Find out which cities have affordable rents and high quality of living
Renters looking for the best places to live in Canada should pay attention to a new report by Point2, which identified the top renter hotspots across the country.
The report ranked Canada's 100 largest cities to determine the best locations for renters based on 24 metrics across housing, economy, quality of life, and community factors.
Quebec dominated the rankings, with seven cities in the province securing spots in the top 10.
The seven cities have average rents under $1,000. These include Sherbrooke, Quebec City, Trois-Rivières, Saguenay, Granby, Saint-Hyacinthe, and Lévis. Cape Breton, Nova Scotia, also boasts low average rents, making it another attractive option for renters.
"Québec seems to be fighting for a monopoly when it comes to the welfare of its renters," the report stated, noting that 18 of the 19 Quebec cities analyzed occupied the top 18 positions in the economy and housing category.
“However, the best cities for renters should have it all,” Point2 analysts said. “Or they should offer the perfect blend of economic opportunity, life satisfaction and community involvement to make tenants’ lives as accomplished as possible.”
St. John's, Newfoundland and Labrador strikes the right balance, with its strong economic base in fishing, gas, and oil industries coupled with a vibrant arts and cultural community.
Wood Buffalo, Alberta, also stood out for its affordability, with 82.8% of renters spending less than 30% of their income on housing costs.
The study also highlighted a 21.5% increase in the number of Canadian renters between 2011 and 2021, rising from 4,078,225 to 4,953,835, according to Statistics Canada.
In terms of quality of life, Whitby and Oshawa in Ontario, along with Sherbrooke in Quebec, were identified as offering the best balance. British Columbia cities led in walkability, with Vancouver, North Vancouver City, Victoria, and New Westminster scoring the highest.
Read next: Toronto housing market: Which buyer types are finding opportunity?
For community factors, Victoria, British Columbia, topped the list, followed by St. John's and Vancouver. The report noted Victoria's high scores in restaurants, museums, and post-secondary education rates.
“In Canada's top 100 hotspots for renters, a mix of reasonable housing costs, job opportunities and access to recreation activities and entertainment options makes for a great quality of life,” the report said.
“And whether renters are drawn to the vibrant energy and liveliness of a big city or the relaxed atmosphere and the sense of community of a small town, they can probably find the perfect place that offers what they need and want most in any of Canada's provinces.”
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