Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Can I house-hack a Saskatoon 2-4 family with low money down?

There is no 2-4 family zoning category in Saskatchewan; the equivalent here is a legal duplex, triplex or fourplex, and yes, you can buy one with a low down payment as long as you occupy one unit. CMHC's insured mortgage rules treat an owner-occupied property of up to four units the same as a single home for down payment purposes.

That minimum is 5 percent on the first $500,000 of the purchase price and 10 percent on any amount above that, exactly as it would be for a single detached house, provided you are living in one of the units. Buy the same fourplex without occupying it and the math changes completely, since a non-owner-occupied purchase needs a much larger down payment and different insurer treatment.

Rental income from the other units can also help you qualify for the mortgage itself, though a lender only counts a portion of that income rather than all of it when assessing your debt ratios. CMHC's guidelines around GDS and TDS still apply, so run your numbers with a lender before you fall in love with a specific property.

Joel Dyck can point you toward Saskatoon multi-unit listings that fit an owner-occupied purchase like this. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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