a rental unit than you would expect.

While rental prices alter seriously by city”and by area inside a city”the following averages may help with your budgeting. In 2007, the 5 most expensive cities for renters in Canada were Calgary, Vancouver, Toronto, Ottawa, and Edmonton. The average monthly hire for a two-bedroom residence was just over $1,000 in Calgary, Vancouver, and Toronto, and just below $1,000 in Ottawa and Edmonton.

Buying

While home prices change noticeably by town and by neighborhood within a city, the median price for a single family home in the Bigger Toronto Area in Sep 2011 was over $450,000. In Vancouver, it’s more than $580,000. All other major Canadian cities have considerably more affordable property and typically offer more bang for the buckbut then again, they're not Toronto or Vancouver.

Bear in mind that these are just averages; if you're trying to find a centrally located, reconstructed home in a good college district, on a quiet street, it's not unusual to find plenty of these houses on the marketplace for $1 million or more.

Heather Hadden is Toronto real estate expert and baby guide publisher.