HomeHousing
Finding a home in Canada
How newcomers rent their first place, with the rules for your province.
SponsoredThis board is open for a sponsor · sponsors never edit guides
Five steps to your first rental
Overview
Most newcomers rent first. Stay somewhere short-term for 2–4 weeks, then search, apply, sign and move in. Tap a step for what to do and official links.
Deposits by province
Check before you sign| Province | What a landlord can ask for | Who to ask |
|---|---|---|
| Ontario | Last month’s rent deposit only. No damage deposit. A refundable key deposit is allowed. | Landlord and Tenant Board ↗ |
| British Columbia | Security deposit up to ½ month’s rent, plus a pet damage deposit up to ½ month. | Residential Tenancy Branch ↗ |
| Alberta | Security deposit up to 1 month’s rent. | Residential Tenancies Dispute Resolution Service ↗ |
| Quebec | Deposits are generally not allowed. | Tribunal administratif du logement ↗ |
| Manitoba | Security deposit up to ½ month’s rent. | Residential Tenancies Branch ↗ |
| Nova Scotia | Security deposit up to ½ month’s rent. | Residential Tenancies Program ↗ |
Rules change. Your provincial tenancy board has the final word.
Interest rates and mortgage rates
Bank of Canada policy rate2.50%2026-10-29 · Bank of Canada
US Federal Reserve target range3.75–4.00%2026-10-29 · New York Fed
Prime rate (big banks)4.45%2026-10-28 · Bank of Canada
5-year fixed mortgage, posted6.19%2026-10-28 · Bank of Canada
| Fixed term | Posted rate |
|---|---|
| 1 year | 5.49% |
| 3 years | 6.05% |
| 5 years | 6.19% |
Posted rates are the banks’ official rates. Banks often advertise lower special rates, and your rate depends on your down payment, credit and the lender. Check each bank’s current rates:
Rates update automatically from the Bank of Canada and the New York Fed: the policy rates daily, the bank rates weekly. Not financial advice.
⚠ Rental scams to watch for
- The landlord is “abroad” and asks for money before you see the place.
- Rent is far below other listings nearby.
- They want a wire transfer, gift cards or crypto.
- They ask for your SIN or passport before you sign anything.
Housing guides
Putting together a rental application10/30 Setting up your new home: utilities and internet10/30 Renting with no Canadian credit history10/28 Rental scams that target newcomers10/26 Rental deposits by province10/23 Your first weeks: where to stay while you search10/19 Tenant insurance: do you need it?10/14 Reading your lease in Ontario10/30General information, not legal advice. Every guide links to the official source and shows when we last checked it. For your own case, use IRCC’s tools or a licensed consultant.