These Are The Cheapest Cities In Canada For Rent & One Province Is Looking Really Good
A new ranking of the cheapest cities in Canada for renters has been revealed, and while prices are still high in the areas you'd expect, other regions are seeing rent costs that are a downright steal in comparison.
Real estate platform Point2Homes has shared new data revealing that some cities offer rent that is as much as three times cheaper than other areas.
In a report, Point2Homes revealed that, unsurprisingly, major cities in Ontario and B.C. face some of the highest housing costs in the country, with both homeowners and renters feeling the burn on their wallets. The data included numbers from the country's 50 largest cities.
As for where in Canada you'll find the lowest rental costs, one province is looking particularly good right about now.
Quebec was found to have several cities with some of the lowest rental costs in Canada, with Trois-Rivières earning the title of having the cheapest rent in the country at just $676 per month.
"In fact, all of the Québec cities analyzed showcase lower shelter costs for renters than the $1,209 national average," said Point2Homes.
Following Trois-Rivières for the cheapest rent in Canada are the Quebec cities Saguenay, where rental costs are $689 per month, Sherbrooke ($760), Lévis ($892) and Quebec City ($904), which rounds out the top five..
Montreal was also listed as a region with a lower cost of shelter, with renters paying an average of $969 per month.
Also on the list was St. John's, Newfoundland, where rent costs $988 per month, and Greater Sudbury, which came in at number 12 in the ranking (the first Ontario city on the list) with an average rent cost of $1,037 per month.
On the flip side, the cities with the highest rent in Canada are exactly where you'd expect. Renters in the Ontario cities of Oakville, Vaughan and Milton were found to be paying the most, where rent can get as high as $2,146 per month.
In fact, all of the cities with the highest rental costs in Canada are located in B.C. or Ontario. Vancouver came in surprisingly low on the list in the ninth spot, with monthly rent costing $1,660 per month, while Toronto came in even lower (14) with a cost of $1,562.
Amid the grim numbers, the bright side may be that renters pay much less in major cities for housing compared to homeowners.
Canadian homeowners, in fact, spend almost $300 more than renters on monthly shelter costs, according to the study. So while homeownership is likely a goal for many, in the meantime, at least, renters may spend less on housing.
This article's cover image was used for illustrative purposes only.
