The building in question: 158 Hunter St E, Hamilton
A multi-unit building is a business, and a business is only as good as its permits. The four-unit building at 158 Hunter St E is zoned as a single-family home and currently operates with four residential units and leases in place. That arrangement works today, but it is exactly the kind of thing a careful buyer verifies before signing.
1. Zoning
Start with the City of Hamilton's zoning for the property. Ask directly: what is the legal zoning, and does it permit four residential units? If the current use does not match the zoning, find out whether the use is grandfathered, whether permits exist, and what it would take to make the property fully compliant. Never assume that what the building does today is what the zoning allows.
2. Permits
Walk through the building and list every change you can see: kitchens, bathrooms, laundry areas, electrical work, and any additions or renovations. Then check that the work has the appropriate permits and inspections on record. Unpermitted work can surface later as an insurance problem, a financing problem, or a City compliance problem.
3. Occupancy
The building rents to tenants today, so confirm the occupancy status of each unit, the leases, the current rents, and the deposit arrangements. Find out whether any unit is in a position that could change the rent you can charge, and what the tenant-protection rules in Ontario mean for your plan.
4. The numbers
Every figure in the income and expense statement should be verified against actual records: leases, rent rolls, tax notices, utility bills, insurance invoices, and any management statements. The seller's documents are a starting point, not a promise. Your lender and accountant will want to see the same records.
5. Your advisers
Bring in your own team before you commit: a lawyer to review the title and zoning, an accountant to stress-test the numbers, and a lender to confirm the financing. A few hundred dollars in professional review can save a much larger mistake.
Buyers of 158 Hunter St E should verify zoning, permits, occupancy, and all financial figures with the City of Hamilton and their own advisers before purchasing. This article is educational and is not legal or financial advice.