{"id":10941,"date":"2020-03-13T10:26:16","date_gmt":"2020-03-13T14:26:16","guid":{"rendered":"https:\/\/env-hardbacon-dev.kinsta.cloud\/?p=10941"},"modified":"2022-04-24T16:32:40","modified_gmt":"2022-04-24T20:32:40","slug":"income-properties-that-1m-can-get-you-in-these-11-canadian-cities","status":"publish","type":"post","link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/mortgage\/income-properties-that-1m-can-get-you-in-these-11-canadian-cities\/","title":{"rendered":"Income properties that $1M can get you in these 11 Canadian cities"},"content":{"rendered":"

Investing in real estate is often seen as a simple way to increase income and diversify assets. However, making the right investment decisions and properly managing your property assets is not an easy thing. Just to show you, we had fun comparing income properties in various cities across Canada.<\/span><\/p>\n

For the purposes of our comparison, we established a fictitious budget of $1M and we selected dwellings that best represent their geographic area. In order to compare them effectively, we used the “Gross Income Multiplier” (GIM), which is calculated by dividing the property\u2019s purchase price by its annual gross income. It\u2019s not the most accurate ratio, but it\u2019s the easiest one to use. Don\u2019t base your decision to invest in a building based solely on this ratio. Also note that this represents potential income, as the assumption is made that the building is always rented, which may not be the case.<\/span>\u00a0<\/span><\/p>\n

Montreal<\/b><\/h2>\n

We begin our quest in Montreal. This pretty building, constructed in 1960, is located in the Plateau-Mont-Royal (East). On the market for $960,000, this fourplex has 2 three-bedroom units with a large terrace, and 2 loft-style units with a backyard. The city of Montreal is currently experiencing its real estate boom and the Canada Mortgage and Housing Corporation (CMHC) forecasts an annual sale price increase of more than 5%.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 4<\/span><\/p>\n

Living space: 1775 sq. ft.<\/span><\/p>\n

Potential Gross Income: $50,100<\/span><\/p>\n

Potential GIM: 19.16<\/strong><\/p>\n

Sherbrooke<\/b><\/h2>\n

Moving across the province, we make a stop in Sherbrooke. This large brick property, built in 2005, is slightly above our budget, and can be yours for $1,075,000. It is located in the Jacques-Cartier neighbourhood and has six units, including one 1-bedroom apartment, two 3-bedroom apartments and three 5-bedroom apartments, and 4 garages.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 6<\/span><\/span><\/p>\n

Living space: 11 862 sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income: $73 740<\/span><\/span><\/p>\n

Potential GIM: 14,58<\/strong><\/p>\n

Quebec City<\/b><\/h2>\n

It would be difficult to compare income properties in Quebec without taking a look at Quebec City\u2026This property is located in the Old Port, and has four residential units and two commercial premises. At $995,000, this 1930s building offers breathtaking views of the Bassin Louise.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 6<\/span><\/span><\/p>\n

Living space: 2 150\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$79 476\u00a0<\/span><\/span><\/p>\n

Potential GIM: 12,51<\/strong><\/p>\n

Trois-Rivi\u00e8res<\/b><\/h2>\n

Renowned for having the most accessible real estate market in Canada, this article wouldn\u2019t be complete without Trois-Rivi\u00e8res. So we unpack our suitcases in this 15-unit building. Located in the heart of the city, this property is priced at $1,085,000. In Trois-Rivi\u00e8res you get 15 units for this price, but that\u2019s not all: the real estate agency feels obliged to highlight its \u201cremarkable\u201d maintenance.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 15<\/span><\/p>\n

Living space: 13 538<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$114 252<\/span>\u00a0<\/span><\/span><\/p>\n

Potential GIM: 9,5<\/strong><\/p>\n

Ottawa<\/b><\/h2>\n

Heading southeast to the province of Ontario, we begin with the country's capital, Ottawa. In recent years, strong demand in the Ottawa market has driven up the price of homes for sale. Fortunately, we still managed to find a multi-family property that fits within our budget, or almost: $1,100,000 for this five-unit building, which is located in the artistic district of Hintonburg. The lot includes a brick building with four apartments as well as a detached home.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 5<\/span><\/span><\/p>\n

Living space: 6 017<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$51 000<\/span>\u00a0<\/span><\/span><\/p>\n

Potential GIM: 21,57<\/strong><\/p>\n

Kingston<\/b><\/h2>\n

Nicknamed “The City of Limestone” for its large 19<\/span>th<\/span> century buildings, we were unable to find a property close to our budget, but we were able to save money. This two-unit property is listed for $749,000 and is located in the popular district of Williamsville.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 5<\/span><\/span><\/p>\n

