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Can a new immigrant get a condo on rent in downtown Toronto before getting a job - Parkers Legacy

Can a new immigrant get a condo on rent in downtown Toronto before getting a job

A new immigrant can rent a living space before getting a job.There are 2 types of living spaces that exist in Canada: Condos and Apartments.Apartments are usually high rises that are owned and operated by corporations and the entire building occupied by renters.

They typically don’t have a washer, drier or dishwasher in the unit and parking is typically underground or in a parking lot.Condominiums can be high-rise ( like apartments) or town homes, which means they often have a backyard space and are multi level with a garage.Condos are owned by individuals and managed by a condo corporation that is tasked with maintaining common areas like the pool and the games room.

The building is mostly occupied by owners and by tenants as well.Here is a site where you can search for apartments and condos.Rental apartments, condos and houses for rent in Canada This one has condos only http://Realtor.ca Here are 3 steps to follow before you go fill up that rental application to ensure you have a higher chance of getting accepted.

Apply for a credit card and a bank account as soon as you land in Canada.There are several banks who specialize in welcome packages for immigrants and they will be happy to extend you a modest credit limit of say $1000.Apply for a postpaid cellphone and set up automatic payments from your credit card so that you start building credit from the first monthPrepare a friend or family member to be your reference if needed.Advise them that they should be prepared for a credit check.The third step is the most difficult since if you don’t know someone well enough they will not agree to be your reference.

If you don’t find someone, you might need prepay several month’s rent in advance or rent a basement until you find a job.Landlords for basements are typically much less choosy than condo or apartment managers.If you do need to start in a basement, don’t make the mistake of signing an annual lease or you will be stuck there much longer than you need to.

Ideally you should be able to find a job in 3 months and then you can move out of the basement.There is another way: Go through a real estate broker and if they believe you are a good risk, they should be able to set you up without jumping through a lot of hoops.Google a few in your area and set up a phone meeting with them.

You represent a future sale to them so I believe they would be keen to build a relationship with you.Whatever and whenever you rent, ensure you apply for tenant insurance as this will build your insurance history and down the line this will ensure you get better rates.

Be realistic.Why would you rent a place to live before you get a job?You may be tying yourself into a truly horrible commute, or even have to turn down a job offer, or two, because there is no practical way for you to get there, and home again.

Also, as you already know, to live downtown Toronto, or even near there, you need to earn a minimum of $ 100,000 per year.Earn less, and you will “only work” to pay your rent.First, take a temporary dwelling.Then, look for work.When you find work, start looking for somewhere to live, reasonably close to your workplace.And – whatever you do, TRY hard to find a job where you don’t have to drive on your own.

Study the TTC streetcar, subway and bus maps.Then look over the GO lines and try to find something within walkable distance from a station.Even the smallest used car will have a yearly RUNNING cost of $ 12,000 including, registration, insurance, maintenance, parking, and annual summer/winter wheel changes and – reality – terribly expensive parking tickets.

These costs are UNAVOIDABLE.There is no such thing as “low cost” car ownership in Canada.As an extra cost, since you are a new driver, you will pay an outrageous insurance cost for the first few years.

Don’t be surprised if you are quoted $ 5,000 per year, $ 400/month, even on a small used car.Also, show that you are smart.DO NOT buy a new car.

A two – three-year-old car is just as good and will cost about one half of a new one.Nobody cares about your car in Canada.Nobody.

Unfortunately, it is very hard to get a rental even if you are white (I am assuming perhaps incorrectly that you are of color).There IS discrimination of every kind in the rental market in all of Canada and especially in this “hot” housing market, and there is next to no enforcement, even though there are laws on the books.Landlords act like they are saints for even considering your application to rent.

Expect credit score checks, bank balance checks, reference checks in addition to intrusive questions.Oh yes, the rents are sky high, Toronto is considered officially as a “severely unaffordable” city and one of the most expensive in the world.All this to live in a city with five months of winter a year.

And you want to live downtown?You need to be making well over $100 000 a year to even consider residing in the downtown core.Unless you have a very high paying job lined up, and for some reason think it is just so much more awesome than I do, Toronto is just not worth it.

Yes, new immigrants can rent a place before getting a job.

Many foreign students rent condos without employment.

It isn’t easy though, the owner of the condo would like to see your ability to cover the rent often 6–12 months of savings to show you have the funds set aside.If you have the funds you should have your bank write a letter on your behalf saying you have ample funds to cover the rent for the foreseeable future.This will increase your chances but it’s still up to the owner to determine if they want to rent to you or someone else who would seem like less risk.

Absolutely, if there’s someplace available, and it supposed you brought enough funds to start and settle before you can find a Job to continue and help to support yourself and family if you have one.It could be pretty hard if you don’t have a bank account, most of the landlords are willing to grab your rent directly from your account.Some others will ask you for some references.

Downtown Toronto is where everybody wants to live, and work, for me, is overcrowded, I love Downtown, but not for living.

With the limited info supplied in your question, I would have to say it will be a challenge.Even though at this time rentals in Toronto are dropping in price.Most landlords want a job letter, a good credit score, as well as first and last month rent.

Approx 1600 per month for a one bedroom in downtown Toronto.I would suggest trying to get a position secured prior to coming to Toronto.

Common practice here is the landlord will check your credit score.Have you been in Canada and build your credit score?If you had a great work history and credit score.

It is probably not difficult to rent a condo.However, if you are new in Canada and have a low credit score, it will be hard for you to get a rent.

It will be hard-you will need to put up the rent for the first year as you will not have a credit profile in Canada.

The alternative is to advertise as a room mate to someone who already has a lease and needs help to pay rent.

You can sometimes find these type of request on Kijiji.

In this market of late, possibly.

I am sure with good local references, a provable amount of money in the bank and a mature dememour when meeting with landlords you should be able to.

Be upfront about your circumstances.

It is possible if you have a good amount of cash money to show to a landlord.Issue is usually lack of credit score, credit history and funds to pay the monthly rent.