Newcomers Guide To Renting VS. Buying In Canada

LIVING
Newcomers Guide To Renting VS. Buying In Canada

Navigating Canada's housing market is a critical step for newcomers, offering a sense of empowerment and control over your living situation. This guide aims to ease your journey by breaking down the essentials of renting versus buying a home in Canada.

Renting
👍 Pros: Flexibility to move, lower upfront costs, and less responsibility for repairs.
👎 Cons: No equity build-up, potential rent increases, and less stability.

Buying
👍 Pros: Equity growth, stability, and the freedom to customize your space.
👎 Cons: High upfront costs, responsibility for maintenance, and less flexibility to move.

Barriers and Tips for Newcomers
Newcomers often face challenges such as a lack of Canadian credit history, limited local references, and understanding the real estate market. To overcome these barriers, consider:

✅ Start with a secured credit card.
✅ Be prepared for possible delays in finding stable employment.
✅ Use personal references when needed.
✅ Utilize real estate agents to navigate the market.

Ready to Buy?
If you're considering buying, ensure you’re financially prepared. Common guidelines include:

Affordability: Ensure housing costs do not exceed 30% of your gross monthly income.
Down Payment: Aim for at least 20-30% of the home’s value.
Long-term Stay: Buying is generally advisable if you plan to stay in the home for five to seven years.

By understanding the pros and cons of renting and buying, and evaluating your financial readiness, you can make an informed decision that best suits your needs and goals.

CANADA EH?
Things To Do Around You:

Enjoy the iconic beer garden, outdoor market, and mouthwatering food trucks at the Shipyards Night Market in North Vancouver every Friday from May 10th to September 13th. Learn more

Check out the Paranormal Cirque at WinSport in Calgary from May 30th to June 9th, featuring acrobats, illusionists, and mysterious creatures. Get tickets

If you’re a fan of Canadian pastries, visit Downtown Midland, Ontario, on June 8th, 2024, for the Butter Tart Festival and indulge in its delicious glory. Learn more

Visit the Formula 1 Exhibition at the Lighthouse ArtSpace Toronto from now until July 14th to see iconic race cars, racing simulators, and rare artifacts in over 20,000 sq. ft of space. Get tickets

Watch the Formula 1 Grand Prix du Canada as racers speed around the Circuit Gilles-Villeneuve in Montreal from June 7 to 9, as crowds cheer them on. Get tickets

Experience MEME 2024, the Manitoba Electronic Music Exhibition, at The Cube in Winnipeg  June 7-8 for a platform showcasing original and visionary artists from Manitoba and beyond. Get tickets

SPONSOR OF THE WEEK

Explore your path to success in Canada with True North coaching and career newsletter! Discover valuable insights, career tips, and heartwarming stories for newcomers. Join our supportive community and subscribe below for success at your fingertips!! Your journey to a fulfilling career starts here.

TRAVEL
Top 10 Cheapest Places to Live in Canada

Several Canadian cities offer affordable living with reasonable housing costs. When choosing a place to live economically, consider property prices, standard incomes, taxes, and the cost of amenities. Below GeeksforGeeks listed the top ten most affordable places to live in Canada in 2024:

Sherbrooke, Quebec
Sherbrooke, in southeast Quebec, has over 160,000 residents and is a cultural and economic hub. Major industries include textiles, electronics, and education.

🏠 Average home cost: $249,000
🧍 Living cost for one: $937/month
👪 Family living cost: $2,569/month

Brockville, Ontario
Brockville, in eastern Ontario, is known for its welcoming environment and safety. It offers several tourist attractions.

🧍 Living cost for one: $1,540/month
👪 Family living cost: $3,568/month

Halifax, Nova Scotia
Halifax, the capital of Nova Scotia, is a major commercial hub with industries like mining, forestry, fishing, and agriculture.

🏠 Average home cost: $406,000
🧍 Living cost for one: $1,209.69/month
👪 Family living cost: $2,569/month

Edmonton, Alberta
Edmonton, Alberta’s capital, offers opportunities in petrochemicals and finance, with rich cultural festivals.

🏠 Average home cost: $470,400
🧍 Living cost for one: $2,103/month
👪 Family living cost: $4,653/month

FOOD FOR THOUGHT
🍁 Make a Tim Horton’s Ice Capp at Home

Tim Hortons' Iced Capp is not just a drink; it's a Canadian staple and the most popular cold beverage at Tim’s. Whether you're cooling down after a hot day or just indulging in a refreshing treat, the Iced Capp has become an iconic part of Canadian culture. 

Luckily, you can recreate the magic at home with just a few ingredients and a good blender! Here’s how to make your own delicious Iced Capp and enjoy that quintessential Tim Hortons experience right in your kitchen.

Ingredients:

5 oz. brewed coffee (strong, preferably Tim Hortons brand)
3 Tbsp dark brown sugar (or 3 1/2 Tbsp maple syrup for a refined sugar-free option)
1 Tbsp vanilla extract
1/3 cup cream (or canned premium coconut milk for a dairy-free version)
12 large ice cubes

Instructions:

1. Mix the hot coffee, brown sugar, and vanilla in a cup.

2. Stir until the sugar is dissolved.

3. Add the cream and let the mixture cool for 5 minutes.

4. Pour the mixture into a blender.

5. Add the ice cubes.

6. Blend for about 1 minute, pulsing to avoid liquefying the ice.

7. Pour into cups, add straws, and enjoy your homemade Iced Capp!

Get an at-home recipe for Tim Horton’s new Tiramisu Cold Brew

ARTS & ENTERTAINMENT
💃 The Most Powerful Women in Canadian Entertainment

OUR PICKS & FAVS

🍕 Canada loves Tim Hortons Flatbread Pizza!

📺 New on Netflix Canada: June 2024 

🍿 Cineplex has weekend deals across Canada this June

💲 The best online deals in the Canadian retail space right now

🧑‍ Find fathers day gifts on Etsy Canada

🎬 Netflix is casting extras for a new Alberta-shot series