Guide · Financing

Financing a plex or income property in Quebec

Living in one of the units changes everything: the down payment, mortgage insurance and the share of rents that counts to qualify.

By Grégory Payotte, Founder of Payotte · Published October 8, 2026

In short

If you live in one of the units, a 2- to 4-unit plex is financed like a house, with CMHC mortgage insurance: 5% on the first $500,000 and 10% on the rest for a duplex, 10% for a triplex or fourplex, for a price under $1.5M. If you do not live there, CMHC insurance for 2- to 4-unit rentals requires at least 20% down. From 5 units, it is multi-unit financing. Rents count toward your qualification: up to 100% of gross rents for an owner-occupied duplex, up to 50% beyond that.

10%

minimum down payment for a triplex or fourplex you live in

CMHC

20%

minimum down payment for 2 to 4 units you do not live in

CMHC

100%

of gross rents added to your income, at most, for a duplex you live in

CMHC

The down payment by number of units

Minimum down payment with CMHC mortgage insurance
Property	Minimum down payment	Price or value cap	Amortization
1 or 2 units, you live in one	5% of the first $500,000, 10% of the rest	Under $1,500,000	25 years; 30 years for a first-time buyer or a new build
3 or 4 units, you live in one	10%	Under $1,500,000	25 years; 30 years for a first-time buyer or a new build
2 to 4 units you do not live in	20%	Under $1,000,000	25 years maximum
5 units or more	Multi-unit financing (CMHC MLI Select)	Depends on the program	Up to 40 years and more depending on points earned

Sources: CMHC “Purchase”, “Income Property” and “MLI Select” products; Finance Canada for 30-year amortization (first-time buyers and new builds, since December 15, 2024). For a plex, confirm with the lender that 30-year amortization applies to your file.

What that means at the median plex price

Minimum down payment at the median plex price (Centris)
Market	Median plex price	If it is an owner-occupied duplex	If it is an owner-occupied triplex or fourplex (10%)	If you do not live there (20%)
Montreal (CMA) · 2026-09	$861,000	$61,100	$86,100	$172,200
Quebec City (CMA) · 2026-09	$593,000	$34,300	$59,300	$118,600
Laval · 2026-08	$965,000	$71,500	$96,500	$193,000
Trois-Rivières (CMA) · 2026-T2	$414,000	$20,700	$41,400	$82,800
Granby · 2026-06	$549,000	$29,900	$54,900	$109,800

Median price of the “plex” category published by the QPAREB (Centris statistics), for the month shown. The category groups several plex sizes: the math applies each case’s rule to the same price, as an illustration. Payotte calculation.

Rents in your qualification

The plex’s rents help you qualify, but not in full. CMHC publishes two methods: add a percentage of gross rents to your income, or use net rental income (gross rents minus operating expenses).

Share of rents used by CMHC
Property being financed	Accepted method
Duplex you live in	Up to 100% of gross rents
Triplex or fourplex you live in	Up to 50% of gross rents, or net income
2 to 4 units you do not live in	Up to 50% of gross rents, or net income

Source: CMHC, “Rental Income”.

The rules that apply as for a house

The lender checks your ratios: CMHC caps housing costs at 39% of gross income (GDS) and total debt at 44% (TDS), calculated at the stress test rate. The stress test guide explains that rate, and the affordability guide does the math.

Rent you collect must be reported: federally, the Canada Revenue Agency uses form T776, “Statement of Real Estate Rentals”. If you are a first-time buyer, see also the HBP and FHSA for the down payment.

Frequently asked questions

What down payment do I need for a triplex?

If you live in one of the units, at least 10% with CMHC mortgage insurance, for a price under $1.5M. If you do not live there, at least 20%.

Can I buy a plex with 5% down?

Yes for a duplex you live in: 5% on the first $500,000 and 10% on the rest. For an owner-occupied triplex or fourplex, the minimum is 10%.

Do rents count toward qualifying?

Yes, in part. According to CMHC, up to 100% of gross rents for a duplex you live in, and up to 50% of gross rents (or net income) for a triplex, a fourplex or a building you do not live in.

Do I have to live in the plex for mortgage insurance?

No, CMHC also insures 2- to 4-unit rental properties not occupied by the owner, but with at least 20% down, a value under $1M and a 25-year maximum amortization.