What cap rate should I expect on an Ottawa fourplex?

Current screen: 2.7% - 4.0%. 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 Ottawa?

CMHC purpose-built vacancy is 2.5% as of October 2024. Small multifamily can run tighter or looser than the metro survey.

Does AssetAvenue cover Canadian income property in Ottawa?

Yes. This desk underwrites Ottawa, ON income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.

Ottawa fourplex and multiplex cap rates

Fourplex and multiplex · Ottawa, ON · cap rates 2.7% - 4.0% · vacancy 2.5%

Market79

Ottawa offers durable demand, stable employment, and selected intensification upside, but prices require disciplined underwriting.

Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 415 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.

Small multifamilyValue-addSecondary suitesTransit-oriented infill

Open the map Open Ottawa deals Ottawa planning applications MLI Select requirements 441 Echo Drive site plan Ottawa fourplex cap rate

Average rent: $1,684; CMHC purpose-built · October 2024
Cap rate range: 2.7% - 4.0%; Live listings · 25–75th %ile
Price per door: $330k - $475k; Live listings · 25–75th %ile
CMA population: 1,700,014; +2.3% YoY · StatCan 2025
Vacancy rate: 2.5%; CMHC RMS · October 2024
Rent rules: High; Medium regulation risk

Market screen

AssetAvenue analysis

Ottawa cap rates screen 4.3% - 5.6%, $275k - $475k per door, with average rent near $2,250 a door. The desk underwrites vacancy at 3% - 4% and operating expenses at 32% - 42% of gross rent.

Location88

Scores

Location score

88/100

Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.

First-time investor score

64/100

Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.

Developer score

72/100

Zoning, affordability pressure, and investor demand.

What to verify on a deal here

Rent: in-place leases against the $1,900 - $2,750 benchmark.
Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
Operating: expenses against the 32% - 42% 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.

Westboro

Market83

$2,650 avg rent · high demand

Best fit: Infill and premium rentals

Transit corridor review

Vanier

Market74

$2,050 avg rent · medium demand

Best fit: Value-add small multifamily

Mixed pockets of intensification

Orleans

Market72

$2,150 avg rent · medium demand

Best fit: Family rentals and suites

Suburban suite potential

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: $1,520 – $2,002; CMHC RMS · October 2024
Cap rate range: 2.7% - 4.0%; Live listings · 25–75th %ile
Price per door: $330k - $475k; Live listings · 25–75th %ile
Vacancy assumption: 2.5%; CMHC October 2024
Expense ratio: 32% - 42%
Rent rules: High
CMHC 1BR rent: $1,520; October 2024
CMHC 2BR rent: $1,869; October 2024

Financing sensitivity: Deals with DSCR below 1.15x need strong upside verification. 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 415 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.

Signals affecting Ottawa

All news

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.

Neutral

CMHC Rental Market Report · Jun 4, 2026

Vacancy loosens in the biggest markets, stays tight in mid-size cities

In Toronto and Vancouver deals, cap modeled rent growth and lengthen lease-up assumptions. In Ottawa, Winnipeg, and London, current market rents are defensible with comps.

Watchful

Opportunities in Ottawa

415 active listings on Realtor.ca · 6 screened in AssetAvenue

303 LACASSE AVENUE · Triplex

303 LACASSE AVENUE

Price

$497,000

Units

Cap rate

6.1%

DSCR

1.21x

Rents are estimates — the income score carries a haircut until the rent roll is verified

AssetAvenue Score64/100

3.3% cash-on-cash · $165,667/door · zoned for 6 units

Zoning N4B · Neighbourhood Zone 4CMHC fit 20/100Closing reserve $17,415Rent rules High

Why 64: Rents are estimates — the income score carries a haircut until the rent roll is verified

64 BAYSWATER AVENUE · Fourplex

64 BAYSWATER AVENUE

Price

$974,900

Units

Cap rate

6.0%

DSCR

1.19x

Rents are estimates — the income score carries a haircut until the rent roll is verified

AssetAvenue Score61/100

3.1% cash-on-cash · $243,725/door · zoned for 8 units

Zoning N4B · Neighbourhood Zone 4CMHC fit 20/100Closing reserve $26,973Rent rules High

Why 61: Rents are estimates — the income score carries a haircut until the rent roll is verified