As I've mentioned previously when featuring Joseph Arthur a year and a half ago, covering Lou Reed in a straightforward, stripped-down manner can prove to be a great idea.
The first ones to be extremely successful with the idea were the Cowboy Junkies - technically from Toronto, though all four band members were born in Montréal - when they covered the Velvet Underground classic Sweet Jane:
I won't go as far as saying it's better than Lou's or the Velvets' versions, but it is certainly on par with it, which is still saying quite a lot.
The song is from 1988's The Trinity Sessions and is based on the Velvets' moody 1969 live version. Margo Timmins' vocals are on full display, as is the subdued-yet-consistent playing of her brother Michael; third sibling Peter Timmins plays drums, while childhood friend Alan Anton handles bass duties.