Lenders work from two ratios: gross debt service around 39 percent of income and total debt service around 44 percent once other debts are included. Verified rental income from a permitted suite can be added into that calculation, while income from an unpermitted unit generally cannot be counted at all.
University Heights is part of a largely single-family northeast sector that also takes in Silverspring, Erindale, Arbor Creek and Willowgrove, so a genuine multi-family property here is less common than the label suggests, and confirming zoning with the City of Saskatoon should come before you count on the rental income at all.
CMHC's minimum credit score of 600 on an insured mortgage still applies regardless of how strong the rental income looks on paper. Get your hand-reviewed valuation from Joel Dyck.