Hi Joe,

Thanks for posting this article. I have a 13 units apartment building in Cobourg, and it`s about 2 min. walking distance to the beach. I think I should buy more properties there.

Thanks

Lina Chen

Hi Lina. Always do your due diligence on the area and the property. If it makes sense to buy based on fundamentals, then go for it. If something is not right, then move on as there are plenty of opportunities out there.

I do like the city of Cobourg a lot. I have owned my 6-plex for about 4 years now. CMHC numbers show vacancy rates consistantly at 1% or LOWER. Simply put, there is a housing shortage in the area.



Speaking to a local property manager, if you have an upscale unit, you will actually have bidding wars for it. I find the rents Sarah Coupland from TAG Properties is getting compares very favourably to Oshawa and Whitby, yet with re-sale prices significantly lower and competition for properties much less.



I am watching city council very closely. They are trying to put through a plan to allow nearly all homes in the city to be converted to 2-unit homes. I absolutely plan to pick up some desirable bungalow located well for under $250K, add the 2nd suite and generate combined rents exceeding $2200 a month plus utilities.



It also doesn't have the stigma that Port Hope has and is still commutable to Oshawa and Peterborough.