Many Canadians have developed an interest in owning an income property, or have already begun adding different investment opportunities to their portfolio. One of the most common options is to purchase a home with multiple units like a multiplex or a home with a secondary suite in the basement. These options allow you to live in the property while renting out other units, or bring in rental income from the entire building.
Toronto has the highest average monthly rent prices across Ontario, but there are other opportunities available across the province that may be more viable options. If you’re interested in owning a home with multiple units, we’ve compiled 16 listings with income generation potential ranging from the mid $400s to $3 million in some of 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.
Income properties under $500,000
1. d26 – 223 Pioneer Drive – $400,000, Kitchener
Property details:
- 3 beds, 1 bath, 1 parking
- Condo townhouse
- Walking score 49/Transit score 43
This Doon South home offers 3 bedrooms and 1 bathroom, and is within distance of multiple parks and schools. The basement is a perfect opportunity to add over 500 square feet of living space, and opens onto a large, fully fenced yard.
View the listing here.
2. 65 – 825 Dundalk Drive – $439,000, London
Property details:
- 3 beds, 1 bath, 1 parking
- Condo townhouse
- Walking score 45/Transit score 42
Located in London’s White Oaks, this condo townhome has been newly renovated and is move-in ready. The finished lower level provides a great additional space for a potential second living space, or something like a home gym or office.
View the listing here.
3. 75 – 65 Dorchester Boulevard – $425,000, St Catharines
Property details:
- 3 beds, 3 baths, 1 parking
- Condo townhouse
- Walking score 54/Transit score 36
Located in Dorchester Mew, this townhome features 3+1 bedrooms, with the upper floor holding the primary and additional rooms, while the finished basement offers an additional bedroom. The home has also been recently painted.
View the listing here.
4. 26 Benlea Drive – $459,800, Ottawa
Property details:
- 3 beds, 2 baths, 3 parking
- Condo townhouse
- Walking score 26/Transit score 49
This townhome located in Tanglewood has three bedrooms on the upper level with a spacious primary bedroom with wall-to-wall closets. The basement offers an open family room area with a built-in wooden bar but could be renovated into a second apartment.
View the listing here.
5. 520 Chamberlain Street – $499,999, Peterborough
Property details:
- 5 beds, 2 baths, 2 parking
- Semi-detached
- Walking score 73/Transit score N/A
This semi-detached home comes with two separate units. The main floor and basement can house one tenant, while the upper floor and attic can house a second. Each unit has its own meter, laundry rooms, and separate entrances, with the unit collecting $3000 a month on rent according to the listing agent.
View the listing here.
Income properties under $750,000
1. 368 Scottsdale Drive – $550,000, Guelph
Property details:
- 4 beds, 2 baths, 1 parking
- Condo townhouse
- Walking score 63/Transit score 48
This townhouse is within walking distance to the University of Guelph, making it a great spot to rent out to potential students. This 4+1 bedroom has low monthly fees and a finished basement, as well as a recently renovated kitchen.
2. 13 – Evergreen Court – $524,900, Barrie
Property details:
- 3 beds, 2 baths, 1 parking
- Condo townhouse
- Walking score 49/Transit score 42
Close to shopping, schools, and a short drive to Barrie Waterfront and beaches, this 3+1 bedroom home is in a quiet neighbourhood and has three bedrooms on the upper level, as well as an additional bedroom in the finished basement. The garage has also been converted into an additional living space but can easily be converted back.
View the listing here.
3. 6618 Pitton Road – $549,900, Niagara Falls
Property details:
- 3 beds, 2 baths, 3 parking
- Semi-detached
- Walking score 18/Transit score 34
This semi-detached three bedroom home is in a prime Niagara Falls neighbourhood. Aside from the main space, there is an entrance to a separate bachelor-style apartment with its own kitchen and three-piece bathroom which can be used for additional income.
View the listing here.
Investment properties under $1,000,000
1. 191 East 43rd Street – $849,900, Hamilton
Property details:
- 4 beds, 2 baths, 5 parking
- Detached
- Walking score 69/Transit score 53
This home in East Hamilton has a primary bedroom on the main floor, two spacious bedrooms on the second floor and the basement has been set up as either an in-law suite, or a rental with a separate entrance.
View the listing here.
2. 33 Landour Avenue – $849,000, Toronto
Property details:
- 2 beds, 2 baths, 2 parking
- Detached
- Walking score 58/Transit score 71
This detached bungalow is located in a quiet, family-friendly neighbourhood in Toronto, and has its own finished basement with a separate entrance that could be used for rental purposes.
View the listing here.
3. 22 – 525 Meadows Boulevard – $829,000, Mississauga
Property details:
- 3 beds, 3 baths, 2 parking
- Condo townhouse
- Walking score 38/Transit score 56
This three-bedroom and three-bathroom home is located in a private cul-de-sac. The finished basement has a fourth bedroom and a three-piece bathroom perfect for a rental unit.
View the listing here.
Investment properties under $1,500,000
1. 249 Emerald Street North – $1,099,000
Property details:
- 2 beds, 4 baths, 4 parking
- Detached
- Walking score 73/Transit score 63
This investment property was beautifully renovated this year. This triplex has an additional unit, with two two-bed/one-bath and two one-bed/one-bath units, all currently tenanted for solid market rents.
View the listing here.
2. 63 Lankin Boulevard – $1,099,000, Toronto
Property details:
- 2 beds, 2 baths, 2 parking
- Detached
- Walking score 71/Transit score 67
This charming, two-bedroom bungalow is in Olde East York Village, and has two large bedrooms on the main floor, as well as a finished in-law bedroom suite in the basement which could be used as a rental space.
View the listing here.
3. 95 Lillian Drive – $1,199,000
Property details:
- 3 beds, 2 baths, 5 parking
- Detached
- Walking score 64/Transit score 62
A stunning three-bedroom home in the heart of Wexford-Maryvale, it has a basement apartment with its own private entrance and kitchen, currently generating rental income of around $1800 a month.
View the listing here.
Investment properties under $2,000,000
1. 4086 Molly Avenue – $1,899,900, Mississauga
Property details:
- 4 beds, 3 baths, 6 parking
- Detached
- Walking score 64/Transit score 73
This spacious home is in the Rathwood neighbourhood. There is a five-level back split meaning investors have the option to create two or more units for rental income.
View the listing here.
2. 196 Main Street East – $1,899,900, Milton
Property details:
- 1 bed, 3 baths, 2 parking
- Store/Apartment/Office
- Walking score 84/Transit score 33
This mixed-use building is in Milton’s downtown core and is currently set up to accommodate residential and commercial space. The property also has an unfinished basement, meaning plenty of opportunities to turn the space into a rental property through a variety of different avenues.
View the listing here.
3. 1342 Avenue Road – $1,999,900, Toronto
Property details:
- 5 beds, 3 baths, 4 parking
- Triplex
- Walking score 60/Transit score 70
This well-maintained, semi-detached triplex features two large bedroom units as well as another unit with a loft, balcony, kitchen, and living room. Each unit has its own separate entrance and meter.
View the listing here.
If you’re shopping for an income property, check out our free downloadable Home Buyer’s Guide to get you started.
