Vanier Year End 2021 Multi-Family Report
Vanier is a neighbourhood located just east of the Downtown Core. It is sought after by those wishing to live and urban life and take advantage of everything that the area has to offer including the parks, the Rideau River, shops and grocery stores as well as festivals and events hosted in the downtown area.
The zoning in Vanier allows for lots of density making Vanier a popular area for all types of multi-family properties including duplexes, triplex and fourplexes. The area also has larger type multiplexes with over 5 units and those larger falling in the commercial category.
The average sold price of multi-family family investment properties sold in Vanier was $861,646. Which multi-family type is most popular in Vanier? During 2021 Vanier saw a total of 38 multi-family properties sell. There was 15 fourplexes, 14 triplexes and 9 duplexes that sold.
In 2021, the average sale price a fourplex in Vanier was $962,033, the average sold price of a triplex in Vanier was $829,083 while duplexes were selling for an average price of $744,989.
Ottawa has had a low level of inventory for a few years and multi-family properties in Vanier is no different. Investment properties in the neighbourhood are selling in an average of 41 days. Those that stay on the market the longest tend originally be listed at a price that is far too high for the income it is generating or for the state of the property. Below is a break down of all of the multi-family sales of 2021 and their days on market.
Between all of the 38 multi-family sales in Vanier there was a total of 118 individual rental units that were sold. This brings the average cost of a rental unit in Vanier to $277,479 for 2021. This is a large increase in price when compared to the average rental unit cost from a year earlier. During 2020, the average cost of a rental unit in Vanier was $214,600. This means we saw a 29.3% increase in price year to year. If you are looking to sell your multi-family property in Vanier and maximize your return on investment let's chat 613-889-7732 I'd be happy to discuss you real estate needs.
Realtors like myself also help landlords and property owners to find quality tenants we can discuss this as well. I look forward to learning about your real estate goals for 2022.
