About Regina revenue & investment properties
The numbers we work through before you write
Price, and what the place realistically rents for in that neighbourhood, not the optimistic figure in the remarks. Then tax off the SAMA assessment, insurance quoted as a rental rather than owner-occupied, condo fee or a maintenance reserve of about 1% of value a year, vacancy at 4% to 6%, management at 8% to 10% if you're not doing it yourself, and financing at your actual approved rate. If it doesn't clear after all that, we'll tell you.
Financing a rental is a different product
Expect 20% down minimum on a non-owner-occupied property, since CMHC insurance isn't available for a pure rental. The rate usually sits a quarter to a half point above an owner-occupied mortgage. Lenders also apply a rental offset or add-back formula to projected income, and it varies enough between institutions to change what you qualify for. Sort the financing structure before you start shopping.
Where the yield actually is
Three segments, roughly in order of gross yield. Downtown one-bedroom condos, side-by-side duplexes in Cathedral and the older core, and suited single-family houses in the newer south end. The condos give the highest gross yield and the most condo-corporation risk. The duplexes give you separated mechanical systems and full control of the building. The suited houses resell best, because you can sell them to someone who wants to live there rather than only to another investor.
Inherited tenants cut both ways
Buying tenanted in Saskatchewan means taking on the existing tenancies under The Residential Tenancies Act, including below-market rents you can't just reset. Review the leases, rent roll, deposit ledger and payment history during your condition period. A building at gross rent well under market is only an opportunity if there's a realistic, lawful path to turnover.
