LOCNEST RECAP: The Ottawa Real Estate Investors Organization, September 11, 2019
The Ottawa real estate market is booming, and investors are looking for solutions to protect their rental properties. The average rent for a 1-bedroom apartment in Ottawa is now $1250 per month. Because of these upward market trends, the LOCNEST Lease Guarantee has gained popularity within the Ottawa rental community. On Wednesday, September 11th the LOCNEST team from the Toronto and Montreal office headed to Ottawa to host a meet and greet with local investors at The Ottawa Real Estate Investors Organization (OREIO). OREIO is a non-profit organization dedicated to providing support, education and networking opportunities to real estate investors in Ottawa and surrounding areas.
Sunny Dhillon, an account executive from Toronto, spoke at the event and explained how the LOCNEST Lease Guarantee service would help Ottawa investors protect their rental properties. Ottawa’s real estate market is at the cusp of booming and investors are looking at solutions to protect their rental investments. In Ontario, a landlord can only accept first and last month’s rent as a deposit. It is illegal to accept a security deposit. However, with a LOCNEST Lease Guarantee, the landlord can get additional protection on their property (up to $5000) for both non-payment of rent and property damage. This information left the room buzzing as the service is free for landlords and is the only legal solution available to security deposits. Many of the attendees commented, “I wish I had heard about the LOCNEST Lease Guarantee service earlier…”
Sunny’s speech was followed by the mayor of Ottawa, Jim Watson. The highlight of Jim’s presentation was that the Ottawa market is expected to boom, especially with all of the local investments being poured into the city. Most recently, the LRT opened its doors on Saturday, September 14th to Ottawa commuters. The LRT connects the entire city and makes it easier for everyone to use public transportation. These types of investments in Ottawa show foresight that one day Ottawa may turn into a hot market just like its counterparts in Toronto and Vancouver.
Names in pictures: Miko Le Pailleur & Sunny Dhillon
Additional information: www.oreio.org
The Ottawa Real Estate Investors Organization (OREIO) is a non-profit organization with over 300 members dedicated to providing education, networking, and support to new and experienced Canadian real estate investors in the Ottawa and surrounding areas so that they can grow their real estate portfolios. The members consist of new and experienced landlords. The result is mind-blowing! Several members have began with one property and grown their portfolio to 40 or more units within a few years.