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Credit checks for apartment rental in Vancouver

Credit checks for apartment rental in Vancouver

Old Jun 28th 2018, 4:44 pm
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Default Re: Credit checks for apartment rental in Vancouver

Originally Posted by DigitalGhost
Does anyone know if they're generally OK with proof of funds rather than employment. We have more than enough capital to rent a condo without worrying about income for a while however I'm not sure how developers/landlords in Canada tend to be about that kind of thing.

In most of the UK it tends to be OK but in London they seem to want proof of employment regardless.
I paid a year in advance for my first apartment in Canada - it was the only way I could get anyone to rent to me... I had no status other than visitor, no work permit, etc. It's not strictly legal in Ontario - and they can't DEMAND you pay a year in advance - but needs must and all that!

You could try offering 6 months in advance / post dated cheques.

What might be helpful - particularly if you are thinking of buying at some point - would be to obtain your credit report from the UK (use the same company that does Canada as it will be recognised); get letters from your bank / mortgage holder / landlord that you are in good standing (i.e not gone into arrears).. and also bring a few utility bills that will show you are up to date. You can use these when you try for a mortgage too

Have a read also of CMHC's guide to renting for newcomers.. (when you come to buy, look for the 'newcomers mortgage') https://www.cmhc-schl.gc.ca/en

Last edited by Siouxie; Jun 28th 2018 at 4:48 pm.
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Old Jun 28th 2018, 4:51 pm
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Default Re: Credit checks for apartment rental in Vancouver

Originally Posted by Siouxie
I paid a year in advance for my first apartment in Canada - it was the only way I could get anyone to rent to me... I had no status other than visitor, no work permit, etc. It's not strictly legal in Ontario - and they can't DEMAND you pay a year in advance - but needs must and all that!

You could try offering 6 months in advance / post dated cheques.

What might be helpful - particularly if you are thinking of buying at some point - would be to obtain your credit report from the UK (use the same company that does Canada as it will be recognised); get letters from your bank / mortgage holder / landlord that you are in good standing (i.e not gone into arrears).. and also bring a few utility bills that will show you are up to date. You can use these when you try for a mortgage too

Have a read also of CMHC's guide to renting for newcomers.. (when you come to buy, look for the 'newcomers mortgage') https://www.cmhc-schl.gc.ca/en
Great, thanks. We paid 3 months up front last time we were there but we're looking for much nicer place this. I could pay 6 months up front if it came to it though but ideally it won't. With any luck at least one of us will find work fairly quickly though and it will be less of an issue.
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Old Jun 28th 2018, 8:39 pm
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Default Re: Credit checks for apartment rental in Vancouver

Basically, in Vancouver it is a LANDLORD's market, just as buying a house is a seller's market .............. there are so few available that the landlord can pick and choose from possibly hundreds of potential renters. There are people who bid up the rent, offer more of a deposit, etc etc

Victoria is, I think, not as bad as Vancouver but the rental rates are low
Re: Credit checks for apartment rental in VancouverHow would that work. Something along the lines of 'you have a long weekend off for a public holiday. Are you more likely to

A) Sit and relax quietly with a good book?
B) Get smashed and buy a drum kit?'
Basically, yes ......... Jsmth had a thread about it on, I think, the Maple Leaf
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Old Jul 11th 2018, 11:05 am
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Default Re: Credit checks for apartment rental in Vancouver

Just really wanted to thank everyone who replied to this thread that I started! Your replies have been extremely helpful! As I am a self employed remote worker who will continue on with the same business when I arrive, I am going to start asking my clients to pay me directly into my Canadian bank account before I arrive, and will bring my UK Experian report as well as my company tax files so that perspective landlords can see that I am still paying myself the same way I always do. Fingers crossed we can just find a place and get our daughter signed up for school with minimal problems! Thanks once again all.
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Old Jul 11th 2018, 12:30 pm
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Default Re: Credit checks for apartment rental in Vancouver

Originally Posted by jenniferreid
Just really wanted to thank everyone who replied to this thread that I started! Your replies have been extremely helpful! As I am a self employed remote worker who will continue on with the same business when I arrive, I am going to start asking my clients to pay me directly into my Canadian bank account before I arrive, and will bring my UK Experian report as well as my company tax files so that perspective landlords can see that I am still paying myself the same way I always do. Fingers crossed we can just find a place and get our daughter signed up for school with minimal problems! Thanks once again all.

