A recent survey put out by Royal LePage showed that a growing number of Canadian’s, particularly in the countries largest urban centers own more than one property. More than 10% of Canadians own at least two homes in areas of the Greater Montreal Area, the Greater Toronto Area, and Greater Vancouver.

The majority of the second property owners in Vancouver said that they are using the properties as rental income, even on a partial basis.

“Entrepreneurial landlords supply housing to the 30% of Canadians who rent, be they new immigrants, students, young people entering the labor force, or those who cannot, or choose not to, own their home,” said Phil Soper, president and CEO of Royal LePage.

Young buyers look to capitalize on the real estate market by investing in a property that will appreciate over time. Many people look to buy smaller condos or homes in area’s close to universities to capitalize where the rental market is very active among Students. Another trend within this increase showed parents who will purchase a property with multiple units for their children while they are studying and then use the property for rentals to other students.

Have you thought about owning a second property? We would be happy to discuss your property and financial goals anytime with you.