Why Ottawa is hot, hot, hot with investment condo opportunities
Forget what you`ve heard about Toronto and Vancouver being where all the action is when it comes to real estate in Canada.
Some of the best investment opportunities exist right here in small, quiet Ottawa.
Why? At first glance, Ottawa might not seem like a real estate hotbed. But for prospective investors looking to buy and rent out a condo, the city is actually one of hottest rental markets in Ontario – indeed, in the entire country.
A solid local economy, stable employment conditions and minimal new apartment construction are conspiring to produce an increasingly tight rental environment, where vacancy rates are 2.4 per cent and rents are increasing.
For those thinking of buying an investment condo, this is all great news.
As an investor/landlord, vacancy rates are a key barometer to watch closely. Canada Mortgage and Housing Corp. (CMHC) summarizes these, along with average rents, in twice-annual rental market reports.
An increasing rate essentially means rental supply is growing, which means renters have more units to choose from. For landlords, this means more competition, and therefore you may have trouble renting a property or increasing the rent. Declining vacancy rates means supply is tightening and your property may be in higher demand, which could lead to you being able to charge more rent.
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