Renting

Finding a place to rent in Canada can take some time. Nationwide, Canada had a rental vacancy rate in 2007 of only 2.6 percent.  As long as vacancy rates remain low, you should allow a longer period to find a rental unit than you might expect.

While rental prices vary significantly by city–and by neighborhood within a city–the following averages may help with your budgeting. In 2007, the five most expensive cities for renters in Canada were Calgary, Vancouver, Toronto, Ottawa, and Edmonton. The average monthly rent for a two-bedroom apartment was just over $1,000 in Calgary, Vancouver, and Toronto, and just under $1,000 in Ottawa and Edmonton.

Buying

While home prices vary significantly by city and by neighborhood within a city, here are some averages as of late 2007 for Canada’s largest metropolitan areas:

• Vancouver Real Estate $577,219
• Calgary Real Estate $408,638
• Toronto Real Estate $393,543
• Edmonton Real Estate $325,060
• Ottawa Real Estate $271,867
• Montreal Real Estate $239,079.

Bear in mind that these are averages, and in many of these locations, real estate agents advise budgeting at least $500,000 to $800,000 for centrally located, well-kept homes. It’s not uncommon in any of these cities to find plenty of houses on the market for $1 million or more.

– Excerpted from the book, Living Abroad in Canada. To read more, buy the book.

Photo ©Carolyn B. Heller