Many Canadians are interested in owning an income property, or have already begun diversifying their investment portfolio through real estate. Also, those trying to get onto the property ladder, might view additional rental income as a way to help support a larger mortgage.
A common option, in both cases, is to purchase a home with multiple units, whether that’s a secondary suite in the basement or a multi-plex. With this kind of property, you can either live in one unit while you rent out the rest, or enjoy the rental income from the entire building. The average monthly rental for a 1-Bedroom varies widely across Ontario with Toronto bringing in the most income per month. However, there are a lot of opportunities outside the big city that present viable options for would-be landlords.
If you’re interested in owning a home with multiple units, we’ve compiled 14 listings with income generation potential ranging from the mid $400s to $3 million in the provinces most desirable cities.
Tip: Zoocasa’s home search offers filtering and segmentation tools that allow you to easily search for properties with a basement unit, or that are a duplex, triplex, or fourplex. Use these filters to find income properties available in your region.
All listings included in this roundup were active as of April 1, 2021.
Prospective buyers should conduct further research and pricing analysis for the homes and neighbourhoods that match their financial circumstances and lifestyle needs to guide their individual decisions. Regulations surrounding secondary suites will vary from region to region, and some of the properties featured may require additional retrofitting before they can legally be rented in your area. The content is not intended to solicit buyers or sellers currently under contract with a brokerage.
Investment Properties under $550,000
139 Mowat Ave, Kingston ON – $449,900
Property Details:
- 3 Bedrooms
- 2 Bathrooms
- 1189 sq. ft.
Income potential: The lower level of this home features a separate entrance into a large rec room, 3-piece bath, and a small kitchenette that could be converted into a legal secondary suite. According to the CMHC, the average rental income for a 1-Bedroom in Kingston, ON is $1145 per month.
106 Durham Street W, Kawartha Lakes ON – $529,900
Property Details:
- 5 Bedrooms
- 2 Bathrooms
- 2000+ sq. ft.
Income potential: Outside of the 4-bedroom, 2000+ sq. ft. main house, this property offers a huge detached garage with a 1 bedroom, 1 bathroom in-law suite above. Kawartha Lakes provides beautiful access to nature year-round with the average 1 Bedroom income rental at $979 per month.
30 Anne Street N, Barrie, ON – $499,900
Property Details:
- 6 Bedrooms
- 2 Bathrooms
- 1000+ sq. ft.
Income potential: This legal duplex offers two spacious units, the upper offers 4 bedrooms and lower has 2. The lower unit already has an existing, long-term tenant who would like to stay. The growing city of Barrie has seen the rental needs increase as Georgian College and Laurentian University have expanded their campuses in recent years. The average 1-Bedroom rental garners $1,191 per month.
Investment Properties under $750,000
403 Central Avenue, London, ON – 699,990
Property Details:
- 11 Bedrooms
- 5 Bathrooms
- 3000+ sq. ft.
Income Potential: While this property has not been legally separated, with three kitchens and eleven bedrooms this home offers ample space for a savvy investor to separate into additional units. With university students and college students expected to be on campus next Fall, 1-Bed units in London fetch $1,001 on average.
103 Napier Street, Hamilton, ON – $689,990
Property Details:
- 4 Bedrooms
- 3 Bathrooms
- 1514 sq. ft.
Income Potential: This recently renovated legal duplex downtown features a 1500 sq. ft. upper unit and 600 sq. ft. lower unit. Many original features, like stained glass windows and wood trim are still intact. As a developing city, especially for those fleeing downtown Toronto, Hamilton offers 1 Bed rentals for an average of $1,096 per month.
299 Olmstead Street, Ottawa, ON – $649,900
Property Details:
- 5 Bedrooms
- 2 Bathrooms
Income Potential: A legal duplex with two existing rental units located in an R4-c/A Zoning area – allowing for a potential investor to construct a small apartment complex on the lot. Leave the home as-is and take advantage of the existing potential, or build up to increase the number of units. The average 1-Bed rent in the capital will come in at $1,243
Investment Properties under $1,000,000
85 Arkell St, Hamilton, ON – $799,000
Property Details
- 6 Bedrooms
- 3 Bathrooms
- 2500+ sq. ft.
Income Potential: This large home in a desirable university neighbourhood is suitable for student rentals or as a family home with a basement unit to generate income. 2 or 3 – Bedroom rentals in the city will garner a monthly income of $1,292 and $1,457 respectively.
163 Park Street, Kitchener, ON – $899,000
Property Details
- 6 Bedrooms
- 3 Bathrooms
- 2000+ sq. ft.
Income Potential: This licensed duplex offers an additional finished, legal basement – creating three units in a desirable downtown location with close proximity to transit and amenities. Kitchener-Cambridge-Waterloo corridor boasts an average rental income of $1,074 for a 1-Bedroom.
16 Thyra Ave, Toronto, ON – $998,000
Property Details
- 5 Bedrooms
- 3 Bathrooms
Income Potential: This legal triplex in Danforth Village has the potential to add a fourth unit in a laneway home. All three existing apartments are spacious and have been recently updated. You can’t beat the big city for the highest rental income at an average of $1,421 for a 1-Bedroom with a wide range depending on how close the units are to the downtown core.
Investment Properties under $1,500,000
221 Vanier Drive, Kitchener, ON – $1,450,000
Property Details:
- 12 Bedrooms
- 7 Bathrooms
- 3550 sq. ft.
Income Potential: This property offers three separate, legal units including 2 bedrooms in the bungalow’s main floor, 2 bedrooms in the bungalow’s lower level, and a 7 bedroom addition at the back of the property.
313 University Ave, Kingston ON – $1,400,000
Property Details:
- 5 Bedrooms
- 4 Bathrooms
Income Potential: A legal duplex in central Kingston location. Includes two 5 bedroom units with their own private laundry and is fully leased until April 30th, 2022. This is a great opportunity to capture high rental income during the average academic year from neighbouring Queen’s University campus on this highly sought after street.
367 Winona Drive, Toronto, ON – $1,499,900
Property Details:
- 6 Bedrooms
- 3 Bathrooms
Income Potential: This three-unit detached complex located in Oakwood, Vaughan. Two of the units are 3-bedroom, and the lower unit is 2-bedrooms. The listing agent estimates an annual income of $48,108 from all units.
Investment Properties over $2,000,000
134 Lucas Street, Richmond Hill, ON – $2,200,000
Property Details:
- 9 Bedrooms
- 4 Bathrooms
Income Potential: This Mill Pond apartment complex includes four self-contained units, coin-operated laundry, and both indoor and outdoor tenant parking options.
4-31 Alma Ave, Toronto, ON – $3,199,000
Property Details:
- 7 Bedrooms
- 5 Bathrooms
- 2000+ sq. ft.
Income Potential: This property is a unique, newly constructed fourplex including one 3 bedroom unit, one 2 bedroom unit, and two 1 bedroom units and a three-car garage for tenant parking. The lot also offers the option of constructing a laneway home at a later time to increase income potential
Whether you are looking for yourself or as an income property, check out our free downloadable Home Buyer’s Guide.
