If you’re living in any of Canada’s major cities, you’re probably accustomed to sky-high rent.
Although prices have dropped slightly compared to last year, the average rent in big metropolitans like Vancouver and Toronto is still well over $2,000 a month.
Fortunately, there are places that exist in Canada where rent won’t eat up your paycheque.
In a new report, real estate search site Point2 crunched the numbers and discovered that certain cities have “perfected the recipe for a well-balanced rental experience.”
“In these renter hotspots, tenants don’t have to live in limbo until they get to buy a home, but are actually free to enjoy the renter life,” reads the report.
Point2 analysts ranked Canada’s 100 largest cities based on 24 metrics spanning three categories — housing and economy, quality of life, and community — to determine which were the best havens for renters.
“The best cities for renters should have it all. Or, they should offer the perfect blend of economic opportunity, life satisfaction, and community involvement to make tenants’ lives as accomplished as possible,” reads the study.
The city that checked all of those boxes and took the top spot is St. John’s, Newfoundland, with an overall score of 69.04 out of 100.
According to Point2, the Atlantic city managed to find the right balance — with strong fishing, gas, and oil industries, it’s an economic backbone that’s also a vibrant hub for arts and culture.
In addition, the average rent is $1,073 a month. No wonder the report gave it a life satisfaction score of 95.8%.
In second place is Sherbrooke, Quebec, where renters can nab a place for an average of just $926 a month. It scored slightly lower than St. John’s at 66.42.
Quebec City comes in third, with an average rent of $1,000. In fact, seven cities in the French-Canadian province secured a place in the top 10.
“Sherbrooke, Québec City, Trois-Rivières, Saguenay, Granby, Saint-Hyacinthe, and Lévis are creating an environment where tenants aren’t just making do until their homeownership dreams come true, but are actually thriving all through their renter years,” reads the report.
Point2
The renter-friendly brownie points didn’t stop there for Quebec.
According to Point2, 18 of the 19 Quebec cities included in its analysis boast the best economic housing scores, taking the first 18 spots in the economy and housing category.
“Saguenay, QC; Drummondville, QC; Saint-Jean-sur-Richelieu, QC; Cape Breton, NS; Granby, QC; Sherbrooke, QC; Saint-Hyacinthe, QC, have the most renter-friendly monthly rental rates of Canada’s 100 most populous cities. Renters here pay, on average, less than $1,000 to cover rent each month,” reads the report.
The analysis showed that Alberta town Wood Buffalo stood out for affordability, with 82.8% of renters spending 30% or less of their income on housing costs.
This might not be a surprise, but none of Canada’s top 10 largest cities are among the best for renters.
But that doesn’t mean they didn’t score high under some metrics.
Point2 says Toronto and Montreal have the biggest inventories of homes for rent, while Victoria and Vancouver were in the top three cities where residents feel the strongest sense of belonging to the community.
What do you think of these rankings? Let us know in the comments.