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An apartment building is bought on its numbers, but it’s kept or lost on the details: the leases, the boiler, the roof, the zoning and the financing. This guide walks through what to check before you make an offer on an apartment building in Saskatoon or anywhere in Saskatchewan, and how to write the offer so you have time to check it.
Start with the rent roll
The rent roll is the list of every unit and what it earns. Ask for it first, then ask for the papers that prove it.
| Ask the seller for | What it tells you |
|---|---|
| Current rent roll | Each unit’s size, tenant start date, rent, damage deposit held, whether it’s month-to-month or a fixed term, and any rent owing |
| Every lease | Whether the rents on the roll match what tenants actually signed, and when each term ends |
| 2 years of operating statements | The real income and expenses, not the listing’s estimate |
| 12 months of utility bills | What the owner pays for heat, water and power |
| Property tax notice and insurance policy | Two of the biggest fixed costs, and whether the insurance can be renewed for you |
| Service contracts and a list of past repairs | What’s been replaced (roof, boiler, windows), when, and at what cost |
| Any past appraisal | What an appraiser valued the building at, when, and on what income |
| Any environmental reports | Whether a Phase I or Phase II was done, and what it found |
Compare the rents on the roll with the leases and with the deposits going into the bank. Rent owing, empty units and a lot of brand-new tenants are all worth a question.
Work out the real income
Net operating income is what the building earns before the mortgage: rent and other income (parking, laundry), less vacancy, less operating costs. The cap rate is that income divided by the price.
| Example (round numbers to show the math) | Amount |
|---|---|
| 12 units × $1,200 a month × 12 months | $172,800 |
| Less vacancy at 3% | −$5,184 |
| Less operating costs (tax, insurance, utilities, repairs, Resident Manager, snow and lawn) | −$62,000 |
| Net operating income | $105,616 |
| Cap rate at a price of $1,600,000 | 6.6% |
| Price per door | $133,333 |
These aren’t Saskatoon market figures; they only show how the pieces fit. Rebuild the seller’s numbers from the actual bills, include a cost for management even if you’ll manage it yourself, and keep mortgage payments out of the operating costs. Your lender will run its own version, so it’s better to find the gaps first.
Who pays the utilities
Many older walk-ups heat every suite from one boiler on one gas meter, so the owner pays the heat. Newer buildings are more often metered by suite. The 12 months of bills tell you which you’re buying, and how much a cold winter costs.
Check the building, not just the suites
- A building condition assessment. A qualified consultant looks at the roof, boiler and hot water, windows, walls, plumbing, electrical, balconies and parking, and gives you a list of what needs work and roughly when. Lenders often ask for one on larger buildings.
- The sewer line. A camera scope of the main line is cheap next to a dig-up.
- Fire safety. Ask for the latest fire inspection report and the fire alarm and extinguisher service records.
- Environmental. Your lender may want a Phase I environmental site assessment, especially if the land was ever used for something other than housing.
- Every suite. Walk all of them, not just the empty one. The seller arranges entry with proper written notice to the tenants.
Confirm the suites are legal
Check the land title (an ISC search) for the legal description, the registered owner and anything registered against the property. Then confirm with the City of Saskatoon (or the town or RM) that the zoning allows the number of units in the building and that suites added over the years had permits. A suite that was never approved can be a problem for financing, insurance and resale.
Know the tenancy rules before you budget rent increases
You buy the building with its tenants and their leases. The damage deposits transfer to you at closing, and the lawyers adjust the rent for the month of possession. If your plan depends on raising rents, the timeline is set by Saskatchewan’s rules, from the Government of Saskatchewan’s Rent Increases page:
| Month-to-month tenancies | Notice | First increase | How often |
|---|---|---|---|
| Most landlords | 12 months | Not before 18 months after the tenancy started | Once every 12 months |
| Members in good standing of a prescribed landlord association | 6 months | Not before 12 months after the tenancy started | Once every 6 months |
The prescribed landlord associations are Rental Housing Saskatchewan (formerly the Saskatchewan Landlord Association) and the Network of Non-Profit Housing Providers of Saskatchewan. On a fixed-term lease, the increase follows the lease, using the two-month notice form before the term ends. The province’s page sets no cap on the amount. If you’re buying your first building, here’s why I suggest joining Rental Housing Saskatchewan.
