occidentalcapital
Senior Member
Depends on the company. 3-7 days in some cases.
Yes you generally need to show employment.
Or you could try talking to them and show that you have savings built up to pay the rent if you don't have income.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
Yes you generally need to show employment.
Or you could try talking to them and show that you have savings built up to pay the rent if you don't have income.
newcomer2023
New Member
have you ever witnessed someone unemployed successfully got a rental?
occidentalcapital
Senior Member
Maybe if you have a lot of money in cash yes
newcomer2023
New Member
Is $25000 bank balance enough?
occidentalcapital
Senior Member
It should be.
They might still want to know what you plan to do with your time so they aren't renting to someone involved in criminal activity
newcomer2023
New Member
Could a person buy an apartment lump sum (i.e. one's own saving, in cash, in full) in Edmonton? I know this may sound a dumb question, but just to check if I missed anything.
occidentalcapital
Senior Member
Speak with a realtor and or lawyer to understand your options.
Gronk!
Senior Member
newcomer2023
New Member
No, I meant if the apartment, say, costs $75,000 and I have $75,000 cash in my bank account. Am I legally able to buy the apartment lump sum? Is there any regulation on this?
thommyjo
Senior Member
Best option is likely to pre-pay 3-6 months of rent up front if you’re unemployed.
Shows you’re serious and have savings. Reduces their risk.
Stevey_G
Active Member
I will be frank and honest. This is very difficult. I wouldn’t personally rent to someone unemployed or on any form of income assistance because of the risks that are involved as a property owner - to which there are a variety.
If I got responses like that towards my unit I would politely reject the tenancy and I also understand why most wouldn’t waste their time with a response.
You’re going to have to find employment as soon as possible, and you’ll probably want to contact 311 and enquire about provincial assistance. I don’t believe the program is very robust though.
Stevey_G
Active Member
No. You need to have employment and employment for two years with most mortgage financiers and a strong credit score before they take a risk on lending.
If you have 25,000 up front I’m sure you could speak with a rental company about cash up front policies on a six month lease. Be aware if you do this and break the terms of your lease, you won’t likely recover your rent.
David A
Senior Member
One of the good things about Edmonton is affordability. So, if you have some cash (or know someone who does) and can get by without mortgage, you can buy a modest condo here without being a millionaire.
Of course, you still need to be able to cover the monthly condo fees and taxes (which would probably be less than rent) but at least you have a decent place to live and don't need to worry about rent increases or picky landlords.
Of course, you still need to be able to cover the monthly condo fees and taxes (which would probably be less than rent) but at least you have a decent place to live and don't need to worry about rent increases or picky landlords.
newcomer2023
New Member
Not sure if I have used the phrase "lump sum" correctly in my previous message. For "lump sum" I meant if the apartment costs $100K, then I have $100K cash in my bank account and buy the apartment without mortgage. Just would like to confirm "lump sum" purchase of apartment is allowed in Canada.
Many rental companies I dealt with also accept bank statement with sufficient fund in lieu of employment. However, I have decided in live in Airbnb because I am not sure where my job will be.
newcomer2023
New Member
Exactly, I think for a single person, $100K should be enough to secure a decent small apartment in Edmonton.
As to condo fee, it has a large variation but normally ranges from $300-800/month.
Tax is property tax, right? Any other tax?