What do I need to know before renting or buying?
Important InformationThe process of finding and applying for rental housing takes time, and there is a lot of information that you need to know, such as what questions a landlord can ask and what documents you will need to provide. It is also important to know and understand your rights as a tenant.
For detailed information on all aspects of renting or buying properties, read the Housing for Newcomers guide published by Canada Mortgage and Housing Corporation or the housing section at Settlement.Org. You can also find information in the Housing section of the Newcomers Guide to Peterborough.
Buying Your First Home in Canada – What Newcomers Need To Know is a guide published by Canada Mortgage & Housing Corporation. This publication is translated into many different languages and is available at the CMHC website or at Settlement.Org.
To Rent or To Buy?Both renting and buying have advantages and disadvantages. Renting can be less expensive, when renting it is easier to move to a new location, and you are not responsible for maintenance and repairs. Home ownership is more expensive but gives you more control over the home and can increase in value, giving you a return on your investment.
It is easier to find housing after arriving in Peterborough, and best to see a place in person before you make a decision – especially when buying a home. Waiting until you arrive will also give you the opportunity of learning more about Peterborough and its different neighbourhoods. If you decide to look for housing before you arrive, consider sending a family member ahead of time and looking at short-term rental options (for example, month-to-month leases instead of year-long leases).
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