Northern Ontario - seriously underinvested in, shockingly high cap rates
Hey all, just wondering if anyone has looked in to Northern Ontario here. Canadians seemed to have dogpiled in to Southern Ontario markets pushing cap rates and returns down. Yet, in Northern Ontario, you can easily find deals on the open market and slap on property management and still do way better.
For example:
https://www.realtor.ca/real-estate/29133574/326-maple-street...
326 maple street north in Timmins, 5 units, 7375/month in gross rents, 499k purchase price. That's a joke. Yes utilities are landlord paid but the numbers are still great.
Vacancy rates are currently lower in the north than Southern Ontario. Average rents in Sudbury are more than Vaughn now. You can still find some deals in North Bay. Sudbury is harder. Timmins they're everywhere. And there's a macro backdrop of a mining boom and federal investment in to critical minerals and mining.
This seems like a slam dunk to me. What am I missing? Where are the investors?