Does househacking work in the GTA?

[Joseph Shin]

Quick look on the MLS shows that multi family housing prices start at min 500k for a terrible condition home.

Ideally I would like to buy a duplex or triplex as my first property out of university but saving enough for a downpayment and repairs is going to be extremely difficult and even then, am unsure if the rent income is sufficient to cover a mortgage payment, taxes and other expenses.

Should I wait until the market drops?

[Jacob Perez]

It's going to be hard to cover ALL of your costs with 1 unit. Does househacking work in terms of significantly decreasing your costs? Yes. 

More units - the most of your cost will likely be taken care of. You can also get specific mortgage products that will cover the cost of your renovations so you don't have to go out of pocket.