House hacking in Canada

5 Replies

Hello everyone :),

Wanted to ask if anyone has experience house hacking in Canada and if so how was the experience?. I would like to jump into an triplex and house hack to take advantage of the low down payment I’ve seen posts where you can put anywhere from 5-20% down?

Read up on your local tenancy laws.  If you want a duplex or a place with a suite, you still have your own space.  If you do less than 20% down, you will have extra costs (CMHC insurance).  It is added to your mortgage payments.  I'd start by talking to some one at a bank or a mortgage broker to see how much you can borrow.  Then look at what you can buy.  IF you are relying on a tenant to help cover mortgage payments, don't max out your loan.

Hey Sarah,

Mortgage broker here.

Yes if the property is owner occupied, you can put as little as 5% down. A good first step as @Theresa Harris mentioned, is to talk to your mortgage broker and find out how much you can afford, then get ahold of a real estate agent to find a property that fits. 


Originally posted by @Jordan Perry :

Hey Sarah,

Mortgage broker here.

Yes if the property is owner occupied, you can put as little as 5% down. A good first step as @Theresa Harris mentioned, is to talk to your mortgage broker and find out how much you can afford, then get ahold of a real estate agent to find a property that fits. 

Forsure that makes sense,  I was wondering let’s say it’s an triplex or fourplex would the lender look at more of what the building is doing or the person as to what they’re income is and all that  

@Sarah Jane

Hey Sarah,

The lender will look at both. With residential mortgages (1-4 units) the borrower will have to be qualified for the mortgage, and we can also use the rental income to improve your income (most lenders use 50% of the rental income and add it to your  personal income).

Hope that helps!

Hey Sarah, 

I did exactly what you're describing about 12 years ago and I think its a smart way to get yourself into your first home, especially if you're single.  I bought a triplex with 5% down and the rents from the other two apartments paid for my mortgage and property tax and I rented a room to a friend and that covered most of my utilities.  I was living for free. It got me into the market and has since built me a ton of equity that I have turned around and purchased two more houses since.  Small multi family is the way to go! Good luck