This is for educational purposes only; it does not guarantee future performance or serve as financial or tax advice.
If you’re a Toronto real estate investor looking to scale smartly, multiplex conversions combined with garden suites are one of the most profitable strategies right now.
At Elevate Realty, we’re not just advising clients — we’re buying, converting, and renting properties ourselves. Here’s an inside look at what we’re buying, why we’re buying it, and how you can replicate the strategy.
Why We’re Investing in Multiplexes + Garden Suites in Toronto
From January to June 2025, our team picked up three key investment properties in Toronto — all with one thing in common: strong potential for multiplex conversions plus backyard builds like garden or laneway suites.
We’re targeting properties where:
- The main house can be converted into 3+ units
- The lot size and layout allow for a rentable garden suite
- Location shows long-term appreciation potential
- Tenant demand remains strong for multi-unit housing
Case in Point: Our Latest Project Near Eglinton LRT
We bought a detached two-storey home in Toronto’s west end near the upcoming Fairbank LRT station. The lot is generous, the house is large, and the neighbourhood is gentrifying — a perfect storm for value add.
We’re converting the main house into 3 spacious units and building a garden suite in the backyard. That’s 4 cash-flowing units on one property!
How Much Does It Cost to Convert and Build?
We’re investing around $150,000 to fully renovate the main house into three units — that covers everything from kitchens and bathrooms to separate entrances and common spaces that actually make sense for tenants.
The garden suite? Another $280,00, managed by us directly to keep costs tight. Doing this ourselves means we’re building below condo cost per square foot, but even with a general contractor, the economics are still favourable compared to buying turnkey.
In total, we’re into the project for roughly $650,000 of initial capital.
Rental Income: What Kind of Cash Flow to Expect
Projected rents for all units combined should bring in over $10,000 per month, plus the bonus of the garden suite not being rent controlled. That flexibility is a big win in today’s market.
- Upper Unit (2-Bed): $2,500/month
- Main Unit (2-Bed): $2,500/month
- Basement (2-Bed): $2,000/month
- Garden Suite (3-Bed): $3,200+/month
Once the property is stabilized and fully tenanted, the plan is to refinance. That lets us pull out a good chunk of our capital — which we can recycle into the next project — all while still positive cash flowing.
That’s the winning formula: Buy. Add value. Refi. Repeat.
Timelines: How Long Until Cash Flows?
A full main house conversion takes us about three months. The garden suite, being a new build, adds another 8 to 10 months including permitting.
We’re tackling everything at once, but you don’t have to. Some investors renovate the main house first, refinance to pull out equity, then use that capital to fund the garden suite build. Either way, the key is to stay strategic with your financing and timelines.
Thinking About Investing In Toronto Multiplexes?
If you’ve never done a multiplex conversion or garden suite build, don’t expect to know it all upfront. The fastest way to de-risk your investment is to work with a team that’s already doing these projects themselves.
When you tour properties with Elevate Realty, you’re not just seeing what’s on the listing page — you’re also seeing live projects mid-renovations, finished builds, and meeting the contractors and architects behind them. That’s a perspective most investors and even agents never get.
Here’s what it looks like when you work with us:
- Strategy Call: We get clear on your goals and walk you through how to invest smart in Toronto. Straight talk, no fluff.
- Property Search & Purchase: We find the right property that fits your plan — whether it’s turnkey or value-add.
- Renovation Guidance: Need renos? We’ve got trusted contractors, and we’ll coach you through the process so you don’t get burned.
- Leasing & Management: Want help renting it out or managing it long-term? Our team’s got that covered too.
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!
