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

How much do I need to buy an investment property in University Heights?

How much you need for an investment property in University Heights depends mainly on down payment rules, since Canada's minimum is 5 percent up to $500,000 and 10 percent above that, and lenders often ask investors for more than an owner-occupier. University Heights sits in Saskatoon's east side next to Willowgrove.

Beyond the down payment, budget for legal fees of $800 to $1,500, a home inspection at $400 to $600, and CMHC, Sagen or Canada Guaranty mortgage insurance if your down payment is under 20 percent, with Saskatchewan charging PST on that insurance premium at closing.

Lenders also weigh a property's projected rental income differently than an owner-occupied purchase, which can change how much cash you personally need to bring versus what the mortgage will cover.

A hand-reviewed valuation on the specific property is the clearest way to know your real number. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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