All Forum Posts by: Stevo Sun

Hi All,

I found that single family in Canada is only profitable if I rent by the room or rent the house as two dwelling units (basement and upper floor).

The problem is a lot of cities in Canada have strict regulations and processes for renting-by-bedroom. I really don't want to take the risk of doing this illegally, although I know some investors get away with it. Is there anyone here with experience in renting-by-the-bedroom or basement LEGALLY that can enlighten me on a cost-effective way of doing it or cities in Canada that have more relaxed laws that won't need you to break the bank to be according to the building code of the city.

Hi All,

I am looking to purchase a rental property in Canada, I have been on the phone with so many lenders and they keep telling me the same thing about requiring my personal income to qualify for the mortgage. Basically, the same thing I would need for getting a conventional residential mortgage and unfortunately my debt-to-income ratio is already low because I have an existing mortgage debt in my current home. Please can any real estate investor in Canada advise on the loan products I can get? DSCR loans that are always talked about in the podcasts are not available in Canada.

Regards,

Semi.

 I agree that for most of Alberta this holds true, but in Lethbridge we are very steady in our economy including our real estate market. We don't get the big upsides but almost never have downside to our housing market.

Thanks for the response.  My focus has turned to Lethbridge due to the lower entry cost and it looks like it is cash flow positive.  Sadly, I don't know what I don't know so I have no specific questions.  Are you active in the market?  Things seem to be going quite well in Alberta these days.

First time dipping my toe into the rental market.  Does anybody have any experience in these markets?  Any thoughts, advice and feedback is appreciated.

David

Thanks Stevo appreciate the Berta feedback! 

Hey crew, question for anyone, if my fiancé and I have about 250k in debt from rental properties will we have a very tough time getting approved for say a $500k primary residence? Even at a 200k household income I’m being told by family we will never get approved for a 500k home with that debt from rentals even if they’re cash flowing nicely. Any info helps! 

I live in fort mcmurray Alberta fyi

Thanks :)

Hi, in Canada, if you don't put 20% down payment on the purchase of primary residence, there is a mandatory insurance (CMHC).

My question is, should I put 20% down to avoid the insurance cost, or just put 5% down and add the 4% fee to the mortgage?

Thank you in advance