Renting in Canada as a Newcomer from South Korea
South Korea has dropped out of the top-10 source countries for new permanent residents, but Canada's established Korean-Canadian community, over 218,000 people as of the last census, remains well-supported. Here's what to know before you rent.
Community size (2021 census)
218,140
StatCan
Nova Credit
Supported
BMO & Scotiabank
KRW / CAD
~979.75
September 2026
Section 1
South Korea has dropped out of the top-10 PR source countries, but the community remains large and established
South Korea is no longer among the top-10 source countries for new permanent residents to Canada, a shift from prior years. That said, StatCan's 2021 census recorded 218,140 people of Korean origin in Canada, an established community with deep infrastructure in Toronto especially.
Toronto is unusual in having two distinct Koreatowns: the original Bloor Street West district (Bathurst to Christie, established 2004) and a newer "Koreatown North" along Yonge Street between Sheppard and Finch.
Section 2
No Canadian credit history? Here's how to still qualify
Building a rental application without Canadian credit history comes down to documentation:
- 1Bring a translated employment letter stating your role, tenure, and salary.
- 2Bring 4-12 months of bank statements showing consistent income or savings.
- 3Offer a guarantor or co-signer if you have a Canadian contact who can vouch financially.
- 4Offer a larger security deposit where the province allows it.
South Korea is supported by Nova Credit's Credit Passport program through Scotiabank and BMO (though not currently through Rogers), letting your Korean credit history carry over to Canadian lenders.
Section 3
Documents to bring
Passport & immigration documents
Passport, COPR, study permit, or work permit, and Canadian ID once issued.
Employment letter
A translated employment letter confirming role, tenure, and salary from your Korean employer.
Bank statements
4-12 months of statements showing income or savings history.
Landlord reference
A reference letter from a previous landlord, translated if needed.
Section 4
Where South Korean newcomers tend to settle
Koreatown, Toronto
Bloor Street West, Bathurst to Christie
Toronto's original Koreatown, established in 2004, remains a hub of Korean restaurants, grocers, and services.
"Koreatown North," Toronto
Yonge Street, Sheppard to Finch
A newer, second Korean-Canadian commercial cluster in North York.
Coquitlam & Metro Vancouver
Broader regional community
The Korean-Canadian community in the Vancouver area is significant but spread across the Metro Vancouver region, including Coquitlam, rather than concentrated in one named district.
Calgary and Edmonton both have active Korean community associations but no single verified neighbourhood-level concentration.
Section 5
Converting your budget to Canadian dollars
As of September 2026, 1 Canadian dollar is worth approximately 979.75 South Korean won (mid-market spot rate, XE.com). Rates move daily; check a live converter before budgeting.
Section 6
Setting up Canadian banking
Canada's major banks all run newcomer programs that waive fees and don't require Canadian credit history to open an account:
Scotia StartRight
Newcomer chequing account with no monthly fee for the first year, plus a credit card option with no credit history required.
RBC Newcomer
Banking package for newcomers to Canada, including a no-history credit card for eligible permanent residents and work/study permit holders.
BMO NewStart
Newcomer banking program with fee waivers and credit-building tools for the first year in Canada.
Section 7
Tenant rights where you're likely to land
Tenancy law in Canada is set provincially, not federally. Here's what applies in the provinces South Korean newcomers most often move to:
Calgary, AB
Residential Tenancies Act (RTA)
No rent control: landlords can raise rent by any amount with proper notice, but only once every 365 days. Security deposits are capped at one month's rent. Disputes go to the RTDRS.
Edmonton, AB
Residential Tenancies Act (RTA)
Same Alberta-wide rules as Calgary: no rent control, one rent increase per 365 days, deposit capped at one month's rent, disputes go to the RTDRS.
Toronto, ON
Residential Tenancies Act, 2006
Rent control applies to units built before November 2018 (annual guideline increase). No damage deposit is allowed, only last month's rent, which the landlord must pay annual interest on. Disputes go to the LTB.
Vancouver, BC
Residential Tenancy Act
Rent increases are capped by an annual government-set percentage. Security deposit capped at half a month's rent, plus a separate pet deposit of up to half a month's rent. Disputes go to the RTB.
Section 8
Apply faster with SQRFT Passport
Build your verified rental identity once (employment, income, references), then share it with any landlord in Canada. No Canadian credit history required to get started.
FAQ
Common questions from South Korean newcomers
Sources