Buy.

OREG secured this property privately and below market value closing November 1st, 2020. It is located in Cumberland, an eastern suburb of Ottawa. The property offers 2 very spacious units which are both rented with long-term tenants. The property will be a short distance away from the expanding Light Rail Transit (LRT) line in the coming years.

RENT.

With the current long-term tenants in place, the property is a cash flow king. The Ottawa rental markets continues to expand with limited inventory in the city which is below a 2% vacancy rate.

Sell.

If you’re an client looking to expand your appetite of passive income, here is a great opportunity for you to own a property with long term tenant on a well maintained lot with a potential for future sub-division development. With the Light Rail Transit expanded East of the city and limited inventory, the opportunities are endless.

Economic Growth.

The city’s economy has grown by an average of 2.7% annually over the last five years. While COVID-19 shrank the GDP in 2020, experts forecast that Canada’s economy will resume growing by 5.3% in 2021 and 3.5% in 2022.

Home Values.

According to the Ottawa Real Estate Board (OREB), the average price of a residential-class property in Ottawa was $582,267 at the end of December, a 20 per cent jump from 2019. Meanwhile, the average condo sold for $361,337, up 19 per cent over a year earlier. 

Last month, Royal LePage said it’s forecasting the aggregate price of a home in the capital region to rise 11.5 per cent in 2021, well ahead of the overall average increase of 5.5% across all major Canadian markets. The brokerage said the spike is being fueled by the region’s stable government- and tech-driven economy, an influx of buyers from the Toronto area looking for better value and surging demand for roomier properties in the COVID-19 era.

Vacancy Rates.

With demand dampened by the COVID-19 pandemic and a growth in supply, Ottawa’s rental apartment vacancy rate rose to 3.9 per cent in October 2020. Vacancy rates went up in most of Canada’s major cities due to COVID-19.