Buying vs. Renting a Home

• In general, living in the country is more expensive than living in the downtown.
• The cost varies depending on the size and style and location of your home.
• The average cost of buying a house in Timmins is $161,065.
• Most people borrow money from the bank to help pay for their home.
• In addition to the mortgage, you will have to pay for property taxes, utilities (water, heat, electricity, etc.) and insurance.
• Choosing whether to rent or buy usually depends on how long you plan on staying in the home and how much money you have to spend. For more information on deciding whether to buy or rent a home visit Settlement.Org.  

Renting an Apartment

• The cost of renting an apartment depends on the size and location, and whether or not utilities are included in the rental cost. If utilities are included, the rent will usually be higher.
• The average cost of renting a two-bedroom apartment in Timmins is $850 per month.
• Apartments come in different sizes. Some have only one main room, while others are much larger.
• Most apartments are rented by the month; however, most landlords require you to sign a year-long lease for the first year that you live in a new apartment, as well as provide a security deposit of first and last month's rent.
• Assistance with how to rent an apartment or house is available at Settlement.Org.
• Most landlords will also require that you have a co-signer or a reference before they will rent to you.
• A co-signer is someone who agrees to share the financial responsibility for the rent.
• A reference is someone who can confirm your background or the likelihood that you and your family will be good tenants.
• To learn about your rights as a tenant, visit the Landlord and Tenant Board or Ontario Tenants Rights. 

The City of Timmins offers subsidized housing for residents who need financial help. The following organizations can give you more information on buying, renting and subsidized housing:

Cochrane District Social Services Assistance Board (CDSSAB) is a charitable organization that helps low-income Timmins residents find safe and affordable rental housing.

The Canadian Mortgage and Housing Corporation (CMHC) has provided the Newcomer's Guide to Canadian Housing (PDF)which tells you everything you need to know about renting or buying a home in Canada.

Ministry of Municipal Affairs & Housing

Canadian Immigrant is a free magazine designed to inform, educate, motivate and connect. It is also a "how-to" manual designed to assist immigrants integrate successfully into Canada. Each issue of the magazine covers immigrant success stories, business, culture, settlement, careers, education and more.

Learn More

Settlement.Org - Housing

Canadian Mortgage Housing Corporation

Insurance

• Whether you buy or rent, you should have insurance for your home and belongings.
• You can often save money if you buy your house and car insurance from the same company.
• There are many insurance companies in Timmins. 
• You may call some insurance companies to find out which offers the best rate.

For more information, view a listing of insurance companies in Timmins