Hamilton fourplex and multiplex cap rates
Fourplex and multiplex · Hamilton, ON · cap rates 2.8% - 4.2% · vacancy 2.4%
Hamilton can still offer workable small-multifamily economics, especially where transit and rent lift align.
Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 120 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.
- Average rent
- $1,539
- CMHC purpose-built · October 2024
- Cap rate range
- 2.8% - 4.2%
- Live listings · 25–75th %ile
- Price per door
- $243k - $380k
- Live listings · 25–75th %ile
- CMA population
- 871,143
- +1.0% YoY · StatCan 2025
- Vacancy rate
- 2.4%
- CMHC RMS · October 2024
- Rent rules
- High
- Medium regulation risk
Market screen
AssetAvenue analysis
Hamilton cap rates screen 4.7% - 6.1%, $230k - $390k per door, with average rent near $2,050 a door. The desk underwrites vacancy at 3% - 4.5% and operating expenses at 33% - 43% of gross rent.
Scores
Location score
85/100Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.
First-time investor score
64/100Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.
Developer score
72/100Zoning, affordability pressure, and investor demand.
What to verify on a deal here
- Rent: in-place leases against the $1,750 - $2,450 benchmark.
- Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
- Operating: expenses against the 33% - 43% ratio, with local insurance and tax quotes.
- Closing: provincial transfer tax, legal, lender, and diligence costs.
Market data
Bedroom rents from CMHC RMS (October 2024). Neighbourhood scores and rents are editorial estimates.
Rent by bedroom type
CMHC purpose-built avg · October 2024
Neighbourhood scores
Editorial market score by area
Neighbourhood rents
Editorial estimate · average rent per unit
Neighbourhood intelligence
The desk's read of each area. Rents are editorial estimates, not survey data.
Corktown
$2,100 avg rent · high demand
Best fit: Small multifamily
GO proximity
Stinson
$1,950 avg rent · medium demand
Best fit: Value-add
Older housing stock
Dundas
$2,200 avg rent · medium demand
Best fit: Family rentals
Limited density
Provincial investor rules
- Province
- Ontario
- Rent regulation
- High
Transfer costs: Ontario land transfer tax (a municipal LTT also applies in the City of Toronto)
Zoning and open data: Municipal zoning bylaw, official plan, additional residential unit rules, and transit-oriented policy overlays.
Investor watchouts
- Rent-control treatment by unit age
- Legal duplex/triplex/fourplex status
- Municipal licensing and fire-code compliance
Underwriting benchmarks
- Rent range
- $1,413 – $1,851
- CMHC RMS · October 2024
- Cap rate range
- 2.8% - 4.2%
- Live listings · 25–75th %ile
- Price per door
- $243k - $380k
- Live listings · 25–75th %ile
- Vacancy assumption
- 2.4%
- CMHC October 2024
- Expense ratio
- 33% - 43%
- Rent rules
- High
- CMHC 1BR rent
- $1,413
- October 2024
- CMHC 2BR rent
- $1,636
- October 2024
Financing sensitivity: Older stock requires repair reserves in offer logic. Data sourcing: hover any icon above for methodology. Rent and vacancy from CMHC RMS. Cap rate and price-per-door bands come from the multi-unit listings, with a stated door count, among 120 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.
Signals affecting Hamilton
Province of Ontario · Jun 27, 2026
Ontario publishes next year's rent increase guideline
Model two rent tracks: guideline-capped for sitting tenants, market on turnover. A building full of long-term tenants at deep discounts is a duration bet, not a cash-flow deal.
City of Toronto · Apr 30, 2026
Toronto expands multiplex permissions and cuts parking minimums
Pay for income in place, not for intensification optionality that every neighbouring lot now shares. Optionality only has value where you can execute faster or cheaper than the street.
Opportunities in Hamilton
120 active listings on Realtor.ca · 6 screened in AssetAvenue
Hamilton underwriting questions
- What cap rate should I expect on a Hamilton fourplex?
- Current screen: 2.8% - 4.2%. The middle half of this market's active multi-unit Realtor.ca listings that state their unit count. A fourplex is conventional financing — MLI Select starts at five units. Confirm NOI from the rent roll; street and condition move the print.
- How tight is vacancy in Hamilton?
- CMHC purpose-built vacancy is 2.4% as of October 2024. Small multifamily can run tighter or looser than the metro survey.
- What strategies fit Hamilton?
- Value-add, Small multifamily, Transit-oriented rentals. Rent rules: High.
- Does AssetAvenue cover Canadian income property in Hamilton?
- Yes. This desk underwrites Hamilton, ON income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.