From budgeting to signing the lease: the rentalAwmap of a newcomer
Finding a place to live is one of the first major steps at establishing in Canada, and renting is often the starting point for many newcomers.
Whether you are looking for a place in the short term to settle or lay the foundation for a more permanent future, understanding how the rental process works here, can help you feel your preparator and confident.
This guide runs through five important areas, ranging from budgeting to understanding your rights, what can help you by navigating your rental trip. Let’s start.
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Planning: What to consider before renting
Renting can be a major financial obligation, especially if you are a newcomer to Canada. Planning ahead can ensure that you choose a house that matches your needs and budget.[1]
Before you start your search, you can prepare a budget that factors in more than just monthly rental factors. Other common costs with which tenants are confronted in Canada can be:
- Utility Bills (Heat, Water, Electricity)
- A deposit or prior rental payment (often equal to or more than a month of rent)
- Furniture, if the unit is unchanged
These extra costs can increase. Housing experts often recommend keeping your total housing costs below 35% of your gross monthly income. To stay informed of your expenses, you can use useful tools such as the TD Personal Cash Flow Calculator[2]AN online Tool that helps budget Your expenses for the coming months.
You also want to take the location And rental type That works best for you.[3] Would an apartment, apartment or house match your lifestyle? Is the place Close to public transport, work or schools? All these considerations can help you make a more confident rental decision.
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Credit assessment: Why your credit report matters
In many cases, landlords can ask to check your credit report before approving your rental request. This helps them to assess how reliable you have managed financial responsibilities in the past.
If you don’t have Canadian credit history yet, or if your credit score is low[4]You can be asked for a biteSuch as a family member or friend who agrees to sign the lease together And take the legal responsibility for the rent if you cannot pay. Alternatively, landlords can accept references of employers or settlement agencies.[5]
While building up your financial footprint in Canada, regularly Check your credit report Can be useful. With TD, customers can be eligible for the Transunion CreditView® Dashboard Via the TD app to view their score and to monitor changes.[6]
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Rental agreements: what to know before signing
Once you have found a place and your request has been approved, you will be asked for a rental agreementalso known as one rent out. This is a legal contract, so it is important to thoroughly assess and understand what you agree with.[7]
A lease usually outlines:
- Monthly rent and expiration date
- Lease duration (eg one year or from month to month)
- What is included (utilities, parking, devices)
- Rules for pets, smoking and guests
- Responsibilities for repairs or maintenance
Maybe you want Document the condition of the real estate (with photos) before you enter. This can help to prevent disputes later.[8]
Tenant insurance is another important consideration. Although it is not always mandatory, it can help protect your personal belongings against theft, fire or water damage.[9]
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Rental turn: How you can protect yourself
Unfortunately, newcomers can be the target of rental wounds. It is important to stay alert and careful during your house search.[1]
Be on your guard for lists that:
- Ask in advance to show money without the unit
- Press to act quickly or request payment by wire transfer
- Do not include a formal lease agreement
Never share personal or bank information unless you have verified that the property and the landlord are legitimate. If something “feels”, trust your instincts and consider contacting a local newcomer support organization or legal clinic for guidance.[6]
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Rights of tenants: Ken the rules
Tenants in Canada are protected by housing laws, but Rules vary per province and territory. It is useful to assess the regulations where you live through your local landlord or living office.[9]
In general, landlords must:
- Maintain the property in good condition
- Give written notification before you increase the rent or terminate a lease
- Follow privacy laws when collecting your personal information (such as below Pipeda
As a tenant you also have the right to:
- Live in a safe house
- Receive coupons for rental payments
- Are protected against illegal expansion[10]
In some provinces there are Rules that limit how much landlord the rent can increase each yearOften bound to an annual directive set by the provincial government. For example, Ontario and British Columbia publish maximum rent increase percentages annually. Landlords are usually needed to give At least 90 days of written notification Before increasing the rent. You may want to check the rules for your province or territory.[11]
How TD newcomers can help who rent
At TD we understand that finding your first home in Canada, whether it is temporary or in the long term, is a meaningful milestone. That is why we offer support designed for newcomers, including tools to help you manage your money, build up credit and understand your financial options.
