I’m currently in the market for my first rental property... living in Toronto I know there’s not much room for new investors for rentals. Anyone have any advice on what cities in Ontario I should look into?
I’m in the same boat and looked elsewhere. I just bought something in Stratford. Feel free to send me a message and I can discuss more detail with you.
Out of curiosity, why limit your search to Ontario? Have you considered other markets with lower acquisition costs and a more balanced landlord / tenant relationship?
@Chris Baxter I haven’t considered other areas just bc of the convenience factor. Do you suggest anywhere specific?
Here you go:
@Marci Matejcek picking a market is somewhat subjective, as it relies on YOUR criteria. The link provided by @Patrick Archer , for example, uses one set of criteria to pick "the best" cities to invest in. If you care primarily about cash flow and view appreciation as a bonus, the moneysense ranking is garbage. There is no single "best" city to invest in. There are markets that will meet your needs and markets that won't and within those markets there will be properties that meet your needs and those that don't. My personal first filter, for example, is for landlord friendliness; I no longer invest in provinces where rent control is in place. That may be a very different approach than what others take. Ontario is definitely not landlord friendly...
@Chris Baxter thank you. I actually didn't know that there were places that DON'T have rent control. I still haven't figured out the best plan of action for myself, mainly because capital is so low...just got our first duplex which was a stretch. I think I need to look at more flips, but also very afraid of losing money, so just absorbing as much as I can for when the time is right.
@Marci Matejcek Ontario, BC, PEI, Manitoba all restrict how much a landlord can increase rent. Other provinces are more landlord friendly. This doesn't mean I condone slimy landlording, simply that I like to start with a balanced playing field in investing. If a market gets hot, landlords shouldn't be subsidizing tenant housing...
More Specifically for ratios..
Hamilton St Catherines Windsor Orillia..
I invested in Ottawa because of stable market and employers (government, high tech). That said, I’m not sure today you can find the deals to cash flow, seems the market is booming. Canadian Real Estate Wealth magazine does annual nationwide reviews.
In small towns you will gent better rent/buy rario , but they have their own problems , also houses there doesn't grow as fast as GTA houses and sometimes it can go in negative