The 4 Challenges of Renting in Toronto
...or why starting a new life in Canada might not be so easy.
One of the first and foremost challenges for newcomers to Canada is finding a suitable place to live. Few people can afford to buy a house right away, especially in big cities like Toronto. So immigrants often look for rental properties. However, this search is not always easy and carefree, sometimes it is associated with great difficulties and problems. In this article, we tried to figure out what difficulties can arise when renting a home. Alexandra, the owner of a company engaged in the sale and rental of real estate, helped us with this.
Complication 1. Most realtors and agents are focused on selling, not renting
Problems can appear at the very beginning — namely at the moment of searching for an intermediary. The fact is that realtors and real estate agents are increasingly focused on selling rather than renting out houses and apartments. It's a matter of trivial profit.
Realtors' income is based on a percentage of the transaction amount. Rental agents often receive an amount equal to one month's rent, or nothing at all. At the same time, when selling, an intermediary receives an average of 2-2.5% of the final value of the home. Because the value of real estate has risen so much in recent years, selling is actually more profitable.
Therefore, it can take a lot of time and effort for an immigrant to find an agent who is interested in helping him rent.
Complication 2. Insufficient number of properties and long queues
In recent years, new construction in Toronto has virtually stopped. Whatever the reasons, the consequence has been a rise in the cost of available housing, especially in the case of rentals. Renting property has become complicated by the fact that there is a whole queue for every apartment or house, sometimes as many as 10-20 people. This is all the more noticeable since the influx of immigrants into the country has not dried up.
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