Steeltown homes are up 35% in the past year, and that could make investing in income property in Hamilton the next smart move in your personal real estate empire.
Southern Ontario’s port city can get overlooked in the rush to find income property in Toronto proper. That’s a shame, because GTA commutes are manageable, its blue-collar image is changing, and prices for income property in Hamilton are a boon for any investor.
Profit from a legal secondary suite.
Recent sales to list prices are trending at 120%, Zolo.com reported in March. Average tabs for a detached home that month were $1.13 million. Novice investors could still get into an older home for below a million, or a condo for less than $700,000.
Why to Buy Income Property in Hamilton
The city of over half a million 60 minutes southwest is easy to get to, and a magnet for young people. McMaster University, ranked 4th in Canada, and Mohawk College attract over 40,000 students a year, plus part-timers. Mohawk is Ontario’s largest apprentice training centre. Now that’s a positive rental pool for any income property.
Leading steel and heavy manufacturing employers have been joined by the health and sciences sectors. Like the Niagara Escarpment, they are bisecting the economy, and that means more opportunity to rent and sell quality income property.
Tips for buying a rental property in Ontario.
More Reasons to Invest in Hamilton
- Older homes and starter condos have plenty of potential for upgrades.
- Apartment-style units saw the largest average sale price increase, over 44% in a year.
- Average rents are up 5% over 2021, at $1,459 for one bedrooms and $1,850 for two bedrooms. Studios are on a downroll, but still net $1,209 monthly.
- Millennials accounted for 25% of Hamiltonians in the 2016 census, and growing. Seniors make up nearly 20% of potential renters.
Is Income Property Still on HGTV?
You’ve probably seen Income Property on HGTV. Young home buyers and investors buying up secondary suites with visions of quick profits, then being forced to spend way more on renovations.
If you haven’t watched a single episode of Income Property or its competitors, and this is your first dip in the rental pool, give it a try https://www.hgtv.com/shows/income-property. You could be surprised what kind of cash outlay is needed to profit from a fixer-upper income property in Hamilton.
Questions for your lawyer when buying rental property in Ontario.
Example of an Income Generating Property
Instead of worrying about how do I make my house an income property?, do this:
- Figure out if you plan to live in your investment property. That would make it a principal residence for Canada Revenue Agency purposes.
- Plan services, if any, you’ll offer. Basic amenities like a place to live, heat, light, parking, and laundry qualify as an income generating property. Anything more than that (cleaning, security, meals) could make your income property a business, changing the way you report income for taxes.
- Check with the city for business licences.
Avoid these mistakes when you buy a secondary suite near Toronto.
- Residential zoning is changing in Hamilton. Here’s what’s in:
- You can add a secondary unit to a principal dwelling, and a separate detached, semi-detached, or street townhouse unit.
- Tenants can park around back or, depending on lot size, in the front.
- Temporary granny suites are allowed in rural areas.
- Building permits, design requirements, minimum lot sizes, and other regulations apply. Read Hamilton’s residential zones project bylaws here.
Investing for profit. Check out private mortgage rules in Ontario.
Real Estate Lawyers for Hamilton Property Investors
Axess Law reviews offers to purchase for income property in Hamilton. We check your agreement of purchase and sale for essential clauses that allow sellers and buyers to cancel by mutual consent.
Closing the deal. How to buy a rental property in Ontario.
Before you make a firm offer to purchase anything, bring your sales contract to our Greater Toronto Area law offices, or use our virtual lawyers in Hamilton to discuss conditional clauses that can protect your financial interests.
You can e-sign closing documents by remote video conference, or drop by any of our conveniently located Axess Law locations in Greater Toronto Area or Ottawa. Or e-sign real estate documents via remote conference call with our virtual real estate lawyers.
Write legally binding offers to purchase.
Your Axess Law lawyer searches title to your investment property in Hamilton for construction liens or financial encumbrances that could block or delay real estate deals. We discharge existing mortgages, and follow your lender’s instructions to set up new mortgages when you need to finance an income property. Your final statement of adjustments explains your legal fees and transactions. We even hand you the keys at the end.
Transfer title for free to share owning a rental property in Ontario.
Affordable Legal Services for Income Property Owners
Axess Law makes owning income property in Hamilton affordable. You pay all-inclusive, flat rate legal fees to buy, flip, or transfer title to properties you own. Selling income property costs $799.99 and up plus HST, and buying is only $999.99 and up plus HST.
Add a family member to a property for a modest title transfer lawyer fee of $649.99 and up plus HST. Or add a business partner to the title.
Hiring a real estate lawyer (Ontario).
Cheap Lawyers for Income Property Buyers
Axess Law video conferences online anywhere in Ontario, 7 days a week, day or evening. Call our 647-479-0118 lawyer line to make appointments, or dial toll free to 1-877-402-4277. Make in-person appointments at our Greater Toronto Area or Ottawa locations by dropping by at any time. Or go online to schedule your own appointments with our easy, online booking forms
Axess Law offices are easy to find. We have onsite parking, and easy transit access.