Moving loans

What are average moving costs in Canada?

The cost of relocating to a new city varies wildly depending on where you’re moving from, where you’re moving to, the type of residence you’re looking for, the amount of belongings you own and whether you decide to hire a moving company or do it all yourself. Moving across Canada is typically the most costly – especially if you need to arrange for your car or furniture to be shipped.

What other movings costs should I consider?

To discover how much it might cost you to move between locations, here is a list of potential costs that could be specific to your situation:

• Auto shipping. Depending on how far you’re moving, you could pay anywhere from $500 to $1,500 or more to ship your car to a new home.
  
• Rental security deposit. If you’re renting, depending on the location and size of place, you might need to put up $700 to $4,000 before you move in.
• Furniture shipping. It can cost $400 to $5,000 or more to move your furniture.
• Moving truck. Vehicles range from small moving vans to 26-foot trucks, with prices to match. Many companies charge daily or weekly, plus mileage and fees and any insurance you opt for.
• Gas. The size of your moving vehicles determine what you’ll pay, but fuel to move your things can cost upward of several hundred dollars.
• Hotel stays. If the move to your new home is a long distance, you may need to stop for a rest along the way, or even get a hotel for a few days. Depending on the quality of the hotel, expect to pay anywhere from $80 to several hundred dollars a night.
• Final cable, internet and utility bills. If you’re locked into a plan, your providers could require fees of $100 to $200 to end your contract or cut off services.
• Realtor or broker fees. Whether helping you search for a temporary rental or find your ultimate home, real estate experts can charge from $1,000 to $10,000 for their services.

Can I take out a moving loan?

Yes. Relocating to a new city or town is a common reason people take out personal loans. You can apply with most personal lenders and receive approval within just minutes sometimes, which means you can learn about potential rates and costs of your loan over the long term. Compare the rates of two or three options to narrow down financing that can cover the full expected cost of your move while keeping your interest low and close to your budget.

Personal loans are generally unsecured, meaning your interest rates are based on a few factors including your credit score, your income and your ability to make your repayments, among other factors.

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How else can I pay for a move?

• Budget. A cost-effective way to cover your move is to create a budget. Multiple online resources can help you calculate the costs of your move, allowing you to put any excess income toward these expenses in a separate account, if needed. Comparing exactly what you’ll need against how much you’ve saved can help you nail down whether you need a small loan or a large one – saving you money in the long run.
• Company relocation assistance. If you’re upgrading to a new job or are transferred to a new office, find out if your company covers any moving costs.
• Consider a line of credit. A line of credit can provide you with an ongoing and convenient way to withdraw funds whenever you need to. You can use the funds to make purchases or keep it accessible should you need it in the case of an emergency. The flexibility of a line of credit allows you to withdraw funds up to a pre-determined limit. Interest is typically only charged on what you actually borrow and owe, not on the entire credit limit.

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Name	Product	Interest Rate	Loan Amount	Loan Term	Requirements	Credit Score	Link
Mogo Mini Line of Credit Mogo Mini Line of Credit		47.42%	$1,000 - $3,500	No end dates	Min. income of $13,000 /year	Min. credit score: 500	Go to site More Info	An online lender offering a flexible line of credit up to $3,500. Apply online and get pre-approved in just 3 minutes. Non-employment income also accepted. Pay back the principal loan amount at any time.	Compare	loading Fetching your data...
Cash Money Line of Credit Cash Money Line of Credit		46.93%	$100 (in store), $500 (online) - $10,000	No end dates	No min. income or employment requirements	Min. credit score: 560	Go to site More Info	Cash Money offers line of credit loans up to $10,000 for AB, BC, NS, ON and SK residents. (Residents of MB or NB can apply in-store only.)	Compare	loading Fetching your data...
LendDirect Line of Credit LendDirect Line of Credit		19.99% - 46.93%	$100 - $15,000	No end dates	Min. income of $1,500 /month	Min. credit score: 560	Go to site More Info	Borrow up to $15,000, based on your income and credit history, with a line of credit from LendDirect.	Compare	loading Fetching your data...

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3 tips for covering moving expenses

1. Plan ahead. Estimate how much a move will cost you to help determine your expenses and budget. If you have time to save, set money aside for paying your final bills, covering any deposits or preparing a place to stay temporarily during or after the move.
2. Shop for quotes. By comparing moving companies, you can save money by finding the exact service that meets your needs. The cheapest move is likely the one that lets you rent a truck and pack and drive your belongings yourself. If you can’t do that, companies that charge by weight or total truck square footage can offer you rates and fees to compare.
3. Sell your things. If you have excess furniture or are moving to a smaller home, consider selling items you don’t need to save a little extra money to cover your final bills. You might even find that it’s cheaper to buy new appliances on arrival than pay the hefty costs that come with moving them.

Can I write off moving expenses on my tax forms?

Yes. From the Government of Canada’s official website, on Line 219 of your tax return, you can claim eligible moving expenses if:

• You moved and established a new home to work or run a business at a new location; or
• You moved to be a student in full-time attendance in a post-secondary program at a university, college or other educational institution.

To qualify, your new home must be at least 40 kilometres (by the shortest usual public route) closer to your new work or school. Speak to a tax professional about your specific move to determine if it’s eligible for deductions.

Bottom line

Moving isn’t easy, but it doesn’t have to cost you an arm and a leg. If you need some extra funds to help you relocate, compare personal loans to fund the next chapter of your life.

Frequently asked questions

• How do I know if a lender is reputable?

  One way is to read online reviews with TrustPilot, the Better Business Bureau and similar sites. In addition, visit the website of the Canadian Association of Movers. Carefully read the terms and conditions – including full fees and interest rates – of any contract you receive before you sign it. If your contract contains unreasonably high interest rates or short payback terms, it could be a sign of an untrustworthy lender.

• Can I get a relocation loan even if I'm not changing jobs?

  You might be able to, but it depends on the lender. Some lenders offer relocation loans only to people who are relocating for business or employment. If you need a loan simply to move house, you can always take out a general-purpose personal loan, which usually doesn’t require a specific reason for taking it out, as long as you are using it for a legitimate purpose.

• Should I move my stuff by myself?

  It depends on your situation. Moving your own items through a service like U-Haul will likely save you hundreds of dollars – and reduce the likelihood that you’ll need a loan to help out. But moving yourself is often much harder, since you must handle packing, hauling and unpacking on your own.

  Weigh the pros and cons of all your options before deciding on the best method for your needs.