The Blainville plex remains an attractive investment vehicle in 2026, but the cap rate has compressed over 5 years. Here's a current worked example — no illusions.
786 k$
Median plex price Q1 2026
+10 %
YoY change (4 quarters)
4,3 %
Typical cap rate today
5,8 %
Effective cap rate after 5 years
The example — triplex $870,000
| Position | Amount |
|---|---|
| 3 units (4½) — current rents | $4,350/month ($1,450 each) |
| Gross annual revenue | 52 200 $ |
| Expenses (taxes, insurance, maintenance, 5% vacancy) | 14 800 $ |
| Net operating income (NOI) | 37 400 $ |
| Gross cap rate | 4,3 % |
With financing — the reality of cash flow
| 20% down payment | 174 000 $ |
| Commercial mortgage $696,000 at 5.5% / 25 years | ~$4,230/month |
| Annual debt service | ~50 760 $ |
| Year 1 cash flow | −$13,360 (negative) |
Year 1: you're operating at a loss. That's the reality of a plex in Blainville at the current median price with 2026 rates. Buying a plex today expecting immediate positive cash flow is lying to yourself. If that's your strategy, look elsewhere (Trois-Rivières, Drummondville).
The winning angle — why buy anyway
The 3 levers that transform the return
- Raising rents to market value. Blainville rents are 12-18% below market. Over 3-5 years, the NOI can climb to $44-46K
- Capital appreciation. +4 to +6% per year historically in Blainville. Over 5 years = +20 to +33%
- Mortgage amortization. ~$25,000 of principal paid over 5 years — that's equity built
The risks to measure
- Vacancy and payment defaults. One empty month wipes out 4 months of positive cash flow
- Major work. Roof, windows, mechanical systems — set aside 1-2% of the price in reserve per year
- Variable rates. At the 5-year renewal, if rates rise again, the debt service swells
- Rent legislation. Increases regulated by the TAL — no free-for-all hikes
Real value is composite. Effective cap rate over 5 years: 5.2-5.8%. Combined with capital appreciation and amortization, the total annualized return can exceed 10-12% over 5 years — better than most liquid investments. Provided you manage the plex as an asset, not as a passive project.
To model your own plex scenario, use my yield calculator (cap rate, cash flow, debt-to-income ratio) or let's talk strategy.