Line up the financing early
Buildings with 5 or more units can be financed conventionally or with CMHC-insured financing. Under CMHC’s MLI Select program, an existing building can be financed at up to 95% of its lending value with amortization of up to 50 years, in exchange for commitments on affordable rents, energy savings or accessibility. Here’s how MLI Select works in Saskatchewan.
Either way, the lender will want the rent roll, statements, an appraisal and its own reports, plus your net worth and experience. Talk to the lender before you write the offer, because insured financing takes longer to approve, and the financing condition date should allow for that.
Write the offer so you have time to check it
- Conditions: financing; your review of the seller’s documents, with the seller delivering them within 5 business days of acceptance; the building condition assessment; insurance; and your lawyer’s review of title.
- The seller’s promises: that the rent roll is accurate, no rent increase or eviction notices are outstanding, and there are no work orders on the building.
- Deposits: the tenants’ damage deposits transfer to you at closing.
- People: whether the Resident Manager stays, and on what terms.
- Possession: a month-end or first-of-the-month date makes the rent adjustments cleaner.
How I help apartment building buyers
Find the right building
Many apartment buildings in Saskatoon sell off market, between owners who know each other. Depending on the time of year there may or may not be one available, so call me to hear what’s out there now. You can also see what’s listed now on my multi-family properties for sale page.
Check it properly
I go through the rent roll, leases and statements with you, and I work with a network of building condition, environmental and appraisal consultants who know what lenders ask for.
Finance it
I know CMHC’s MLI Select program well and can tell you early whether a building is likely to qualify. When a deal needs it, I’ve also structured vendor take-back financing.
I work in residential, commercial and investment real estate, so if you’re starting with a duplex or fourplex, I can help with that too.
Frequently asked questions
What documents should I ask for before buying an apartment building in Saskatoon?
The rent roll, every lease, 2 years of operating statements, 12 months of utility bills, the property tax notice, the insurance policy, service contracts, a list of past repairs, and any past appraisal or environmental reports.
How do I calculate the cap rate on an apartment building?
Take the yearly rent and other income, subtract vacancy and operating costs (not the mortgage), and divide the result by the price. $105,616 of net income on a $1,600,000 price is a 6.6% cap rate.
Can I raise the rents after I buy an apartment building in Saskatchewan?
Yes, with notice. On a month-to-month tenancy most landlords must give 12 months’ notice, can’t raise the rent until 18 months after the tenancy started, and can raise it once every 12 months. Members in good standing of a prescribed landlord association give 6 months’ notice. On a fixed-term lease, the increase follows the lease. It’s best to check the current rules with Rental Housing Saskatchewan (formerly the Saskatchewan Landlord Association) before you serve a notice.
Do I need an inspection on an apartment building?
Yes, it’s recommended. A building condition assessment covers the roof, boiler, windows, walls, plumbing, electrical and parking, and lenders often ask for one on larger buildings.
How much down payment do I need for an apartment building?
It depends on the lender and the program. With CMHC’s MLI Select, an existing building with 5 or more units can be financed at up to 95% of its lending value if it earns 70 points or more. Conventional lenders usually want more down.
Are there apartment buildings for sale in Saskatoon that aren’t listed?
Yes, at times. Many buildings sell off market, but depending on the time of year there may or may not be off-market opportunities. Call Scott Urbanoski at 306.202.7791 to hear what’s available now.
Rent increase rules are from the Government of Saskatchewan’s Rent Increases page (Office of Residential Tenancies), as of November 2026. MLI Select terms are from CMHC’s MLI Select page (published September 21, 2026). The income example uses round numbers to show the math and isn’t a market figure. This article is general information, not legal or financial advice; confirm the rules for a specific building with your lawyer, lender and the City. Last updated November 2026 by Scott Urbanoski, CENTURY 21 Fusion.
Looking at apartment buildings in Saskatoon?
Scott Urbanoski helps investors find, check and buy apartment buildings in Saskatoon and across Saskatchewan, listed and off market.
Call or text 306.202.7791 or email scott.urbanoski@century21.ca.
