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You can choose to purchase the property you live in, or you can choose to rent it. Renting is where you pay the property owner, known as the landlord, a monthly fee in exchange for the right to live on the property.
Rental payments differ greatly depending on where you live in Canada. In general, rental payments are much higher in large cities like Toronto or Vancouver than they are in smaller cities like Saskatoon or Red Deer. This article will teach you how much you should spend on rent, what affects the cost of rent, other costs to consider when renting, and how to pay rent.
Check out the differences between renting and buying a home.
The general rule is that your debt-to-income ratio should ideally be no more than 36% of your monthly gross income, but can go as high as 43%. Of that, housing costs should be no more than 30% of your monthly gross income. This cost includes utilities, rent, and municipal services. For example, if you have a monthly gross income of $5,000, your housing costs should be no more than $1,500 (5,000X30%).That would leave you with $300 – $650 for other debts.
Check out how you should budget your income.
1 Bedroom | 2 Bedrooms | |
Canada | $1,358 | $1,723 |
Montreal – QC | $1,420 | $1,860 |
Quebec City – QC | $928 | $1,201 |
Gatineau – QC | $1,227 | $1,518 |
Vancouver – BC | $1,855 | $2,635 |
Richmond – BC | $1,730 | $2,082 |
Burnaby – BC | $1,676 | $2,186 |
Victoria – BC | $1,537 | $2,059 |
New Westminster – BC | $1,511 | $1,852 |
Surrey – BC | $1,403 | $1,744 |
Toronto – ON | $1,832 | $2,416 |
Ottawa – ON | $1,565 | $1,993 |
Mississauga – ON | $1,816 | $2,112 |
Etobicoke – ON | $1,786 | $2,224 |
York – ON | $1,726 | $2,216 |
North York – ON | $1,721 | $2,103 |
Vaughan – ON | $1,667 | $2,032 |
Scarborough – ON | $1,628 | $1,901 |
Hamilton – ON | $1,485 | $2,111 |
Brampton – ON | $1,535 | $1,818 |
Calgary – AB | $1,178 | $1,470 |
LIoydminster – AB | $742 | $896 |
Edmonton – AB | $1,027 | $1,262 |
Red Deer – AB | $930 | $1,000 |
Grand Prairie – AB | $985 | $1,154 |
Lethbridge – AB | $950 | $1,106 |
Regina – SK | $925 | $1,140 |
Saskatoon – SK | $892 | $1,075 |
St. John’s – NL | $883 | $1,125 |
Winnipeg – MB | $1,152 | $1,432 |
Halifax – NS | $1,459 | $1,987 |
Several factors affect the cost of rent in Canada:
Besides everyday living expenses like food and entertainment, you need to consider:
Check out the most common mistakes renters make.
You are responsible for paying rent when it’s due. A rental payment is how much the landlord is charging you to stay on the premises for one month. Landlords can choose to be paid by cash, cheque, or bank transfer.
Learn more about your rights and responsibilities as a tenant.
Each province and territory treats late payments differently. Although penalties for late payments are up to the discretion of the landlord, landlords can generally impose a reasonable financial penalty, offer a grace period of up to 3 days, or provide a notice to terminate the rental agreement.
Renting involves paying your landlord every month in exchange for them letting you live on their property. Rental payments are different across Canada, but generally, you should pay no more than 30% of your gross income on rent. Several factors, including housing affordability and the overall real estate market, can affect how much your rental payment is. Besides rent, there are other costs to consider, such as tenant’s insurance. As long as you budget properly, live within your means, and pay your rent on time, you should have no trouble renting property anywhere in Canada.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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