An apartment usually consists of one to two bedrooms and the necessary house hold amenities. Apartment buildings are usually made up of several floors and consist of a number of units attached to other apartments beside, above or below.

A duplex usually consists of a house split into two separate units side by side. Both units are complete with all necessary amenities.

Single unit housing usually refers to a house 1 to 3 floors in height that includes necessary amenities.

A townhouse is similar to a duplex but usually consists of two or more separate units, no more than a few floors high.

Once you have settled on a type of accommodation, you will need to determine how to pay for the accommodation. There are two main payment options: rent or buy.

Buying a house or an apartment can be very expensive and usually requires a down payment. Once the down payment has been approved, a mortgage (monthly payments) will extend the rest of what is owed on the property.

Renting has two payment options, leasing or month to month. Leasing involves a signed contract stating that you have committed to live there for a pre-determined period of time. After the lease is up you can renew or are free from the contract and can move out and find a new place to live. Rent usually doesn't take utilities into consideration, which includes hydro, cable and internet.

Another important cost to take into consideration is house insurance. Whether you are living in a house or an apartment, renting or buying, you should get some sort of house insurance. This insurance protects your valuables (to a specific amount) in the case of theft or fire.