Apartment property (5+ units)
Purchase, refinance, bridge or stabilization where property income supports the request.
- ✓ Current rent roll and leases
- ✓ Trailing operating statement
- ✓ Unit count, occupancy and planned work
Property financing in Oshawa.
Commercial, rental, construction, and alternative mortgage files in Oshawa are shaped by the property, the financing purpose, and the exit.
Province-wide service from our licensed Ontario brokerage. Open Financial does not maintain a local office in Oshawa.
The short version
Oshawa isn't one property market.
Oshawa has older houses, legal and informal basement units, newer subdivisions and commercial properties tied to the regional economy. A listing that advertises extra income is only the start of the mortgage discussion.
We would check what the City recognizes, what is actually leased and what repairs are coming. That prevents a purchase or refinance from depending on rent the lender or appraiser will not accept.
Choose the file you actually have
Start with the property, not a generic mortgage form.
Business-owner property
Commercial real estate occupied or acquired by the operating business.
- ✓ Property details and intended business use
- ✓ Business financial statements
- ✓ Purchase terms or current mortgage statement
Construction or land
Land, infill, conversion or construction where timing and the next financing stage matter.
- ✓ Plans and permit status
- ✓ Line-item budget and contingency
- ✓ Current value, completed value and exit plan
Start here
Three things we would check first.
- 1
Up to three units comes with site rules
Oshawa permits up to three residential dwelling units on an eligible lot, with no more than one accessory unit in a detached accessory building. The City also publishes zoning, parking, access, landscape, and hazard-land conditions.
The maximum permission does not confirm that a particular lot can deliver the proposed plan. Lender income and completed value should wait for address-specific zoning, permit, servicing, and cost evidence.
[1] Accessory apartments - 2
Existing units may need permit or registration work
The City distinguishes older second units from units created after July 1994 and directs owners through legalization, building permits, and registration. The correct route depends on the unit history.
Do not describe an occupied basement as a legal unit solely because rent is collected. Obtain the municipal record, show any legalization cost, and tell the lender and appraiser the current status accurately.
[1] Accessory apartments - 3
City charges are only part of the growth-cost total
Oshawa identifies City, Durham Region, and education development charges and parkland requirements. Rates are indexed and project timing can affect calculation, freezes, interest, credits, or exemptions.
Use a current all-authority estimate and include charge payment in the permit-stage equity plan. An exemption for an additional unit should be confirmed rather than assumed.
[2] Development charges
A simple example
Purchase with an unregistered basement tenant
Illustrative only: a buyer offers on an Oshawa house advertised as having two rental units. The seller provides leases, but the municipal record does not confirm the basement unit and the property needs another parking space.
The acquisition is tested as the lawful existing property. The buyer obtains City guidance, legalization cost, parking feasibility, and permit timing. Rent from the disputed unit is handled under the selected lender’s policy and not presented as unquestionably legal income.
This is an invented example that explains the review. It is not a client result, quote, approval, appraisal, rate, or expected outcome.
A little local context
175,383
people lived in Oshawa in the 2021 Census.
Oshawa's occupied housing is led by detached homes, while apartments remain a meaningful share. The age, condition and legal use of one property are more useful than the citywide split.
Statistics Canada counted 66,634 occupied private homes. These figures are background, not current prices, a forecast, or evidence for one appraisal.
[4] Statistics Canada 2021 Census ProfileWhat to send us
Enough to understand the file.
You do not need a perfect package to start. An address or listing and a plain explanation are useful.
The property address, listing, or a short description
The purchase price or value, amount needed, purpose, and timing
Verify unit legality, property condition, renovation budget, and current rent before using rental income.
Compare a full refinance with a second mortgage when preserving the existing first may matter.
Identify City and Durham Region approval or servicing responsibilities for development files.
Financing paths that may fit the property
Local questions
Questions people actually ask in Oshawa.
These are general answers. The municipality and lender still need to confirm the actual property and transaction.
Can every Oshawa house contain three units?
No. The City’s permission is subject to eligible dwelling types, zones, parking, access, landscape, servicing, building, and hazard-land requirements. Confirm the address and layout.
How many detached accessory units are allowed?
Oshawa’s guidance permits no more than one accessory unit in an accessory building within the maximum of three units on an eligible lot. Other zoning and building rules still apply.
Does a lease prove an Oshawa basement apartment is legal?
No. A lease proves an occupancy arrangement, not municipal legality. Check building permits and registration and disclose any unresolved status to the lender and appraiser.
Which development costs can apply in Oshawa?
City and Durham Region development charges, education charges, and parkland can apply, depending on the work and exemptions. Obtain a current project calculation.
Can future accessory-unit rent support a construction take-out?
It may under a lender’s policy after permits, completion, and rent support are established. Present current and future income separately and use realistic expenses and vacancy.
Local references
Where the local claims came from.
- [1] Accessory apartments (City of Oshawa)
- [2] Development charges (City of Oshawa)
- [3] Housing (City of Oshawa)
- [4] 2021 Census Profile (Statistics Canada)
- Official city website
Research checked August 27, 2026. Municipal information changes, so confirm it for the property before relying on it. Reviewed for Open Financial by Principal Broker: Marcel Greaux, Lic. M10002478.
Nearby location guides
Start with the property
Tell us what you are trying to do in Oshawa.
The intake carries the city, property purpose and timing into the broker review. It is an enquiry, not an application or commitment to lend.
Garrison Capital Corp., operating as Open Financial | FSRA Mortgage Brokerage Licence #13362. Information is general and location-aware, but it is not legal, planning, appraisal, tax, or mortgage advice and does not guarantee approval, proceeds, pricing, timing, or funding.