Choosing good locations for investment property in Toronto

on Condo, General, investment property, Landlord, real estate investment, rental, tenant, Toronto September 30th
Condo for Rent

Brunel Court

Of course, you want to rent your property to the best possible tenants. So we need to look at where tenants want to live and what neighborhoods attract the best tenants.

Lets talk about the majority of tenants first. In Toronto, most tenants are under the age of 35. They are likely single, singles sharing or couples. They are more likely to have a pet instead of children at this point in their lives. These tenants often have a car. They are often young professionals getting started in their careers and many have an active social life.

OK, now we know who they are. Where would they prefer to live?  They will live close to friends, close to work, close to social life.  They will want to live in the trendy ares of the city.  They will want to be walking distance to their work or have convenient access to  public transit because it is too expensive to park thiercar while at work.

For those who have active social lives, a smaller apartment rental or condo rental will be perfect.  Singles, new to the city, can be  nervous about living in downtown, they may want the security of a concierge in their building.  Couples who are sharing their first place may spend more time at home and want to save for the future. They may choose to live in a converted house or rental townhouse that offers more space and maybe even a yard. especially if they have a pet.

So, where are these trendy neighborhoods? Condo dwellers will want to be downtown on the core of the city or in one of the neighborhoods just West of the downtown core, such as King West or  Liberty Village.

The dog owners will love the Beach with it’s access to the lake and boardwalk. They will take the 501 streetcar to get to work downtown.

Those saving for there own place will live along the subway,  in the neighborhoods that are still reasonably priced, such as the East Danforth or the Junction in the West.

Here is a useful guide to Toronto neighborhoods:

Of course, many renters do not fit this profile at all but also can be great tenants. I’ll talk about them in a later blog.

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