Dear ,
The city you choose to live in as your new home in Canada will play a critical role in shaping your financial success. Better location choices will result in improving the likelihood of a better financial future for you in Canada.
For more than a decade, the majority of newcomers have settled in just three cities in Canada: Toronto, Vancouver or Montreal. While these cities have huge numbers of job opportunities, they’ve also seen historically low vacancy rates for rental housing and unprecedented prices for home ownership, making it hard to save and manage money effectively.
These housing challenges in bigger cities exist for both those Canadian born and newcomers alike, and are contributing to younger Canadians moving outside the major centres. Smaller cities and secondary markets can be a great opportunity for you as well. If you’re intent on living in the major cities, you need to be fully prepared for the labour market and understand the cost-of-living, including housing prices - both rental & home ownership - in these cities in order to hit the ground running. If you fully investigate opportunities outside of the gateway cities you can be setting yourself up for long-term financial success. With some research you can determine what is right for you.
That’s why we’ve launched our monthly housing newsletter. It’s designed to give you an up-to-date overview of the local housing markets in Canada. Understanding the local housing market along with the local labour market will help you make more informed decisions about landing location options.
I would encourage you to spend some time doing your research on landing location options. Remember, where you choose to land will play a critical role in shaping your financial success.
Best Regards,
Dave Frattini
Managing Partner
Prepare for Canada & Rentals for Newcomers