Hello Anthony. I do not have experience with the Toronto market nor have I had any experience with a BRRRR on a multifamily, yet.
I've got a 4plex under contract at the moment in Orillia, ON which is about an hour and a half north of the city. I am looking to BRRRR it with cosmetic renovations and cash for keys to raise rents. Purchase price is $450,000.
I believe Orillia has a lot to offer investors;
A university and a college.
Hydro one has just bought Orillia Power. They are anticipated to inject 200-300 million in the near term economic impact on the community.
I see big outfits with much better knowledge of markets than myself investing here. They just completed a 60 million dollar recreation center, have a Costco, a brand new Canadian Tire and a Walmart supercenter
The city is very old and has many grandfathered multi-unit buildings.
The city promotes density. They want people to create housing here.
Like much of Ontario housing is scarce here. This creates a very high demand for rentals as well as high rent prices. I put an ad for a bachelor apartment up for $900 which recieved over 1500 views and 70 responses.
Also, appreciation in this area has been fantastic over the past 10 years.
