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!
Alex Irish
CEO & Team Leader - Sales Representative
Alex Irish has been a leading force in real estate for over thirty years, establishing a reputation as one of Oakville’s most respected and successful realtors. Known for her unwavering work ethic and ethical approach, Alex consistently ranks among the top producers in the industry.
Her commitment to client satisfaction is unparalleled, exemplified by her signature concierge service that ensures each client receives personalized and dedicated attention. In late 2016, Alex embraced a new chapter as the Team Leader of Alex Irish & Associates, where she could uphold the high standards of service that have defined her career.
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FALL MARKET KICKOFF: September 2025 Real Estate Market Update
As summer winds down, the Greater Toronto Area (GTA) real estate market is shifting once again—this time with an important boost from the Bank of Canada’s recent interest rate cut. On September 17, 2025, the Bank lowered its policy interest rate to 2.5%, marking a significant move that is expected to reinvigorate buying activity across the region.
Market Snapshot: August 2025 (TRREB)
According to the Toronto Regional Real Estate Board (TRREB), August brought encouraging signs of stability:
- Sales: 6,232 transactions across the GTA, a 4.6% increase from August 2024.
- New Listings: 13,119, down slightly year-over-year, helping balance supply.
- Average Selling Price: $982,880, nearly flat compared to last year (+0.4%).
- Trend: Balanced conditions are giving both buyers and sellers room to maneuver, with the recent rate cut expected to stimulate fall demand.
City & Regional Highlights
Toronto 
Toronto continues to see steady demand for condos and townhomes, appealing to buyers looking for affordability in the core. Detached homes are moving more cautiously, but price stability suggests confidence returning to the market.
Mississauga 
Mississauga remains a buyer-friendly market, especially in the detached and semi-detached segments. With borrowing costs easing, families upsizing or relocating may find strong value in the fall.
Oakville 
Luxury demand in Oakville is regaining traction. The combination of limited inventory and lower financing costs positions this market for an active fall season, especially for executive homes and lakefront properties.
Burlington 
Burlington continues to attract buyers migrating west from Toronto. The city’s blend of affordability, lifestyle, and community feel has kept prices steady and competitive.
Muskoka 
Cottage country remains strong, with buyers eyeing investment properties and second homes. While activity softened slightly through the summer, the rate drop could encourage more buyers to act before year-end.
What This Means for Buyers & Sellers
With interest rates now at their lowest level in two years, affordability is improving across the GTA and Muskoka. Buyers who were waiting on the sidelines are expected to re-enter the market this fall, while sellers may benefit from increased competition for well-priced homes.
At Regan Irish & Associates, we specialize in helping clients navigate market shifts with confidence. Whether you’re buying a luxury home, selling a family property, or investing in Muskoka, our market insight and negotiation expertise ensure you get the best results.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com——
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!
