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

Do I need to live in the property to house-hack it?

Yes, if you want CMHC's lower minimum down payment on the purchase. Owner-occupied financing on a property with up to four units requires you to actually live in one of them, and stepping away from that requirement turns the purchase into a non-owner-occupied investment property needing a much larger down payment.

Lenders and CMHC both define occupied as your principal residence, not a token stay, and rules around misrepresenting occupancy are taken seriously since insurers price owner-occupied risk very differently from investment risk. Moving out shortly after closing without disclosing that plan upfront is exactly the kind of thing that creates problems later.

If your actual plan is to never live there, budget from the start for investment property terms: typically at least 20 percent down and a different, usually higher, interest rate than an owner-occupied purchase would get. Run both scenarios with a lender before you commit to either one.

Joel Dyck can help you think through which structure actually fits your Saskatoon plans before you make an offer. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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