There’s an old joke in the real estate business: Nobody gets rich selling real estate (i.e. being a Realtor); people get rich by buying real estate. Now, of course that’s not literally true; lots of Realtors are super successful. The point is that the better play in real estate is as a buyer and long term investor.
Income properties can be a fantastic investment, one I encourage all of my clients to consider. Whether you are a first time buyer looking for extra income to help cover a mortgage, or strictly an investor (i.e. you won’t ever live in the property), you should think about it. Besides the obvious benefit of the income (especially after you retire), in the Toronto market every property owner gets significant capital appreciation, year after year.
Here’s a great opportunity for you: 29 Kintyre Ave, near Broadview Ave and Queen St E, is a large, detached property with three income-generating units. There’s a great 2nd/3rd floor apartment that could be one or two bedrooms, depending upon configuration, with an absolutely fabulous rooftop deck that faces south and gives a sunny view of the area and all the way to the downtown skyline. It really is top notch. The main floor flat is a cozy one bedroom with an eat-in kitchen and a sunny, south-facing walk-out to a porch. The basement unit is a super cute one bedroom, really one of the nicer ones I’ve seen.
You can’t beat the location. Riverside is exploding with new shops, restaurants and condo developments (which means plenty of local foot traffic, which is great for any neighbourhood). Both the Queen St 501 and King St 504 streetcars are a block away. Plus, one could walk up to Dundas to catch the 505 downtown; it goes all the way to Dundas West subway station.
Access to the DVP is right around the corner, and the Gardiner isn’t much further. You can pop down into the Don Valley for a nature walk/run/ride; stroll the local strip; or hike over to Leslieville. It’s no surprise that the walk score is 94, and the transit score is 95 – both “paradise”-like scores!
UPDATE – After one week on the market we generated multiple offers and sold the property to some very happy buyers! 🙂