Tuesday, February 26, 2013
Solution To Retirement Fears: Purchase A Rental Property.
Ottawa has the third most expensive rents in Canada behind only Vancouver and Toronto. This is great new for a landlords and potential landlords.In the Ottawa real estate market the average rent for a 3 bedroom is $1,632.00 per month and expected to increase by 3.1% this year (for a total of $1,682.59). To put this in prospective you can purchase a property for $400,000.00 and have a mortgage payment of only $1,252.00 per month.
This is great time to purchase a new home or a rental property. The expected increase in Ottawa homes this year is said to be 3%-5% this year. On an average price of $350,000 that results in a projected rise in price of between $10,500 and $17,500.
For information and assistance to buy Ottawa Real Estate or Ottawa Investment Real Estate, contact the Bennett Property Shop Realty Brokerage.
E and OE.
Proformas are for illustrative purposes only. Cash flows will vary during brief periods of vacancy