For Canadians who rent their homes, the opening of the Trump Tower in downtown Toronto on Tuesday may come as cold comfort.

While the massive skyscraper, the tallest residential building in Canada, boasts plenty of luxurious suites, it also has sky-high prices. In fact, the starting price for one of the prestigious suites: $960,000.

According to Donald Trump, the building's namesake, Canada's largest city was a perfect spot for his brand.

"Canada's done a great job, the economy is good," he told CTV's Richard Madan in a phone interview Tuesday, adding that his new tower will fit right in.

"I think one of the best things in Canada will be our Trump Tower."

Toronto, like other Canadian cities, has been going through a prolonged condo boom that has pushed up housing prices and made rental properties increasingly scarce.

And that has some municipal leaders concerned that too many people could be left out.

"Over the past couple years, the home market has pushed land values up, and that's made it very difficult for rentals to compete," said Berry Vrbanovic from the Federation of Canadian Municipalities.

The federation says that a third of Canadians are renters, yet less than 10 per cent off all new development over the past 15 years have been dedicated to rental units.

That's not news to Craig Mazzali, who has been searching for a new apartment in Toronto for months, only to be stymied by lack of choice and ultra-competitive leasing.

"Yeah, it's been really hard. Either it's too dirty, or too expensive, or there's a bug problem," he said.

Realtor Josh Korman said that in some cities, getting a nice rental can be as difficult finding a home to buy.

"We had to up our bid, or we had to make adjustments to the length of time we're going to accept for a lease," he said.

The political reaction to the possible renting crisis was felt in Ottawa, as critics accused the government of not doing enough to ensure housing is affordable.

Andrew Cash, and NDP MP from central Toronto, said that Canadians are struggling to find housing, yet the Conservative government continues to turn a blind eye.

In Parliament, Human Resources Minister Diane Finley said that the government has "invested" more than any previous government in affordable housing.

Meanwhile, Canada's mayors believe that new tax credits or low-interest loans to spur apartment construction could ease the rental crunch and create thousands of construction jobs.