Short Term Rental AirBnb in Ontario
What’s the best spot in Ontario to start a short term rental business?
any reccomendations would be greatly appreciated,
Thank you!
@Milo Williams Have you checked AIRDNA, VRBO, MashVisor or PRICELABS? All provide market data. AIRBNB and VRBO often even have their top "X" markets listed on their news reports. https://news.airbnb.com/ or https://www.vrbo.com/media-cen... are some sources for data.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Holy cow! Ontario is a huge province. How about Fort Severn?
Ontario would not be a target for me until the current deflationary pressure on home prices sorts itself out. Currently Toronto, the GTA and Golden Horeshoe are seeing some of the most massive drops of any
markets in the world. ( see above chart, source Toronto Regional Real Estate Board, The Greater Fool Blogpost 8/3/2022)
There will be some great deals at some point but proceed with caution. Financing in Canada is also a challenge. The mortgage market there is much more like the commercial market in the us. Loans a amortized over shorter terms, interest rates can generally only be locked for 5 years. If things settle down, the cottage country markets, ski communities with summer amenities (Blue Mountain) and any waterfront proeprties would interest me in the future. Good luck. My best advice is wait out the current free fall and find a reasonable entry point with stable financing.
I am in the Kitchener Waterloo Market and my clients here with Airbnb are almost full of time. And I believe they receive nightly rates of $150 or higher depending upon the unit/home size.
Quote from @Mike Terry:
Quote from @Roy Cleeves:
I am in the Kitchener Waterloo Market and my clients here with Airbnb are almost full of time. And I believe they receive nightly rates of $150 or higher depending upon the unit/home size.
Roy,Am I wrong the the median home in KW is 875k CDN. At the current rate of 5.99% with 20% down, the monthly payment just principal and interest would be approximately 4600$ a month. At 150$ a night your revenue with 80% occupancy would be 3600$. That can’t cover just debt service. Am I missing something? With the falling knife of Canadian real estate. I’ll be patient.
You are correct. Best to be patient at this time or buy a duplex so that you double your income.
@Roy Cleeves
are duplexes double the price? How does this help?
No
you can get duplexes in that same price range.