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

What should an investor check before buying a two-family in Fairhaven?

A two-family purchase in Fairhaven adds one more check on top of the usual diligence, which is whether the second unit is a legal secondary suite under City of Saskatoon rules. The city requires a building permit covering egress windows, ceiling height and fire separation before a lender or appraiser will count that unit's income.

Ask for the permit number and pull the file yourself rather than taking the seller's word for it. A finished, good-looking second unit with no permit on record still fails a lender's test for legal secondary income, which changes what you can actually qualify to borrow.

If the suite is legal, CMHC and other insurers apply specific rules for how much of the rental income can count toward your mortgage qualification, and those rules differ from a standard single-family purchase. Confirm with your lender early, before you are committed to a purchase agreement.

A home inspection, typically $400 to $600, should still cover both units before your conditions come off. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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