ya we do have a land transfer tax as well. i have factored that + Regular property taxes in.

I mean i wish i had a place the would cover the mortgage and allin expenses as it stands rent is a little more than mortgage but then insurance + property taxes + Maintenance fees push it into a net loss. But as i say, based on the math i've done it looks like it may still make sense as long as the monthly net loss is under a certain threshold.

i'm still searching for the right buy but i have everything lined up now to pull the trigger if i see it.

I dont recall many hidden closing costs, it was pretty well laid out for me by my Realtor and the only thing I recall paying after was the lawyer fees.

As for the investment itself, I'd say it's well worth it. Definitely shown the most growth out of anything else I've invested in. Make sure your accountant is up to snuff on rental properties because there are a lot of things you can write off that I wasnt aware of. Any new work put into the house can be a write off, part of your interest off your mortgage can be wrote off, etc.

Personally I try to go by my house once a month, mainly to make sure that everything is still working okay and that the house is still in good shape. I'm typically there less than 30 minutes, so total time a year for me would be like ~10 hours.

good luck !

it's not for short term profit but it certainly is worth it long term. gratz on the commitment, I am way too lazy to care for tenants. have enough to do with my own house/family

It would depend on your situation, for example in my case:
i bought my apartment for 330k and let's say i sold it for 550k.
so from the (220k x 50%) = 110k i'll be taxed 40.7% (my marginal tax rate), so byebye $44,770.
it would be 175k profit give or take after fees.

however if i decide to just rent it out for lyfe, assuming my rent charge won't change @ 1650/mo, and strata fees slightly increasing every year (220+) so give or take 1450/mo
i'll have to rent it close to 10+ yrs to make it worth it. There's pros and cons like housing prices skyrocketing further more or crashing and ur place only gets older etc.
this only applies if ur renting place isn't ur primary residence. So if u have a large house, and just renting out the basement, u wouldnt be taxed by capital gain

Ya so far i've found that i will be able to writeoff,
Improvements,
Interest portion of mortgage
insurance
Condo fees
Property tax
you can write off your account and legal fees related to ongoing rental activities (not closing costs though)

still gonna be a tax burden but it helps to reduce it a fair bit.

We are being pretty picky about location because i think there is lots of overvalued property in the city but there are still some gems.

Good to hear the time investment is pretty minimal, we though about montreal because i think their housing market will probably be going off soon, but i didnt want to manage something that far away. even with a couple of handyman friends in MTL.

True, i did factor cap gains, but i can only avoid cap gains tax through TFSA, so it's an additional cost only to the ceiling of our respective TFSA's i think we have a total of about 30-35k more contribution room.

Ultimately i've always wanted to use my capital to generate additional rev streams i thought about buying a house and renting the basement but we live downtown right now and love it, dont want to move until we have kids. downtown house with enough space to rent units is out of budget.

For 600-700k here you can get a forever home.

As long as you have a competent accountant and a lawyer in your back pocket your interests should be covered.

That's brutal that a house costing you that much $ can't net you an income, too bad you weren't interested in shopping out of province as I'm sure a home in Alberta would return an income and the initial commitment wouldn't be as steep.

The other fellas have it right with multiple tenants in one dwelling though, easiest way to boost rental income.

The return is worth the time

same thing on the south shore of MTL , really nice houses at that price

works if you wanna go 1.5-2 hours north of toronto