House Hacking for Canada

[Jordan Deschamps]

I'm sure many of you have come to this community from books like Craig Curelop's House Hacking, or similar sources. I am a Canadian Citizen, living in Canada and I hope to start house hacking in my home city of Calgary.

The problem is sources such as the book above refer to loans, mortgages, taxes and laws originating in america.

I am looking to have a place where the Bigger Pockets community can, for lack of a better word "translate" this kind of information to Canadian systems.

In particular I am wondering, 

- what are some realistic mortgage options regarding minimum down payments?

- where can I find resources regarding rental laws in each province?

- are there subsidies or tax benefits that I should consider?

If anyone has Canada specific knowledge to share with the community I invite you to comment below.

[Roy N.]

Originally posted by @Jordan Deschamps:

In particular I am wondering, 

If the property is to be owner-occupied, than you may qualify for a high-ratio, insured mortgage though CMHC (or one of the private insurers: Genworth or Canada Guaranty). Such a mortgage allows for an LTV of 95% (for SFH or duplex) or 90% (triplex or quadriplex). There will be an insurance premium which is generally added to the principal of the financing (ie. you pay interest on it), though, once upon a time, you were able to pay the premium up-front. See the CMHC website for more information. 

Each province has their own Tenancy Law and oversight body.  They can easily be found on-line by searching for "Tenancy Law <province>".   For Alberta, you can start here.

Not really.  Some provinces' social development agencies have programs where they will provide various forms of support in exchange for a portion of a building being dedicated to affordable housing.   CMHC also has mortgage insurance programs for (larger buildings) dedicated to affordable housing.