Transforming a Single-Family Home into a Fourplex In Toronto: How To Get It Done!
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- Опубліковано 12 чер 2024
- Transforming a Single-Family Home into a Fourplex In Toronto: How To Get It Done!
We're diving into a seemingly unicorn topic - turning a single-family home into a fourplex in Toronto.
This is something that got many people interested in multiplex conversion opportunities once the multiplex changes got passed in Toronto, but not many people are actually actioning on.
A lot of it has to do with the capital required but it also has to do with just generally not knowing how to get it done.
So in this video, let’s dive into all of this. Stick around, and let’s get started.
NOTE: This video is for educational purposes only; it does not guarantee future performance or serve as financial advice.
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0:00 - Intro
0:33 - Toronto's New Multiplex Rules
1:25 - What Makes A Good Project To Convert?
2:52 - Toronto Multiplex Conversion: Costs & Timelines
4:20 - Capital & Cash Flow Analysis
5:30 - Refinancing Opportunities
7:04 - How We Can Help
#torontorealestate #torontorealestateinvesting #torontorealestateinvestors #torontorealestateinvestors #realestateinvesting #realestateinvestors #investmentproperty #investmentproperties
Would you take on a multiplex conversion in Toronto? Why or why not?
thax a lot for this helpful video.
This is helpful. Thanks
Glad it was helpful!
If the main house is designated as a fourplex, how does that affect the possibility of adding laneway suite/carriage house?
You can do it, but you’ll need to apply to defer the ADU DCs we believe
Great video 👍🏼
What’s the price per square foot range for new construction in Toronto?
Tear down, build 4 ilex.
Will vary and depends if you self manage or get a PM. it can range from $350-500 / sf
How about Mississauga? They just passed a fourplex rule
Does the city / building code require you to upgrade water/wastewater electrical capacity?
You should even if it’s not a requirement! You won’t want power to trip regularly and tenants complaining about water pressure.
@@ElevateRealtyCa what would be the cost and timeline for water/wastewater upgrade? I understand it would typically be costly and wait time is long
If you’re changing it just on your private side, it’s fast. If the city side water needs upgrading, 2+ months (not meeting their expected turnaround times atm). Electrical panel can be upgraded by an electrician pretty quickly.
Cost is around $3k+ for each
If we plan to do this, how do mortgages work for this? Is it easier?
4 units is still a residential mortgage. If you have 5+ units, then you can qualify for commercial mortgages with more options like MLI select www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/multi-unit-insurance/mliselect
@ElevateRealtyCa what i mean is aren't these type of mortgages supposed to be easier and lower risk for the bank since the units will be rented out and hopefully the rent will be substantially more than the mortgage?
Yup typically rental income will be added to help you qualify for a mortgage, so easier to qualify for a bigger mortgage
Simply lend your money privately, make alot more sense.