2% rule in markets like Canada

[Kartik Sachdeva]

i have just started to read the books on real estate investing and I read the 2% rule. Now to satisfy that condition let us say if the rent in $1500 then according to a 2percent rule the maximum price of a rental property can be $7500. In canada one can not find such kind of properties. My question is am I not understanding the rule correctly or this rule does not work these days?