Explore Housing Topics
Click any card to jump to its detailed guide below.
Renting in Canada
Tenant rights, average rents by city, lease agreements & what landlords can/can't do.
Explore arrow_forwardBuying a Home
Step-by-step process, down payments, closing costs & first-time buyer tips.
Explore arrow_forwardMortgages & Financing
Fixed vs variable, stress test, pre-approval & how to get the best rate.
Explore arrow_forwardCondo vs House
Maintenance fees, resale value, lifestyle differences & which is right for you.
Compare arrow_forwardProperty Taxes
How property taxes work, land transfer tax, and province-by-province rates.
Explore arrow_forwardInvestment Properties
Rental income tax rules, capital gains, and building wealth through real estate.
Explore arrow_forwardRenting in Canada
Know your rights, understand costs & avoid bad landlords
Renting is the first step for most Canadians. Whether you're a student, newcomer, or just not ready to buy, understanding your tenant rights and typical costs is crucial. Canada has strong tenant protections — but they vary significantly by province.
Average Rent by Major City (2026)
| City | 1-Bedroom | 2-Bedroom | Trend |
|---|---|---|---|
| Toronto | $2,400 | $3,100 | ↑ Rising |
| Vancouver | $2,600 | $3,400 | ↑ Rising |
| Calgary | $1,650 | $2,100 | → Stable |
| Montreal | $1,500 | $1,900 | → Stable |
| Ottawa | $1,800 | $2,300 | → Stable |
warning Common Mistake
Many renters don't know that in Ontario, landlords cannot increase rent by more than the provincial guideline (2.5% in 2026) for most units built before Nov 2018. Always check your province's rent control rules.
check_circle Renting is RIGHT for you if:
- • You need flexibility to move for work
- • You're saving for a down payment
- • You don't want maintenance responsibilities
- • You're new to Canada and exploring cities
cancel Renting is NOT ideal if:
- • You have a stable job and want equity
- • Monthly rent exceeds mortgage payments
- • You want to customize your living space
- • You plan to stay 5+ years in one city
Buying a Home in Canada
Your step-by-step guide from saving to closing
Buying a home is the largest financial decision most Canadians will ever make. The process involves saving a down payment, getting pre-approved for a mortgage, finding the right property, and navigating closing costs that can add $15,000–$30,000+ to the price tag.
Down Payment Requirements in Canada
| Home Price | Min Down Payment | Example | CMHC Insurance? |
|---|---|---|---|
| Under $500K | 5% | $25,000 on a $500K home | Yes — Required |
| $500K – $999K | 5% + 10% | $50,000 on a $750K home | Yes — Required |
| $1M+ | 20% | $200,000 on a $1M home | Not Required |
💡 Pro Tip: Stack Your Programs
As a first-time buyer, you can use FHSA ($40K) + HBP from RRSP ($60K) + First-Time Home Buyer Tax Credit ($1,500) together. That's potentially $100K+ in tax-advantaged savings toward your down payment.
Frequently Asked Questions
Closing costs are typically 1.5%–4% of the purchase price. On a $500K home, that's $7,500–$20,000. This includes land transfer tax, legal fees, home inspection, title insurance, and moving costs.
You don't legally need one, but a buyer's agent is free — the seller pays their commission. They can negotiate better prices, navigate paperwork, and spot red flags in listings.
Mortgages & Financing
Fixed vs variable, stress test & getting the best rate
A mortgage is a loan secured by the property you're buying. In Canada, the maximum amortization is 25 years for insured mortgages (under 20% down) and 30 years for conventional. You must pass the mortgage stress test at your rate + 2% or 5.25%, whichever is higher.
| Type | Rate (Feb 2026) | Pros | Cons |
|---|---|---|---|
| 5-Year Fixed | 5.49% | Payment certainty, no surprises | Higher rate, costly to break |
| 5-Year Variable | 5.10% | Historically cheaper, cheaper to break | Payments can increase |
| 3-Year Fixed | 5.29% | Shorter commitment, renew sooner | Higher rate than variable |
All buyers must qualify at the higher of 5.25% or their actual rate + 2%. This ensures you can still afford payments if rates rise. It applies to ALL buyers, even those with 20%+ down payment.
Mortgage brokers can access dozens of lenders at once and often find rates 0.1%–0.3% lower than walking into your bank. They're free to use — lenders pay their commission. Especially useful for self-employed buyers or those with complex finances.
Condo vs House
The biggest lifestyle & financial trade-off in Canadian housing
| Factor | 🏢 Condo | 🏡 Detached House |
|---|---|---|
| Entry Price (Toronto) | ~$550K | ~$1.1M+ |
| Monthly Fees | $400–$900/mo condo fees | None (but maintenance costs) |
| Maintenance | Included in condo fees | 100% your responsibility |
| Appreciation | Moderate | Stronger (land value) |
| Privacy | Limited (shared walls) | Full privacy |
| Amenities | Gym, pool, concierge | None included |
⚠️ Watch Out: Special Assessments
Condo boards can levy special assessments for major repairs (roof, plumbing, etc.) that can cost $5,000–$50,000+ per unit. Always review the status certificate before buying a condo — it reveals the reserve fund health and any upcoming assessments.
Property Taxes in Canada
The ongoing cost of ownership most buyers forget about
Property taxes are an annual tax paid to your municipality based on your home's assessed value. They fund schools, roads, fire services, and local infrastructure. Rates vary widely — a $500K home can cost $2,500/yr in Vancouver but $6,000/yr in Winnipeg.
| City | Rate | Tax on $500K Home |
|---|---|---|
| Vancouver | ~0.27% | $1,350/yr |
| Toronto | ~0.63% | $3,150/yr |
| Calgary | ~0.64% | $3,200/yr |
| Ottawa | ~1.07% | $5,350/yr |
| Winnipeg | ~1.23% | $6,150/yr |
Investment Properties
Building wealth through Canadian real estate
Buying a rental property can generate passive income and long-term capital gains. But there are important tax rules: rental income is fully taxed, you need 20% down minimum, and when you sell, 50% of capital gains are taxable (66.7% for amounts above $250K as of 2024 rules).
Rental Income
Taxed at your marginal rate. Deduct mortgage interest, repairs, insurance & property tax.
Capital Gains
50% inclusion rate on profit when you sell. No principal residence exemption.
Down Payment
20% minimum for investment properties. No CMHC insurance available.
verified Government Programs for Home Buyers
FHSA
Save $8,000/year (up to $40K) tax-free for your first home. Contributions are tax-deductible AND withdrawals are tax-free.
Full FHSA Guide →Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP tax-free to buy your first home. Must repay over 15 years.
Full HBP Guide →First-Time Home Buyers' Tax Credit
A non-refundable tax credit of $10,000 (worth $1,500 in tax savings) for qualifying first-time buyers.
Claimed on your tax returnLand Transfer Tax Rebates
Ontario offers up to $4,000 rebate. Toronto offers an additional $4,475 Municipal LTT rebate. BC offers a partial exemption.
Calculate Your LTT →