Best markets near Ottawa, ON for BRRRR-ing?

Question

Hi guys,

My wife and I live in Ottawa and currently own 1 rental townhouse in the city. We are both extremely interested in continuing our pursuit in rental property investing.

Our goals are to accelerate our accumulation of properties using BRRRR. Ottawa is rather expensive and seems to be a tough start with our limited initial capital (~$70k). We are looking for some advice on nearby markets near Ottawa that may be good candidates to get started. Ideally where we can recoup our cash after rehab and see some positive cash flow.

We have researched Cornwall, the economy & tenant quality seems it may be possible unfavorable?

Any positive experiences with nearby markets we should consider?

Thanks guys!

Huong Luu · Answer

Have you considered Kingston? Or is that too far?

Tyler P. · Answer

Thanks for the suggestions Chris & Matt. Will do some looking into those

Chris Habets · Answer

Hi Tyler, I agree on Cornwall - plus the city is very restrictive on renovation permits.

Smiths Falls looks awesome for a BRRRR to me. Kemptville and Carleton Place as well, although they're a bit pricier.

I agree with Matt to look at Gatineau - you deal with Quebec taxes and tenant laws, but there are a lot of properties in good areas that need a reno.

Matt Belzile · Answer

Hi Tyler,

Have a look in Gatineau, prices are much lower while having a similar economy as Ottawa. lots of families live on the Quebec side cause of the cheap daycare and they are typically great tenants. Prices have been creeping up but there's still some deals to be had where Brrrr's are possible.

- Matt

Best markets near Ottawa, ON for BRRRR-ing?

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