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The best places for rent in Canada

The Best Places for Rent in Canada

Home affordability has always been a problem in Canada. Even though Canada has a home ownership rate of nearly 70%, people are finding it extremely difficult to save up for their dream house. With prices constantly increasing, instead of discussing how expensive property is in the largest cities of Canada like Vancouver and Toronto, more and more people are considering renting. Low vacancy and high rates have also become a problem since people started opting for rental apartments and properties instead of ownership.

 

Nevertheless, keeping all that in mind, here are some of the best places for renting in Canada:

Quebec

Data collected by the Canada Mortgage and Housing Corporation (CMHC) in 2014 showed that the cheapest places to rent in the country are cities in Quebec. Rental rates for primary purpose built two-bedroom apartments in Saguenay were as low as $562 which was nearly $1,000 less than the rent of the costliest apartment in Canada.

Other cities in Quebec like Trois-Rivières and Sherbrooke also had extremely low rental prices for a two-bedroom apartment at $571 and $594 respectively. Data collected from 35 major centres showed that the average rent for purpose built two-bedroom apartment in Canada was $930 which means that by renting an apartment in Quebec instead of a major city, you can save nearly $400.

Alberta

Even though rental apartments are much more expensive in Alberta than in Quebec, the high vacancy rate in Alberta still attracts many people who are looking for a place to stay. The vacancy rate went up to 8.1% in November 2016 which was the highest in the country.

Instead of looking for apartments in large cities like Calgary and Edmonton, it is recommended that you look for rental properties in smaller cities. A one bedroom apartment in a city like Red Deer can cost as low as $400.

To find available properties in Canada, contact Nav Sidhu.