When you first arrive in Canada, you will probably be living in temporary accommodation. You will soon be looking for a permanent place to live. The cost of setting up your first home may be more expensive than you expected. Finding a place to live can take several weeks.

How much does it cost?
Prices depend on the location, age and condition of the apartment or house, and the local housing market. Some cities and provinces control how much landlords can charge for rent. When you are budgeting for your housing costs, you may have to allow as much as 35 to 50 per cent of your income. This should include the costs for such things as heating, utilities and laundry. The table below gives a good idea of average costs for a particular year.

Housing Price Comparisons

What is a condominium?
Condominiums are apartments or townhouses that are individually owned, while the common areas (gardens, playground, walkways) are owned together. As well as the mortgage payment and taxes, you will make a monthly payment, the condominium fee, to the manager of the condominium for common maintenance and repairs.

Legal arrangements for renting.
In many cities there is a standard rental agreement, or lease, that both you and your landlord sign. This is a printed document of one or two pages which specifies the number of rooms, utilities and options such as parking or storage space. Read it carefully before signing. Be sure you understand which utilities you will pay, which will be paid by the landlord and what penalty you may have to pay if you leave before the lease is over. An immigrant-serving agency will be able to help you understand exactly what is expected of you. The lease will most likely be for at least one year, and you will have to make an initial payment, possibly the first and last month's rent. You may also be asked for a damage deposit, which will be returned to you when you leave if you have not caused any damage to the property beyond normal use. For this reason it is important to note any damage and tell your landlord before you move in.

Legal arrangements for buying a property
Property law is complicated. You should hire a lawyer (or in the Province of Quebec, a notary). When you have decided on which house you wish to buy, you usually make a legal written offer, often with the condition that the house passes a professional inspection of its condition and structure. The offer normally includes a deposit. Usually, the buyer and the seller will bargain on price, in writing. If the seller accepts an offer, the offer becomes an agreement to purchase. You will probably want to arrange financing (a mortgage) with a bank or trust company. The down payment is usually at least 10 per cent of the total price, although first-time home buyers may be eligible for a five per cent downpayment. Mortgages can be paid over a period as long as 25 years, with interest rates fixed for terms varying from one to five years.