Would you take on a multiplex conversion in Toronto? Why or why not?
@wzeng02
11 ай бұрын
This is helpful. Thanks
@ElevateRealtyCa
11 ай бұрын
Glad it was helpful!
@dealman3312
11 ай бұрын
Great video 👍🏼 What’s the price per square foot range for new construction in Toronto? Tear down, build 4 ilex.
@ElevateRealtyCa
11 ай бұрын
Will vary and depends if you self manage or get a PM. it can range from $350-500 / sf
@elizagymmer9484
Ай бұрын
What if you already have a tenant renting the whole house? How would navigate this to allow for renovations to add units?
@ElevateRealtyCa
Ай бұрын
You need a building permit to make this conversion and should file an N13 form with the tenants to terminate their lease. If you need help, we recommend that you consult a paralegal.
@paulcatarino2209
2 ай бұрын
If the main house is designated as a fourplex, how does that affect the possibility of adding laneway suite/carriage house?
@ElevateRealtyCa
2 ай бұрын
You can do it, but you’ll need to apply to defer the ADU DCs we believe
@xaviy649
Ай бұрын
G-A-R-B-A-G-E....Totally unrealistic amount of money, time and headache...!!!
@androiduser8780
8 ай бұрын
How about Mississauga? They just passed a fourplex rule
@wendytian481
11 ай бұрын
Does the city / building code require you to upgrade water/wastewater electrical capacity?
@ElevateRealtyCa
11 ай бұрын
You should even if it’s not a requirement! You won’t want power to trip regularly and tenants complaining about water pressure.
@wendytian481
11 ай бұрын
@@ElevateRealtyCa what would be the cost and timeline for water/wastewater upgrade? I understand it would typically be costly and wait time is long
@ElevateRealtyCa
11 ай бұрын
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.
@ElevateRealtyCa
11 ай бұрын
Cost is around $3k+ for each
@asadb1990
11 ай бұрын
If we plan to do this, how do mortgages work for this? Is it easier?
@ElevateRealtyCa
11 ай бұрын
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
@asadb1990
11 ай бұрын
@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?
@ElevateRealtyCa
11 ай бұрын
Yup typically rental income will be added to help you qualify for a mortgage, so easier to qualify for a bigger mortgage
@user-yq1yd3pq2n
5 ай бұрын
Simply lend your money privately, make alot more sense.
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