Should You Buy a Duplex or Triplex in Peterborough? A Landlord’s Guide

Investing in a duplex or triplex in Peterborough has become an increasingly popular strategy for both new and experienced landlords. With strong rental demand, a growing population, and home prices that remain more accessible than many larger Ontario markets, small multi-unit properties offer a powerful combination of cash flow, appreciation, and long-term stability.

But is a duplex or triplex the right move for you?

This guide breaks down the key benefits, challenges, and financial considerations so you can make an informed decision before purchasing your next income property in Peterborough.

Why Duplexes and Triplexes Are So Attractive

Multi-unit homes provide a unique advantage over single-family rentals: multiple income streams under one roof.

Instead of relying on one tenant, you’re spreading risk across two or three units. If one tenant vacates, you still have income coming in from the others. This stability is especially valuable in today’s market.

Other benefits include:

• Stronger cash flow than single-family rentals

• Lower vacancy risk

• Easier financing than larger apartment buildings

• Owner-occupied options (live in one unit, rent the others)

• Higher resale appeal to investors

  
  

In Peterborough, many duplexes and triplexes are located in established neighborhoods close to downtown, transit, Fleming College, Trent University, and the hospital, areas with consistent rental demand.

Understanding the Peterborough Rental Market

Peterborough continues to see steady rental demand from:

• Students

• Healthcare workers

• Young professionals

• Downsizers

• New residents relocating from the GTA

  
  

Vacancy rates remain relatively low, and well-maintained units priced correctly often rent quickly. Two-bedroom units are especially desirable, offering a strong balance of rent potential and tenant stability.

This demand makes duplexes and triplexes ideal for landlords looking for:

• Predictable income

• Long-term tenant retention

• Appreciation in a growing community

The Numbers: What Should You Expect?

While every property is different, here’s a simplified example of how a duplex might perform:

• Purchase Price: $550,000

• Down Payment (20%): $110,000

• Mortgage + Taxes + Insurance: ~$3,200/month

• Two Units Renting at $1,500 Each: $3,000/month
  

At first glance, this may appear close to break-even. But when you factor in:

• Rent increases over time

• Mortgage paydown

• Property appreciation

• Potential for value-add renovations
  

Triplexes often perform even better, as the third unit can significantly improve cash flow relative to expenses.

The key is buying the right property at the right price with a realistic understanding of operating costs.

Owner-Occupied Strategy: A Powerful Entry Point

One of the most effective ways to enter the market is by living in one unit and renting the others.

Benefits include:

• Lower down payment options

• Personal occupancy financing advantages

• Rental income helping offset your mortgage

• Easier property management
  

Many landlords in Peterborough begin this way, building equity while dramatically reducing their living expenses. Over time, they move out and convert the entire building into a full income property.

What to Watch Out For

While duplexes and triplexes offer strong upside, they also come with responsibilities and risks.

Key considerations include:

• Maintenance costs (older properties may need upgrades)

• Tenant management and communication

• Ontario landlord-tenant regulations

• Utilities and metering

• Zoning and legal unit status
  

It’s critical to confirm that all units are legal and properly permitted. Insurance, fire code compliance, and proper egress are non-negotiable.

A professional inspection and legal review can prevent costly surprises.

Renovation and Value-Add Opportunities

Many multi-unit properties in Peterborough offer “forced appreciation” potential through:

• Updating kitchens and bathrooms

• Improving energy efficiency

• Adding in-suite laundry

• Modernizing layouts

• Enhancing curb appeal
  

These upgrades can justify higher rents and significantly increase property value. Smart renovations often provide a much higher return than passive appreciation alone.

Is a Duplex or Triplex Right for You?

You may be a great fit for this type of investment if you:

• Want predictable, long-term income

• Are comfortable managing tenants or hiring property management

• Have access to financing and reserves

• Understand that real estate is a long game

• Value stability over speculation
  

Duplexes and triplexes are ideal for landlords who want to build wealth steadily, with less volatility than single-tenant properties.

Final Thoughts

Buying a duplex or triplex in Peterborough can be one of the smartest moves a landlord makes. These properties offer resilience, income diversity, and strong long-term potential in a market that continues to grow.

With the right guidance, proper due diligence, and a clear financial plan, small multi-unit buildings can form the backbone of a successful real estate portfolio.

Whether you’re purchasing your first investment or expanding an existing portfolio, Peterborough’s duplex and triplex market deserves serious consideration.

The Peterborough Landlords Association exists to support local property owners with education, resources, and community. Informed landlords build stronger investments, and stronger neighbourhoods. This article serves as an example, with tips to consider. Always consult your professional REALTOR®/Financial advisor/Real Estate Lawyer for the best and most up to date insights and advice.