Through the Td -appYou can follow your budget, check your credit score and explore resources to help you make informed financial decisions. Our advisers are also available to help you open your first Canadian checking account, to make automatic payments and explore savings and insurance options.
More information about TD services for newcomers at td.com/newtocanada.
Why choose TD?
170 years help Canadians:
TD has a proud history of providing financial solutions to Canadians for more than 170 years. TD also brings experience with experience with helping newcomers to navigate through the unique challenges of the Canadian banking system.
With more than a thousand branches, and the possibility to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, who are now serving 16 million Canadians.
TD offers online support and interesting sources to newcomers on topics such as Banking Basics, moving to Canada, essential credit score and more. TD is open for longer hours for your convenience and has thousands of ATMs in Canada to help you take care of your daily bank needs.
Ready to bank?
Read more about TD New at Canada Banking Package Today. Book an appointment to talk to a TD Personal Banking Associate about the TD New from the Canada bank package. You can Book online right away, or visit the TD -website For more information.
Legal disclaimer:
Information provided by TD Bank Group and other sources in this article is considered accurate and reliable when they are placed on this site, but we cannot guarantee that it is accurate or complete or up -to -date at all times. The information in this article is only for informative purposes and is not intended to give financial, legal, accounting or tax advice and must not be invoked in that respect. This information should not be conceived as a request to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they can be legally offered for sale. All products and services are subject to the conditions of the applicable agreement. The information in this article can be changed without notification.
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[1] Financial Consumer Agency or Canada, Rent an apartment or house” Canada.caGovernment of Canada, https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html (Visited on July 11, 2025).
[2] TD Bank Group, Cash flow calculator” https://ix0.apps.td.com/en/cash-flow-calculator (Visited on July 11, 2025).
[3] Immigration, refugees and citizenship Canada, Rent a place to live” Canada.caGovernment of Canada, https://www.canada.ca/en/immation-refugees-citizeship/services/settlecanada/housing/renting.html (Visited on July 11, 2025).
[4] Canada MortGage and Housing Corporation, Credit checks and poor credit” CMHC” https://www.cmhc-schl.gc.ca/consumers/renting-a-home/i-want-to-trent/credit-checks-and-credit (Visited on July 11, 2025).
[5] Financial Consumer Agency or Canada, Rent an apartment or house” Canada.caGovernment of Canada, https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html (Visited on July 11, 2025).
[6] TD Bank Group, Check your credit score” https://www.td.com/ca/en/personal-banking/products/borlowing/checkyour-credit-score (Visited on July 11, 2025).
[7] Canada MortGage and Housing Corporation, Lease and lease agreements” CMHC” https://www.cmhc-schl.gc.ca/consumers/renting-a-home/i-want-to-trent/lease-and- rental-agreements (Visited on July 11, 2025).
[8] Innovation, Science and Economic Development Canada, Landlord and tenant relationships” Canada.caGovernment of Canada, https://ised-isde.canada.ca/site/office-consumer-affairs/en/buying-and-lasing-big-ticket-items/landlord-and-tenant-relations (Visited on July 11, 2025).
[9] Financial Consumer Agency or Canada, Home insurance” Canada.caGovernment of Canada, https://www.canada.ca/en/financial-consumer-agency/services/insurance/home.html#toc2 (Visited on July 11, 2025).
[10] Canada MortGage and Housing Corporation, Living in a rental home” CMHC” https://www.cmhc-schl.gc.ca/consumers/renting-a-home/i-am-renting
[11] Canada MortGage and Housing Corporation, Rental increases” CMHC” https://www.cmhc-schl.gc.ca/consumers/renting-a-home/i-am-renting/rentcreases (Visited on July 11, 2025).
