Not long ago, Windsor had the highest vacancy rate in Multi-Unit rental properties in the entire country, reach as high as 15% according to CMHC. Windsor held this distinction for 5 years in a row. Not anymore! The Windsor rental market is HOT! Vacancy is 3.1% according to CMHC. In fact, it’s less than 2% in well located, well managed apartments across the city.
In the past 18 months, October 1, 2015 to March 31, 2017, investors bought 19 properties (912 suites) for a total of $56,482,032. Prices ranged from a low of $32,778 to a high of $132,500 per suite. Mortgage financing was provided by 9 different lenders, and average of 72% LTV; one investor paid all in cash. Buyers came from Brampton, London, Tillsonburg, Toronto, Vancouver, Windsor, and Woodbridge.
If you have a multi-unit rental property anywhere in Ontario and would like to see our research for that city, give us a call or send us a note. We keep and EYE ON that market and would be glad to share our Research and Insights with you.
Foundry Mortgage Capital Corp. is a CMHC-Approved Correspondent that underwrites and submits directly to CMHC. We obtain CMHC’s loan approval and arrange the best available financing in the market to suit your needs. Foundry can also provide conventional mortgage financing to meet your needs to maximize leverage if required.
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