I'm looking at a 4-Plex. Is that considered a commercial property or is it still residential?
Also, is there anything I should be thinking about when a property has four units that maybe I would not be considering when buying a single family home?
Good question Anna. I agree with Matt that this will be treated as a residential property. Generally, at least in Ontario, anything over 6 units is considered a 'commercial' property. Things to look for when buying a 4plex include finding out about any applicable fire codes and whether or not any upgrades have been done to meet local building codes. Also be sure to check out the zoning by-law for the property as a lot of these properties are out there that have no legal standing and could cause you a lot of undue stress down the road.