apartment application process?

[ek222]

Hi,

I will be moving to Vancouver as an international student soon, and will be looking to rent an apartment.

Since I do not have a prior Canadian bank account/credit, any Canadian renting references, or proof of income (financial support from my parents), how would an apartment approval process look like for me?

I'm looking for a way that'll allow me to sign a lease without subletting.

Thanks!

 

[ek222]

They will probably ask you for a higher deposit and strong references if you have no history in Canada or US.
Here are some resources for you:
https://www.quora.com/Is-it-difficu...tment-in-Vancouver-without-any-references-etc

https://www.cmhc-schl.gc.ca/en/buying/newcomers-housing-information

There are several immigrant associations which can help you too. Good luck!

Thanks for the info!
Do you think the process will be easier/cheaper if I apply for an apartment once my Canadian bank account has been opened already? Maybe I should rent an airbnb for the first month living there, but would not prefer it if having a bank account started will not help the apartment renting process :/

 

[selvakk]

Thanks for the info!
Do you think the process will be easier/cheaper if I apply for an apartment once my Canadian bank account has been opened already? Maybe I should rent an airbnb for the first month living there, but would not prefer it if having a bank account started will not help the apartment renting process :/

No, what will help you is having a credit which you can only do by having a credit card. Many banks given credit cards to International students, you will need to build a credit score. Those who do not ask for a credit score will charge higher rents than normal since they will view you as a risk. If you have a credit score report from your home country, you can bring it and see if they are convinced, you can always call and ask. The worst thing is hey will say no.

Air BnB is more expensive than even the apartments you can get without a credit score. You will need a Canadian bank account, anyway. I would plan a week or two on Airbnb till you get your bank account and finances together and finalize on the place you are going to rent.

 

[ek222]

No, what will help you is having a credit which you can only do by having a credit card. Many banks given credit cards to International students, you will need to build a credit score. Those who do not ask for a credit score will charge higher rents than normal since they will view you as a risk. If you have a credit score report from your home country, you can bring it and see if they are convinced, you can always call and ask. The worst thing is hey will say no.

Air BnB is more expensive than even the apartments you can get without a credit score. You will need a Canadian bank account, anyway. I would plan a week or two on Airbnb till you get your bank account and finances together and finalize on the place you are going to rent.

I am thinking of getting a credit card as soon as I arrive, but aside from having a credit score to show the rental agents, I won't have proof of income since I won't be working, and the guarantor/financial supporter is not a Canadian resident either. So I'm not sure if having a credit score to show will make the approval process any easier?

I am wondering this because ideally I'd prefer to deal with the application process before I arrive in Canada so that I have an apartment ready to move into on the day I arrive. It would just be a hassle for me to move twice, if I first move into an airbnb/monthly apartment, then have to move again to a new place.

 

[PMM]

Hi

They will probably ask you for a higher deposit and strong references if you have no history in Canada or US.
Here are some resources for you:
https://www.quora.com/Is-it-difficu...tment-in-Vancouver-without-any-references-etc

https://www.cmhc-schl.gc.ca/en/buying/newcomers-housing-information

There are several immigrant associations which can help you too. Good luck!

1. The maximum deposit in BC is 50% of one month's rent.

 

[selvakk]

I am thinking of getting a credit card as soon as I arrive, but aside from having a credit score to show the rental agents, I won't have proof of income since I won't be working, and the guarantor/financial supporter is not a Canadian resident either. So I'm not sure if having a credit score to show will make the approval process any easier?

I am wondering this because ideally I'd prefer to deal with the application process before I arrive in Canada so that I have an apartment ready to move into on the day I arrive. It would just be a hassle for me to move twice, if I first move into an airbnb/monthly apartment, then have to move again to a new place.

I would highly recommend against that because a lot of people get scammed by being shown pictures of a house or apartment and it is either not there or a different person is living in it. It is very easy to fall into a trap. You could try and see if your college or University allows you to stay in residence, at least for a semester. That might be expensive but you will get a permanent place to stay from day one and you will get to know the area around your college/university well. You will also have a good credit score in that 2-3 months and you can get a more reasonable place. Depending on the location of your University/college you can avoid spending on transportation.

 

[ek222]

You can always begin by approaching them while overseas. It will give you an idea of what to expect when you arrive. Don't fall in to the trap of the rental consultants/agents, they will most definitely try to rip you off and you will only end up being trapped. Look up some properties and approach the manager and find out what they expect. Good luck!

Yes, I've been in touch with some real estate companies looking for some apartments. Thank you for your comment! But I've lived in Vancouver for 10 years before, and the only problem with renting directly through landlords/ property managers (from my past experience) is that they will usually ask for a large amount of immediate upfront payments (a whole year's worth of rent upfront, etc) in order to secure the lease since I am not a Canadian citizen and they are not willing to do the work of dealing with lease guarantors/ past rental history in another country/ lack of credit history in Canada, etc.

I understand that a potential renter like myself is more of a risk than a Canadian renter with past credit/renting history, so I don't mind paying an extra amount of money to a rental company as an insurance measure (one month rent worth for example), then continuing to pay my rent monthly until my lease is over. Personally, that's way more reasonable than being asked to pay 3 to 12 months worth of rent upfront immediately, just because I am seen as a liability. I am not sure if you guys have experienced something similar?

Sorry about the rant!