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What Kind Of Property Can You Buy Or Rent In Ottawa?

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Blog by Ray Smiley | September 1st, 2014

Whether you plan to buy an investment property or rent a cool little pad near your workplace in Ottawa, it helps broaden your choices if you know what type of housing options are available. Hence, you are recommended to engage the services of a real estate agent. You need to consider factors such as the size of your house, the location and the availability of nearby amenities. Here are the 5 types of housing (excluding commercial spaces) in no particular order you can buy or rent in Ottawa:

Types of housing

•    Condominium – this housing type is not limited to style and it can be in any form (semi-detached or apartment), but they are usually situated in a plot of land with built-in amenities such as swimming pools and gyms.

•    Multi-family houses – they are much like down-scaled apartment building that has several housing units within a single building.

•    Residential – semi-detached and duplex are some examples of properties that are not registered as condominiums are considered as residential properties.

•    Farms – Property buyers can buy ranch-style houses, which is a suitable place to live in and facilitate their agribusiness.

•    Rented properties – these properties are usually owned by your potential landlords, and there are rules to adhere to while living in their space. This would be great for temporary relocations such as studying abroad.

Why invest in Ottawa?

You would be surprised to learn that this quiet city is actually loud on the inside! It is normal for people to not see it as an epicentre for real estate activities at first sight. But upon closer inspection, the city is one of the hottest rental markets in Ontario! If there is so much competition going on, you can be sure that property prices are equally competitive, to remain attractive to potential investors like yourself.

It is a great choice if you buy a property to call it your own as there many attractions in the city that can keep you occupied when you retire. On the other hand, the smart way to reap returns is when you become a landlord – buying a property and renting it out afterwards. You should never underestimate its low vacancy rates and rents are increasing by the day. The rental supply is growing and you should not miss out on this opportunity. Condominiums are a great example of the aforementioned. It is easy and convenient to rent out as most of the furnishings are already there and you do not have to worry about amenities.

How to clinch your first property in Ottawa

One of the quickest ways to get good deals is to find a property through an honest and trustable real estate agent. They are the locals here and they know the market well. After successfully owning a piece of property, they can help you set the "perfect" rent – high enough to yield positive returns. If you are ever faced with tough negotiation settlements with your potential tenants, they can also jump in to help create a win-win situation for everyone.