The Numbers Behind Multiplex Ownership

Multiplex Rental Income and Mortgage Paydown

This page is about buying a whole building of two to four homes, living in one and renting out the rest. It shows only what can be worked out from published figures: rent from CMHC's 2025 survey, CMHC's lending rules, and mortgage paydown at the banks' posted rate. It does not forecast prices, because every Greater Vancouver benchmark fell in the year to September 2026.

MultiLiving Editorial|Updated October 2026

Questions about this guide: Gary Paul, REALTOR®, Personal Real Estate Corporation, Grand Central Realty, 778-828-7476

$2,363Average two-bedroom rent, Vancouver (CMHC 2025)

3.7%Vancouver rental vacancy rate (CMHC 2025)

6.19%Banks' posted 5-year rate (Bank of Canada, October 7, 2026)

What You'll Learn

Key Topics

Rent From Three Homes

Three two-bedroom homes at CMHC's 2025 average Vancouver rent of $2,363 bring in $7,089 a month, or $85,068 a year, before any costs, empty months or income tax.

How a Lender Counts It

On a whole 3 or 4 unit building you live in, CMHC lets a lender add up to 50% of the gross rent to your income: $3,544.50 a month on that example. On a whole 2 unit building, up to 100%.

Down Payment on a Whole Building

If you live in one of the homes, CMHC insures a 3 or 4 unit building priced below $1.5 million with 10% down. At $1.5 million or more there is no CMHC insurance and the minimum is 20%.

Mortgage Paydown

At the 6.19% posted rate over 25 years, every $1,000,000 borrowed costs $6,511.44 a month, and you repay $99,246 of it in the first five years.

Rent Increase Limits

BC limits increases for existing tenants to 2.3% in 2026 and 2.2% in 2027, once every 12 months. Rent from tenants who stay grows no faster than that.

No Price Forecast

Greater Vancouver REALTORS publishes no multiplex benchmark, and in the year to September 2026 its townhouse benchmark fell 4.7% and its apartment benchmark 6.2%. We do not project what a building will be worth.

The Rent

Rent From Three Homes in a Fourplex

You live in one home and rent out the other three. Here is the gross rent at CMHC's published average, and the part a lender can count.

Line	Monthly	Yearly
Gross rent (3 homes at $2,363)	$7,089	$85,068
Part a lender can count (up to 50%)	$3,544.50	$42,534.00

Costs to take away before you count any of it as yours: property tax, building insurance, strata fees if the building is a strata, repairs, the months a home sits empty, and income tax on the rent. Ask the seller for the building's real bills before you make an offer, because those numbers belong to that building.

Sources: CMHC 2025 Rental Market Report, Vancouver, average two-bedroom rent in purpose-built rentals. CMHC rental income guide (published May 22, 2024). Both read October 9, 2026.

Buying the Whole Building

Down Payment and Mortgage Insurance

The rules depend on how many homes the building has and on its price. These apply when you live in one of the homes.

Building	Minimum down payment	CMHC premium at the minimum
2 homes, priced below $1.5 million	5% of the first $500,000 and 10% of the rest	4.00% of the loan
3 or 4 homes, priced below $1.5 million	10%	3.10% of the loan
Any building at $1.5 million or more	20%	No CMHC insurance available

For scale: the median half duplex listing in Vancouver and Burnaby asked $1,799,000 on October 9, 2026, in our own count of active MLS® listings. Sources: CMHC homeowner mortgage loan insurance (purchase) and the Financial Consumer Agency of Canada, both read October 9, 2026.

Long View

Mortgage Paydown on Every $1,000,000 Borrowed

This part can be worked out exactly from the loan, the rate and the length of the mortgage. Scale it to your own loan: for $800,000, multiply each figure by 0.8.

