Apartment/Condo in GTA for rent

[kaustubhsaha]

Hi

I am a new migrant to Canada on PR (completed landing formalities 7 months back and went home, moved to Toronto around couple of months back). I found a job in Toronto downtown within couple of weeks of landing and I am trying to find a condo/apartment close to work but with no luck. Me and my wife together make around 130k per year. Our credit scores seem to be pretty good (in 770-780 range) but every rental application/offer that we've submitted has been turned down. There were occasions where I offered higher than what the listed price was, in some cases I offered to put in higher deposits (instead of the usual first and last month rent) but with no luck so far. My guess is that the following factors are hampering our changes :
a) Both me and my wife are new to Canada and even though our credit scores are good, the lines of credit are barely 5-6 months old with the earliest transaction being 2 months old
b) Both of us are new to our jobs (1 - 1.5 months) and we don't have any past Canadian job history.

Considering that none of the above two factors can be improved upon in near or immediate future, what else can we do to increase the likelihood of our rental application/offer being accepted by the property management company/landlord ? Please suggest. Also please let me know if you could think of other factors that might be negatively impacting our chances

 

[APPNOV2014NY]

770-780 credit score just after 6 months looks unreal. Is it FICO score or credit karma score?

 

[kaustubhsaha]

770-780 credit score just after 6 months looks unreal. Is it FICO score or credit karma score?

Ya I found it hard to believe too. But thats the score in the credit report I generated from equifax.ca

 

[scylla]

Are you working with a real estate agent? There's no cost to you in working with a real estate agent and maybe they'll be able to give you an edge.

 

[kaustubhsaha]

Are you working with a real estate agent? There's no cost to you in working with a real estate agent and maybe they'll be able to give you an edge.

Initially I was trying to find something on my own but I have been working with a real estate agent for last couple of weeks.

 

[Wolverine17]

Initially I was trying to find something on my own but I have been working with a real estate agent for last couple of weeks.

Good luck and keep us updated

 

[aircanada]

770-780 credit score just after 6 months looks unreal. Is it FICO score or credit karma score?

That's actually normal. As banks/phone companies/etc do hard checks it gets deflated and falls, but initially credit scores are bloated unless you mess something up.

As for the search, gotta keep trying. Every decent apartment gets dozens or even 100s of applications so competition is ridiculous. Landlords go by stereotypes when choosing, which often works against new immigrants. You'll eventually get something.

 

[steaky]

With annual income of about 130 grand, buying is not an option?

 

[kaustubhsaha]

With annual income of about 130 grand, buying is not an option?

Eventually (probably an year down the line) I would look to buy. But at the moment, considering I am essentially fresh off the boat, I was thinking of staying at a rented apartment for an year, get more clarity on whats a convenient location for both me and wife, and buy a property next year

 

[aircanada]

Eventually (probably an year down the line) I would look to buy. But at the moment, considering I am essentially fresh off the boat, I was thinking of staying at a rented apartment for an year, get more clarity on whats a convenient location for both me and wife, and buy a property next year

makes sense imo

 

[steaky]

makes sense imo

How much time do you need to know a place if it work for you or not? For me, one month is more than enough.

 

[aircanada]

How much time do you need to know a place if it work for you or not? For me, one month is more than enough.

One month is not enough to get to know all of GTA and decide where to live long term / make a $500K+ investment. So many different dwelling types. neighbourhoods, suburbs, etc.

 

[steaky]

One month is not enough to get to know all of GTA and decide where to live long term / make a $500K+ investment. So many different dwelling types. neighbourhoods, suburbs, etc.

Why do you need to know all of GTA if your main activities is in downtown Toronto. There is only one downtown in Toronto and it is easily accessible by TTC. The dwelling in downtown is likely to be a condo apartment. There won't be much choice. Either smaller or bigger. Btw, what do you mean make 500k + investment? Isn't buying a house is one of the biggest investment?

Once you buy the downtown unit, you don't have to live there long term if things changes. As you said, the rental market is pretty ridiculous. You can always rent out your unit and live elsewhere in the suburbs maybe.

 

[canuck78]

Many owners bought in preproduction. They are fine. Many others who bought in the past 5 years and when construction was complete are taking a loss on their rental. Think it is very smart to get to know the city, make sure you like your employer and want to work downtown. Figure ou whether commute or bigger house is more important, etc. Best of luck.

 

[steaky]

Many owners bought in preproduction. They are fine. Many others who bought in the past 5 years and when construction was complete are taking a loss on their rental. Think it is very smart to get to know the city, make sure you like your employer and want to work downtown. Figure ou whether commute or bigger house is more important, etc. Best of luck.

About preproduction properties who owners bought in the past 5 years, when construction completed, some owners flipped and got a nice profit.