All Forum Posts by: Elliot Hammond

Hi everyone, Im just about to complete on my first multi family unit in Alberta, Canada. It’s a Large house divided into 4 units and because of the four units I’ve been told by residential insurance lenders that I need commercial renters insurance. I’ve got quotes around the 5k mark, does anyone have any experience with multi Family insurance providers or any advice. 

Thanks BP. 

Think we have a solution I’ve spoken to town planning and they are chatting with lender to clarify the issue. 

No lender on property current owner has owned for a number of years and mortgage paid of a long time ago 

Located in sylvan lake. Property purchase price is 335k and putting 20% down. 
I’ve spoken to the town head planner who has stated that they received an enquiry from the appraiser with no context to what the home will be used for they are willing to support that it’s residential. 

I would rather not say what lender at the moment as I’m appealing the decision. 

Hi it’s my first post and I’m in the process of purchasing my first property in Alberta, Canada for rental/house hack. The property is very unique it’s split into four self contained units. Everything was good to go and the appraiser working for the bank has deemed the property commercial instead of residential he believes the property is in a commercial zoned area.  I’ve reached out to the town planning to correct this decision. The lender is saying the new by laws state that if I was to knock down the building and re build I would have to include a commercial building on the ground floor and residential above as per new planning laws. 
Looking for any ideas, advice or clever financing ideas