Multi family properties

[Geoffrey Borgmann]

Hi everyone,

New to real estate investing. Looking into buy and hold strategies for multi family properties in the GTA (and surrounding areas).

In Canada, does 5 or more units qualify a property as commercial? I know this is the way it is in the States.

Also, if you have any advice on which areas are up and coming for residential buy and hold strategies that would be appreciated! Currently looking in St. Catherines, Hamilton, and Niagara.

Geoff

[Devin Solberg]

@Geoffrey Borgmann

Hi Geoff,

In Canada, certain banks will do 5-plex and 6-plex properties under their residential mortgage program. RBC and CIBC are 2 I have seen offer this. Reach out to one of their Mortgage Specialists in your area to confirm. This makes these properties much more attractive due to lower rates/no renewal fees etc.