Income Properties in Ottawa

We often get inquiries from Ottawa investors looking to purchase income properties in Ottawa and surrounding areas. The truth of the matter is that there are many different types of income-generating properties in Ottawa. Whether you are a seasoned real estate investor looking to add income properties to your portfolio or a first-time investor buying their first Ottawa income properties I can help.

I have helped many investors like you acquire a wide range of income properties in Ottawa. It is important to understand your comfort level and to choose a property that you will feel comfortable with whether you are self-managing the property or hiring a real estate property management company to manage the day-to-day activities. 

Types of Income Properties in Ottawa

Single-family homes as income properties

This is oftentimes the first type of property an investor acquires. Buyers can find managing and renting a single-family home much easier than managing other types of income properties such as single-family properties. Single-family income properties can take various forms which often means one can obtain a range of different returns on investments depending on the income model.

Single-family homes can be rented out to a family which often means a single point of contact to collect rents and to discuss maintenance and ongoing property issues. Ottawa is a city with 2 universities and 2 colleges which means there's a large student population. Some investors looking to maximize income will choose properties around these colleges and universities or with good public transit to rent out to students. This can a great income generator as these properties can have a larger bedroom count but on the downside may require the investor to be more hands-on with the property. Renting to students can also mean educating the tenants about the do's and dont's when it comes to moving out for the first time.

Condominium apartments as income properties

Income properties come in all shapes and sizes and condominiums are no exception. Ottawa has seen a large increase in condominium construction in the last 10+ years. They can now be found in the downtown core such as the neighbourhoods of Centre Town, Sandy Hill, and Lower Town. Those areas are popular with young professionals working downtown who like urban living. Over the years we've seen some condominiums also pop up in the suburbs such as Orleans, Kanata, Barrhaven, etc. Those condominium apartments are often located near parks, shopping malls, schools and are great for young couples, small families, or retirees. 

Owning a condominium rental property can mean less exterior maintenance for you to the investor since oftentimes the exterior elements of a condominium are owned by the condo corporation and often these elements are covered by the monthly condo fees. These often include doors and windows as well as roofs and foundations. On the downside, some investors prefer freehold properties that don't have any monthly condo fees because they do take away from your net income.

Short-term rentals and vacation rentals

Regulations surrounding short-term rentals or vacation rentals have been changing rapidly across Canada. Many condominiums do not allow the rental of condominium units for short-term rentals and some municipalities like Ottawa are putting By-Laws in place to regulate these rental units. Be sure to know and understand the By-Laws surrounding short-term rentals and vacation rentals in your area before purchasing an income property.

Multi-family income properties

Multi-family investment properties are often the first type of income property we think of when we think of investing in residential income properties. These can come in a variety of formats including the most popular: duplex, triplex, and fourplex. Multi-family properties can be even larger but depending on your lender they may look at larger multi-family properties as commercial properties and therefore your mortgage terms and mortgages rates can be different for larger multi-family properties.

Multi-family income properties could also take the form of a single-family home with a secondary dwelling unit bringing the total unit count to 2. These are great for owner-live in properties where the owner/investor lives in one unit and rents the other. The investor can keep an eye on the property while having a portion of their expenses paid by the secondary dwelling unit. A great way to increase the income of a single-family property would be to add another rental unit such as a secondary dwelling unit. Be sure to understand the By-Laws for your area and to make sure zoning allows for this property type. It is also wise to work with an investor-focused Realtor like myself to understand what would need to be done to make the property compliant with all of the codes including building code, fire code, and local regulations.

Buying an income property

If you are in the market to purchase an income property in Ottawa I would love to chat with you to better understand your real estate goals. Feel free to reach out on my cell at 613-889-7732 or by email at roch@rochstgeorges.com - You can also easily schedule a Zoom or Phone call with me via Calendly. I also have experience with vacation rentals in and outside of Canada, land assembly for future development, the development of multi-family or single-family homes, and more.

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