Year	Loan left	Repaid so far	Interest so far
1	$982,494	$17,506	$60,632
2	$963,888	$36,112	$120,163
3	$944,113	$55,887	$178,524
4	$923,094	$76,906	$235,643
5	$900,754	$99,246	$291,440

Method: $1,000,000 loan, 6.19% fixed, 25-year amortization, monthly payments of $6,511.44, interest compounded twice a year as Canadian fixed-rate mortgages are. The rate is the 5-year conventional mortgage rate posted by Canada's chartered banks for the week of October 7, 2026, Bank of Canada series V80691335, read October 9, 2026. Your own rate will differ. The table leaves out property value on purpose: no multiplex price index exists to work from, and prices can rise or fall.

Reality Check

What the Internet Gets Wrong

"The rent will cover everything from day one"

At the 6.19% posted rate, the payment on every $1,000,000 borrowed is $6,511.44 a month. Three homes at CMHC's average Vancouver rent bring in $7,089 before any costs. Once you take off property tax, insurance, repairs and empty months, the rent covers part of the cost of owning, and you pay the rest.

"Prices in Vancouver only go up"

In the year to September 2026, Greater Vancouver REALTORS' benchmarks fell for every home type it tracks: detached down 7.3%, townhouse down 4.7%, apartment down 6.2%. Buy a building whose rent and payments you can carry if prices stay flat or fall.

"Vacancy is basically zero in Vancouver"

CMHC's 2025 Rental Market Report put Vancouver's purpose-built rental vacancy rate at 3.7%. Plan for some months with an empty home, and keep savings to cover the mortgage while you find the next tenant.

"Just put the other homes on Airbnb"

In Vancouver and Burnaby, BC's principal residence requirement limits short-term rentals to the home where the host lives, plus one secondary suite or accessory home on the same property. A strata can also limit short stays with a three-quarter vote. Check both before you plan on nightly rents.

Sources: CMHC 2025 Rental Market Report; Greater Vancouver REALTORS monthly market report and MLS® Home Price Index, September 2026; Province of BC principal residence requirement (updated September 21, 2026); Bank of Canada. Read October 9, 2026.

The bottom line

Buying a whole multiplex and living in one home is a way to have tenants pay part of your housing cost. At CMHC's 2025 average Vancouver rent, three rented homes bring in $7,089 a month before costs, and a lender can count up to half of that toward your mortgage on a 3 or 4 unit building.

Two things on this page are certain. The rent your tenants pay today is known, and the share of your mortgage you repay is set by the loan, the rate and the term: $99,246 of every $1,000,000 in five years at the 6.19% posted rate. What the building will be worth later is not known, and we do not guess.

In our view, this suits a buyer who wants to live in the building, who can carry the payments in a month when a home sits empty, and who is ready to be a landlord under BC's rules, with rent increases limited to 2.3% in 2026.

If you are weighing a building and want help with the numbers, talk to our team. For every step of buying, see our Playbook.

Data: CMHC 2025 Rental Market Report, rental income guide and purchase rules; Financial Consumer Agency of Canada; Bank of Canada series V80691335 (October 7, 2026); Greater Vancouver REALTORS monthly market report and MLS® Home Price Index, September 2026; BC government rent increase limit (Released August 27, 2026, accessed October 9, 2026); MultiLiving listing count, October 9, 2026. Read October 9, 2026.

General information only. The rent, lender, down payment, mortgage paydown and rent increase figures on this page are illustrative and based on rates and rules as of the dates noted. They are not financial, mortgage, tax, investment, or legal advice, and not a guarantee of qualification or any outcome. Mortgage rates, CMHC rules and tenancy rules change, and property values can fall. Always consult a licensed mortgage broker, a tax professional and an independent real estate lawyer before making any purchase, financing or landlord decision.

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Summary

Key Takeaways

Three homes at CMHC's 2025 average two-bedroom rent for Vancouver bring in $7,089 a month before costs.
CMHC lets a lender count up to 50% of gross rent on a whole 3 or 4 unit building you live in, and up to 100% on a whole 2 unit building.
A whole 3 or 4 unit building below $1.5 million needs 10% down if you live in it; at $1.5 million or more the minimum is 20%.
At the banks' 6.19% posted rate over 25 years, you repay $99,246 of every $1,000,000 borrowed in five years.
BC's rent increase limit is 2.3% for 2026 and 2.2% for 2027.
No body publishes a multiplex price index, so this page makes no price forecast.

