Rent in Toronto cost $1,000 more than in Montreal

Struggling to keep up with surging rents? You might want to consider moving to Quebec.

The province is home to nine of the 10 cheapest Canadian cities for renters, according to a study by Point2 , a real estate website owned by software company Yardi Systems Inc. Trois-Rivières, a city 138 kilometres northeast of Montreal, is the most affordable, with shelter costs averaging $676 per month.

Montreal, the country’s second-biggest city, comes in at No. 8, with monthly shelter costs for renters of $969.

For years, Canada’s housing affordability crisis was characterized by sky-high purchase prices. But as the real-estate market softens amid higher interest rates, it’s renters who are feeling the brunt of a problem that economist say is rooted in a lack of supply. The average cost to rent in the country has been climbing since spring 2021, surpassing $2,000 in November and December, according to a report by Rentals.ca . New data released by Statistics Canada on Jan. 17 showed rents are increasing faster than wages.

This article was reported by Financial Post