The valuation method shifts with the unit count. Up to four units, appraisers still work the direct comparison approach and adjust for the income, so recent sales of comparable suited properties drive the number. At five units and above the property is normally valued on stabilized net operating income against a capitalization rate, and a lender will typically require a report from an Appraisal Institute of Canada designated appraiser before advancing funds.
North Park is a small older neighbourhood north of downtown along the river, next to City Park, with pre-war and mid century houses and a scattering of walk up blocks. Its rental appeal is location: downtown, St. Paul's Hospital and the Meewasin trails are within a walk. Steady tenant demand supports value, but tenancies run under The Residential Tenancies Act, 2006, and existing leases and rent levels transfer to the buyer.
The number that matters is verified income, not asserted income. Ask for leases, a rent roll, twelve months of utility bills and confirmation from the City of Saskatoon that each unit is permitted, because an unpermitted unit is credited at zero by lenders. Joel Dyck's hand-reviewed valuation separates real income from optimistic income and counts the conversion work that never reached a permit file.