Common Questions

Frequently Asked Questions

How much rental income does a fourplex generate in Vancouver?

A fourplex where you live in one home and rent out three two-bedroom homes would bring in $7,089 a month, or $85,068 a year, at the average two-bedroom rent of $2,363 in CMHC's 2025 Rental Market Report for Vancouver. That is gross rent, before property tax, insurance, repairs, empty months and income tax. A new home can rent for more or less than the average, so compare rental listings near the building. CMHC's survey put Vancouver's purpose-built vacancy rate at 3.7%.

How does a lender count rental income on a fourplex?

For a whole fourplex or triplex you live in, CMHC's rental income guide lets a lender add up to 50% of the gross rent to your income, or use the rent left after operating costs. On three homes at CMHC's average Vancouver rent, 50% is $3,544.50 a month. For a whole two-unit building you live in, the same guide allows up to 100% of the gross rent. These rules apply to buying the whole building; a buyer of one strata home should ask the lender about any suite.

How much down payment do you need for a fourplex in BC?

If you live in one of the homes, CMHC insures a whole three- or four-unit building priced below $1.5 million with a minimum down payment of 10%, and the premium at that level is 3.10% of the loan. At $1.5 million or more, CMHC insurance is not available and the minimum down payment is 20%, according to the Financial Consumer Agency of Canada. For scale, the median half duplex listing in Vancouver and Burnaby asked $1,799,000 on October 9, 2026, in our own count.

How much of my mortgage will I pay off in five years?

On every $1,000,000 borrowed at 6.19% over 25 years, you repay $99,246 of the loan in the first five years and pay $291,440 in interest, with a monthly payment of $6,511.44. The rate is the 5-year conventional mortgage rate posted by Canada's chartered banks for the week of October 7, 2026, published by the Bank of Canada. Your own rate will differ, so ask a lender or broker for a quote and scale the figures to your loan.

Is a multiplex a better investment than a condo in Vancouver?

Prices for both fell in the year to September 2026: Greater Vancouver REALTORS' apartment benchmark was down 6.2% and its townhouse benchmark down 4.7%, and it publishes no multiplex benchmark. The difference between the two is income. A whole multiplex you live in can bring rent from the other homes, and a lender can count part of that rent. A condo brings rent only if you move out. In our view, choose the home you want to live in, and treat any rent as help with the cost.

What is the vacancy rate for rental units in Vancouver?

The vacancy rate for purpose-built rental apartments in Vancouver was 3.7% in CMHC's 2025 Rental Market Report, and the average two-bedroom rent in those buildings was $2,363 a month, up 2.2% in a year. For condominium apartments rented out by their owners, CMHC reported a 1.5% vacancy rate and an average two-bedroom rent of $2,900. Plan for some months without rent between tenants, and keep savings to cover the mortgage in those months.

How much can I raise the rent on my tenants each year?

In British Columbia you can raise an existing tenant's rent by at most 2.3% in 2026 and 2.2% in 2027, according to the BC government, which announced the 2027 limit on August 27, 2026. The rent can rise only once every 12 months, and you must give the tenant at least three months' notice. For a multiplex owner, that means rent from tenants who stay grows slowly, so think carefully about the rent you set when a tenancy starts.

Will a multiplex go up in value in Vancouver?

No one can tell you whether a multiplex will go up in value, because no organization publishes a price index for multiplex homes. Greater Vancouver REALTORS' benchmarks fell for every home type in the year to September 2026: detached down 7.3%, townhouse down 4.7%, apartment down 6.2%. Over ten years the townhouse benchmark was up 49.5%. That is history, and prices can fall as well as rise, so this page shows rent and mortgage paydown only.

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