Posthaste: Where’s the best city to rent in Canada

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As renters well know, finding a nice place at the right price and ideal location is equal parts compromise and luck.

Fortunately, some cities in Canada offer more choice, provided you’re comfortable speaking French.

The real estate company Point2 recently examined Canada’s 100 most populated cities across 24 metrics to compile a list of the best places to rent. The analysis found St. John’s, N.L. to be the top spot for renters, though seven cities in Quebec made it into the top 10. Canada’s only bilingual province, New Brunswick, also had two cities high on the list — Fredericton and Saint John.

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The seven Quebec cities in the top 10 are Sherbrooke, Quebec City, Trois-Rivieres, Saguenay, Granby, Saint-Hyacinthe and Levis.

In terms of housing and economic measures, cities in Quebec took 18 of the top 19 spots, while Brossard, the only other Quebec city the report analyzed, came 21st.

Five cities in Quebec made the top 10 in the “quality of life” category.

“Quebec seems to be fighting for a monopoly when it comes to the welfare of its renters,” the report states.

“(The seven cities) 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.”

Rent prices in Quebec may soon inch higher, however, as earlier this year the province passed a bill to restrict lease transfers, which tenants had used to keep rent prices down.

Landlords can now reject these transfers for any reason.

Meanwhile, St. John’s, the overall winner, placed second in the “community” category, which “is essential for fostering connections, support, and well-being.”

“St. John’s, NL managed to find the right balance,” the report states.

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“The strong fishing industry, doubled by the gas and oil industries in Newfoundland and Labrador’s charming capital create the strong economic backbone of the city, with its vibrant arts and cultural community representing the beating heart of the province’s main urban hub.”

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The index peaked earlier this month, but a string of lacklustre earnings have made it hard to gain further traction since. With more earnings to come this week from major tech companies including Meta Platforms Inc. and Apple Inc. things could change in a hurry.

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A 69-year-old university professor from Ontario is planning to move to Nova Scotia upon retirement. She is looking at real estate now and wondering if she can afford to own two homes until it’s time to make the move. With $345,718 in savings, is she able to carry  two properties before  she decides to retire?

Read more here. 

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to do a better job making ends meet? Drop us a line with your contact info and the gist of your problem and we’ll find an expert to help you out. Your question could form the basis of a Family Finance story (we’ll keep your name out of it, of course), which means you’d be helping other readers as well. If you have a simpler question, the crack team at FP Answers, led by Julie Cazzin, can give it a shot.

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McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help you navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus, check out his mortgage rate page for Canada’s lowest national rates, updated daily.

Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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