This is for educational purposes only; it does not guarantee future performance or serve as financial or tax advice.
Toronto multiplex investing sounds great on paper. But what does it actually look like in action?
We’re showing you a real, boots-on-the-ground example: a top-up fourplex conversion plus garden suite build in Toronto.
This project shows how an investor took an old bungalow and is transforming it into a purpose-built fourplex and garden suite rental—without going to the Committee of Adjustments, and with future plans to refinance with CMHC MLI Select.
Let’s break it all down so you can see what it takes to pull off a high-performing investment like this.
Why This Investor Bought a Bungalow—and Built Up Instead of Starting Fresh
This property started as a single-storey bungalow with a basement. Instead of tearing it down, our client topped it up—adding two new storeys and extending the house toward the back. On top of that, the existing garage is being converted into a garden suite.
This strategy allowed the investor to avoid:
- Committee of Adjustment delays and neighbour objections
- Extra zoning complications
- Demolition and unknowns with a full rebuild
The result? A smart path to create four large family-sized units plus a fifth garden suite, all while keeping things efficient and cost-conscious.
Fast Permits Without The Committee of Adjustments: How They Pulled It Off
Want to avoid the headache of Committee of Adjustment? This client did just that. Working with Victoria from Build X Design, the architect tailored the design to stay within zoning limits—no variances, no objections, no delays. They went straight to building permits and saved months of time.
Key strategy here: know the rules, and design within them. A few small design tweaks can save you time and money down the line.
Garage to Garden Suite: Smarter, Cheaper, Faster
The garage in the back is being converted into a legal garden suite. Since it’s an existing structure:
- No new development charges (thanks to phasing the permits)
- No triggering new zoning variances
- Simpler construction = lower cost
By keeping the original garage shell, this client avoids the complexity of building from scratch. This is a key tip for squeezing more out of your lot without adding more red tape.
Designed for MLI Select: High-Performance, Cash-Flow-Ready
This investor is planning to refinance with CMHC’s MLI Select, which means the property needs to hit energy efficiency benchmarks.
That’s why the team:
- Hired an energy modeler before construction
- Added heat pumps for each unit
- Upgraded insulation and windows beyond building code
Once it’s stabilized, they’ll be able to lock in favourable financing with low rates and extended amortizations.
Layout Breakdown: 4 Spacious Units + 1 Legal Garden Suite
Each unit in this building is designed for long-term, high-quality tenants—especially families.
Main Building (4 Units):
- 3 x Three-bedroom, two-bath units
- Smart front-back split design with stacked layouts
- Separate entries and dedicated heat pumps
Garden Suite:
- Cozy one-bedroom converted from existing garage
- Completed in Phase 2 to avoid triggering development charges for all 5 units at once
The Numbers: What This Project Looks Like Financially
Here’s a high-level look at the deal.
As you can see, there could be solid value-add potential—but how much you actually make comes down to your build costs. That means how much you pay your contractors and how well you manage your budget and timelines.
Who This Strategy Is Right For (and Who It’s Not)
Let’s be clear—this type of build isn’t for beginners.
✅ Ideal for:
- Experienced investors
- Small-scale developers
- Clients with strong capital backing or access to builder financing
🚫 Not ideal for:
- First-time buyers
- Investors with tight cash flow or short timelines
- Anyone afraid of surprises mid-renovation
There’s solid value-add potential here, but how much you make really comes down to how well you manage construction costs, timelines, and your team.
That’s not for everyone—and that’s okay. Check out the simpler project below that still delivers strong value.
Ready to Start Your Own Multiplex Project?
Whether you’re looking to buy a duplex-ready property or want to convert a single-family home into a legal multi-unit rental, Elevate Realty has the team, tools, and track record to make it happen.
We’re a real estate sales brokerage that works with investors — and we’ll help you find the right property to buy, whether it’s turnkey or a value-add project. We’ll walk you through real listings, real numbers, and the full buying process, step by step.
Here’s what it’s like to start as a client with us:
- Initial Consultation: We’ll talk with you to understand your needs and teach you how to invest wisely in Toronto real estate.
- Market Search & Purchase: We’ll search the market to find the perfect property for you.
- Renovation Support: If the property needs renovations, our trusted contractors are ready to help, and we’ll coach you as you manage the project.
- Leasing and Management: If you need help renting out and managing your property, our leasing and management team is here for you.
Want to see what’s possible for you? Book a strategy session with us here.
What Toronto Real Estate Investment Is Right For You?
Check out our complete Toronto real estate investment guide for all the details and real-life examples. If you’re ready to dive in, just book a call with us!
