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

How does house hacking a 2-4 family work?

Saskatchewan does not use the two-to-four-family classification common in some other markets; the closer Saskatoon equivalent is a duplex, a legal secondary suite in a single-detached home, or a small purpose-built multi-unit building, each under its own City of Saskatoon zoning. Which one you buy changes both the permit needed and how a lender treats the rent.

A duplex is usually the simplest version, since each unit is already a separate legal dwelling under the zoning. A secondary suite added inside a single-detached home needs its own permit for things like a separate entrance and fire separation before a lender will count the rent at all.

CMHC's lending guidelines allow qualifying with documented rental income once a suite or unit is legal, and the minimum down payment on a qualifying purchase is 5 percent up to $500,000, then 10 percent on the portion above that.

Joel Dyck can walk you through which of these structures actually fits a specific property before you make an offer on it. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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