A Comprehensive Leasing Guide for the Newcomers in Canada
Are you planning to settle in Canada and wondering about the intricacies of leasing property in the country’s competitive real estate market?
This comprehensive leasing guide will provide essential information to help newcomers navigate the Canadian rental landscape with ease. From understanding the rental properties to recent rental market trend, we have got you covered every step of the way.
Let us dive in!
Rental market in Canada
Canada’s rental market is governed by landlords and tenants, regulated by the landlord and tenant board specific to each province and the Residential Tenancies Act. Larger buildings may employ property managers. Each province has distinct renting laws. The Canada Mortgage and Housing Corporation (CMHC) provides information on laws, guidelines, and contacts for local rental authorities.
Exploring rental properties
Being a first-time renter or a seasoned tenant, understanding the different types of rental properties and knowing how to navigate the rental process can be immensely helpful.
To secure any rental premises, you need to go through a credit score check, provide references, and complete a rental application before signing the lease agreement.
Apartments
A convenient choice for urban dwellers!
Rental apartments are among the most common types of rental properties in Canada. They offer convenience with various amenities nearby. Apartments often come in different sizes, ranging from studios to multi-bedroom units, providing options suitable for individuals, couples, families, or roommates.
Condos
A blend of convenience and ownership!
Condos, short for condominiums, offer a unique hybrid between apartment living and homeownership. When you rent a condo, you get the benefits of shared amenities, such as swimming pools, gyms, and community spaces, along with the comfort of having a private unit. Condos are popular in both urban and suburban areas, attracting individuals and families alike.
Houses
Spacious living with more privacy!
If you prefer more space and privacy, renting a house might be the ideal choice for you. Houses for rent are common in both urban and suburban areas, offering larger living spaces, private yards, and additional storage options. In some cases, houses can be more expensive than apartments, but they often provide a more residential feel and a sense of community.
Townhouses
Affordable suburban living!
Townhouses provide an affordable housing option, especially for those who prefer suburban living with a smaller budget. These properties are typically multi-story units with shared walls, offering a blend of apartment and house features. Townhouses often come with amenities like private garages, yards, and community spaces.
Moreover, standalone single-family detached homes occupy their own individual lots. Also, duplexes or triplexes consist of houses divided into two or three units, a prevalent practice for the homeowner to reside in one unit and lease the others. These residences may feature partitioned bedrooms that are rented individually, with occupants sharing communal spaces like kitchens and bathrooms.
Furnished or Unfurnished?
When moving to Canada, one will need to decide between a furnished or unfurnished rental, each with its own pros and cons.
A furnished rental can be a time and money-saver since they often come equipped with essentials like furniture, appliances, and kitchenware. It brings a sense of comfort and convenience, sparing you the hassle of buying or moving furniture. However, it might be a bit pricier, and you may have to deal with furniture that doesn’t quite match your style.
On the other hand, unfurnished rentals typically come with a lower monthly rent and give you the freedom to personalize the space according to your taste. You won’t have to worry about furniture imposed by the landlord for short-term rentals. However, the task of furnishing the place yourself, can be both time-consuming and costly.
Ultimately, it boils down to your preferences and priorities in terms of cost, convenience, and personalization.
Rental market trend report 2024
A report from the Canadian Press on November 13, 2023, highlights that the average cost of renting a place in Canada rose to $2,178, showing a 9.9% increase from the previous year. This continues a trend of prices hitting new highs for six consecutive months. In October alone, rents went up by 1.4%, a bit less than in September and August, likely due to seasonal factors. For one-bedroom units, the average cost in October was $1,906 and the average price for a two-bedroom was $2,255.
Vancouver retained its position as the most expensive city for renters, with one-bedroom units listed at $2,872 and two-bedroom units at $3,777, both showing yearly increases. Toronto followed closely, with a one-bedroom average of $2,607 and a two-bedroom at $3,424.
As you consider vibrant city life in Vancouver or the bustling multicultural scene in Toronto, knowing these market dynamics helps you make smart choices for your new home.
Stay tuned for our upcoming article, where we will explore advanced leasing strategies, share additional tips, and guide you on avoiding scams. Your exciting Canadian journey is just around the corner!
Related Posts
August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
Ultimate Guide to Downsizing Your Home in Canada
Alex Irish & Associates and The Regan Team Announce Strategic Merger
Two of the most respected names in real estate, Alex Irish & Associates and The Regan Team, are excited to announce a strategic merger that will combine their expertise, resources, and market reach. This partnership of Regan Irish & Associates brings together the strengths of both firms, offering an enhanced real estate experience for clients across Southern Ontario, including expanding into new regions like Collingwood and Muskoka. The merger reflects both brokerages’ long-standing commitment to providing high-quality, relationship-focused service while leveraging new technologies and business strategies to ensure their clients receive unparalleled support.
“Alex is the consummate professional,” said Matthew Regan, CEO of The Regan Team. “She embodies the qualities of a person I would trust with my own home sale, and I am excited to partner with her to combine the best of both our brokerages. Our goal is to create a work culture that allows our agents to thrive, while being confident and equipped to provide the service our clients deserve. Our clients are going to benefit immensely with a wider and deeper net of potential buyers and an even further reach in marketing and advertising.”
Alex Irish, Founder of Alex Irish & Associates, emphasized that this partnership is the next natural step for her business. “By combining our resources and efforts we knew we’d be able to create a better real estate experience for our clients, our agents and business partners.” she explained. “This merger allows me to focus more on client relationships while also mentoring our agents who can continue to offer that same high level of service. Matthew has built a business model that aligns with my long-term vision, allowing us to scale while still maintaining the personal touch. Simply put, we are better together.”
Alex has built her brand over decades, particularly in the Oakville area, where her name is synonymous with excellence in real estate. Her personal approach, based on referrals and repeat business, has earned her a loyal clientele. Matthew has focused on recruiting top agents and scaling his business, growing The Regan Team to one of the top brokerages in Canada. This merger offers an exciting opportunity to grow into new territories. Together, the merged brokerage will have 15 offices spanning from Niagara to Toronto to Muskoka. This expanded presence means more resources for clients, from enhanced marketing capabilities to a wider net of potential buyers.
The merger will officially take effect on October 31, 2024, and the new branding and operations will be rolled out in the coming months.
About Alex Irish & Associates
Alex Irish & Associates, led by Alex Irish, is a highly respected name in Oakville, known for its personalized, referral-based business model and long-standing relationships with clients. Alex has built her brand on trust, excellence, and attention to detail, qualities that will remain at the forefront of the merged firm.
About The Regan Team
The Regan Team has a long-standing reputation for innovation, process-driven operations, and a focus on agent recruitment and development to provide the highest level of service for their clients. Under Matthew’s leadership, the brokerage has expanded its presence across Ontario, providing agents with the tools and support needed to succeed in a competitive market. For more information on this exciting merger, please contact Matthew Regan.