Do be aware that you will pay a fee for any wire transfers to your bank account. Currently I pay $17 per international wire transfer to my account. I am also a self employed remote worker.
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Old Jul 11th 2018, 12:47 pm
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Default Re: Credit checks for apartment rental in Vancouver

Thanks for the info Siouxie, very helpful. Did you look into setting up a sterling/foreign currency account? I was going to look into doing that when in Vancouver shortly. I have a Canadian bank account, but what I'd like to do is have customers pay me directly to a sterling account in Canada in GBP, as they won't want to do IBAN transfers to pay me either. If have to pay $17 per payment into the account I guess this is not a huge deal overall, as I only have a few clients and they are each just paying me once monthly. Thanks, Jennifer
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Old Jul 11th 2018, 2:15 pm
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Default Re: Credit checks for apartment rental in Vancouver

My husband and I got approved for a rental without providing a SIN or uk credit report. We had a cover letter explaining our circumstances and a letter from my husband's employer outlining his salary. I did offer to provide the credit report or bank statements showing we had savings to cover initial costs but they didn't ask for them.
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Old Jul 11th 2018, 5:41 pm
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Default Re: Credit checks for apartment rental in Vancouver

Originally Posted by jenniferreid
Thanks for the info Siouxie, very helpful. Did you look into setting up a sterling/foreign currency account? I was going to look into doing that when in Vancouver shortly. I have a Canadian bank account, but what I'd like to do is have customers pay me directly to a sterling account in Canada in GBP, as they won't want to do IBAN transfers to pay me either. If have to pay $17 per payment into the account I guess this is not a huge deal overall, as I only have a few clients and they are each just paying me once monthly. Thanks, Jennifer

Hello there No, I don't have a sterling account, I just have a Canadian normal bank account plus an e-business account and an e-savings account with RBC - no monthly fee nor minimum balance https://www.rbcroyalbank.com/business/accounts/small-business-eaccount.html
https://www.rbcroyalbank.com/busines...s-account.html


Having said that, RBC do have an International Business Bank account which looks quite interesting! - for me though.. probably not worth it, the monthly fee is more than the fee for a wire transfer and I only receive one wire transfer per month (I am a freelance/self employed remote worker through an agency in the UK) - other income is generally from within Canada. https://www.rbcroyalbank.com/busines...ng.html#europe


Have you considered using Paypal or Transferwise for any smaller clients perhaps? There's a good compariso or quarterly transfer to your Canadian account. Do watch out for any tax liabilities you may have in the UK if you are still retaining UK clients from a business that is registered to the UK .. though, particularly if you still have property in the UK. I don't know if you would have a tax liability or not, just suggesting it may be an idea to look into it.

Good luck with the move over!

Originally Posted by milly_m
My husband and I got approved for a rental without providing a SIN or uk credit report. We had a cover letter explaining our circumstances and a letter from my husband's employer outlining his salary. I did offer to provide the credit report or bank statements showing we had savings to cover initial costs but they didn't ask for them.
Having a letter of confirmation from your husband's employer would have been sufficient to show that he was gainfully employed and you could make the payments- and likely why you didn't need to supply your SIN / Credit report or other proof.



For those who are self-employed or who have yet to gain employment, it's a whole different ball game.


Last edited by Siouxie; Jul 11th 2018 at 5:58 pm.
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Old Jul 13th 2018, 12:31 am
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Default Re: Credit checks for apartment rental in Vancouver

Originally Posted by Siouxie
For those who are self-employed or who have yet to gain employment, it's a whole different ball game.
This is going to be us when eventually we arrive permanently. We won't at all be short of money (and have Canadian bank account statements to prove it) and will have ongoing foreign income, but no material income in Canada. As we've owned our own home for 20 years, we don't have any current landlord references. So it could get interesting!
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Old Jul 14th 2018, 2:03 pm
  #25  
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Default Re: Credit checks for apartment rental in Vancouver

I work for one of the major apartment owner/operators and have to review all new applications. I have three questions in mind; I look for answers from the following:
* Can they pay the rent? (Bank statements to show available funds).
* Can they continue to pay the rent? (credit checks with Equifax, employer reference, pay stubs - I want to see if you are living beyond your means. I also want to be sure you're not in Collections from another landlord or if you're an undischarged bankrupt)
* Will they be a good tenant? (Prior landlord reference).

There are minor differences between Provinces but most landlords are looking for answers to the same three questions.
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