Living space: 6 017<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$51 000<\/span>\u00a0<\/span><\/span><\/p>\n

Potential GIM: 21,57<\/strong><\/p>\n

Toronto<\/b><\/h2>\n

With one of the highest costs of living in the country, can we find a suitable income property in Toronto within our budget? To my surprise, the answer was yes, but we had to settle with a duplex. This spacious property, located in Dundas, is completely renovated. Each unit has three bedrooms, a laundry room, an outdoor space and a parking space\u2026all for the tidy sum of $979,000.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 2<\/span><\/p>\n

Living space: 1 315<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$69 122<\/span><\/span><\/p>\n

Potential GIM: 14,16<\/strong><\/p>\n

Vancouver<\/b><\/h2>\n

Speaking of an expensive city, we might as well tackle Vancouver. This beautiful city on the west coast is in a category by itself as the most expensive location for housing in Canada, by far, with a median property price estimated at $1.24 million in 2019. We were unable to find an income property within our $1M budget, but we could acquire a luxury apartment. Located in the city centre, this little condo has only one bedroom. Fortunately, a 24-hour concierge service and a parking space is included in this price.<\/span>\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 1<\/span><\/p>\n

Living space: 877<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$36 000<\/span><\/span><\/p>\n

Potential GIM: 27,8<\/strong><\/p>\n

Halifax<\/b><\/h2>\n

This beautiful, completely renovated 19th century building has charm. Its beautiful blue colour made us forget the asking price: $1,145,000. This four-story triplex is located in the heart of Halifax\u2019s south end and offers magnificent views of the harbour and the Atlantic Ocean.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 3<\/span><\/p>\n

Living space: 2260<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$64 560<\/span><\/span><\/p>\n

Potential GIM: 17,74<\/strong><\/p>\n

Edmonton<\/b><\/h2>\n

Since 2014, Alberta\u2019s capital has experienced an abrupt and significant drop in its market value. We therefore easily found an income property within our budget. This 1965 building is contains nine fully-rented apartments, and the agency even tells us that it is an “excellent investment” because it is “easy to manage”. It\u2019s in a great location and is listed for $849,900.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 9<\/span><\/p>\n

Living space: 9060<\/span>\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$98 325<\/span><\/span><\/p>\n

Potential GIM: 8,64<\/strong><\/p>\n

Saskatoon<\/b><\/h2>\n

The real estate market is slowing in Saskatoon due in part to changes to federal mortgage rules. This property, available for $774,900, has four apartments, two of which have a private courtyard.<\/span><\/p>\n

\"\"<\/p>\n

Number of units: 4<\/span><\/p>\n

Living space: 6700\u00a0sq. ft.<\/span><\/span><\/p>\n

Potential Gross Income:\u00a0$98 325<\/span><\/span><\/p>\n

Potential GIM: 8,64<\/strong><\/p>\n

The Big Winner<\/b><\/h2>\n

As you may have noticed, the Gross Income Multiplier (GIM) varies significantly from one city to another, but this list gives you a little overview of the real estate market in Canada. Edmonton and Trois-Rivi\u00e8res are our big winners, shoulder to shoulder with potential GIMs of 8.64.<\/span><\/p>\n

Having said that, is a 1965 building in Alberta really worth more than a new apartment in Toronto? This is difficult to say, because so many variables other than the purchase price and potential income must be considered when investing in an income property.<\/span><\/p>\n

Remember, demographics drive supply and demand, and without a tenant, your investment can quickly turn into a nightmare. Add to that renovations, the time or costs necessary for management, etc., and at the end of the day, there are sometimes unpleasant surprises. If you\u2019d prefer to invest in real estate without getting your hands dirty, Real Estate Investment Trusts (REITs) might be a more suitable solution.\u00a0<\/span><\/p>\n

 <\/p>\n

If you liked this article, you\u2019ll like the Hardbacon application even more. It links to your investment accounts, analyzes your portfolio and helps you make better financial decisions. As a loyal reader of our blog, get a 10%<\/strong> discount off a Hardbacon subscription. To take advantage of this promotion, use the promo code BLOG10<\/strong> when subscribing through our website<\/a>.<\/em><\/p>\n

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 <\/p>","protected":false},"excerpt":{"rendered":"

Investing in real estate is often seen as a simple way to increase income and diversify assets. However, making the right investment…<\/p>\n","protected":false},"author":80,"featured_media":10460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":""},"categories":[300,30],"tags":[],"acf":[],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"yoast_head":"\nIncome properties that $1M can get you in these 11 Canadian cities | Hardbacon<\/title>\n<meta name=\"description\" content=\"Hardbacon vous aide \u00e0 prendre de meilleures d\u00e9cisions financi\u00e8res. 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