Housing affordability remains a real issue in Canada. Despite recent cuts to interest rates, buying a home remains entirely out of reach for many people, especially those in their 20s and 30s. That means that unless you’re willing to live with your parents, you’re going to have to rent. If you’re already renting or looking for your first place, balancing cost with lifestyle can be a real struggle, especially in Canada’s big cities.
The good news is that there are plenty of affordable places to rent in Canada, and they’re not all in the back of beyond. Not only are they inexpensive, they also offer great lifestyle options.
Online real estate marketplace Point2 studied 100 locations nationwide to find the best rental experiences. They looked at 24 metrics covering housing, economy, quality of life and community. Using these data, Point2 ranked the locations to determine which of Canada’s cities are ideal for renters.
The best locations provide a well-balanced lifestyle, making them attractive places for tenants to live comfortably and enjoy their communities.
Related: Should You Rent or Buy? Scott McGillivray Weighs the Pros and Cons
The big surprise is all of the top 10 spots are in Quebec and Atlantic Canada, with seven in Quebec (average rent in parentheses):
1. St. John’s, NL ($1,073)
2. Sherbrooke, QC ($926)
3. Quebec City, QC ($1,000)
4. Trois-Rivières, QC ($745)
5. Saguenay, QC ($748)
6. Granby, QC ($915)
7. Fredericton, NB ($1,259)
8. Saint John, NB ($1,027)
9. Saint-Hyacinthe, QC ($967)
10. Levis, QC ($1,035)
Related: Rock Solid Builds Takes on the Newfoundland Landscape to Create Jaw-Dropping Homes
Surprisingly, a few of Canada’s biggest cities placed just outside the top 10, but most were pretty far down the list.
12. Montreal ($1,036)
17. Halifax ($1,538)
19. Vancouver ($1,887)
30. Ottawa ($1,560)
33. Regina ($1,219)
44. Toronto ($1,845)
52. Winnipeg ($1,257)
81. Calgary ($1,586)
91. Edmonton ($1,281)
Related: These Are the Best Canadian Cities to Raise Kids in 2023
When looking just at housing and economy hotspots, Quebec has all of the top 10 cities that score highest for metrics like housing affordability, unemployment rate and rental inventory.
Taking quality of life as a key metric, Quebec has five cities in the top 10 for life satisfaction, perceived level of stress and air quality.
Related: Live Big in a Secluded Luxury Micro Chalet, 25 Minutes Away From Old Quebec
If a strong sense of community is an essential factor in where you choose to rent, the top spots are Victoria, St. John’s and Vancouver.
While the cost of rent is an important metric, other factors reveal which spots provide a well-balanced lifestyle, making them attractive and enjoyable places to live comfortably. Rather than being a stop on the way to buying a home, renting in these locations means you can enjoy the renter’s lifestyle instead of just waiting for something better to come along.
