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Turning Your Home into a Rental Property | Edmonton Garage Suites | Real Estate Investing Edmonton Alberta

Updated: Apr 25



Thinking about turning your home into a rental property? Or considering a garage suite in Edmonton? Don’t move forward until you understand what works, what doesn’t, and what most investors get wrong.


In today’s episode of the Real Estate Investing Morning Show, Wayne and Gabby break down common misconceptions about converting personal residences, investing in garage suites, and taking on heavy fix-and-flip style projects — especially if it’s your first deal.

Plus, they answer a real listener’s question about buying a fixer-upper in Edmonton that needs $50,000 worth of work, and they gave away another free ticket to the Edmonton Real Estate Investing Deal Lab.


🎧 What We Covered on Today’s Show:

  • Garage suites: why most investors avoid them — and a financing solution that’s helping them work

  • Converting your home into a rental: when it’s smart, and when it backfires

  • A listener’s first property dilemma: should she buy a heavy fixer-upper as her first deal?

  • Your daily chance to win free Deal Lab tickets by guessing the featured Edmonton neighbourhood live on air



💡 Key Takeaways


1. Most Edmonton Properties Don’t Work as Rentals

Over 90% of Edmonton properties do not cash flow when you run the numbers. That’s why learning how to properly analyze a deal is essential.


Before converting your personal home or buying a new one, ask:


  • Who will rent this house?

  • Is it in a tenant-friendly neighbourhood with access to amenities?

  • Is your financing structured so that your mortgage payments leave room for cash flow and unforeseen expenses?


If you’re not 100% sure how to answer these, get educated — or you could be buying yourself a liability instead of an asset.


2. Garage Suites Are Overhyped (But There’s a Workaround)

Garage and garden suites have been hyped in Edmonton since 2019 — but most investors still avoid them for good reason:


  • They don’t increase property value more than their cost to build

  • They rarely cash flow due to high build costs and low market rents

  • They’re typically used by homeowners, not investors


That said, there’s a new strategy emerging: pairing garage suites with new multifamily construction and using CMHC MLI Select financing. This allows investors to amortize the cost over 50 years, improving monthly performance — but build costs and rent potential are still challenges.


3. Start Small and Simple on Your First Deal


If you're a first-time investor, do not start with a major renovation project. It’s a fast track to burnout and costly mistakes that could impact your ability to qualify for mortgages in the future.


There are plenty of turnkey rental properties in Edmonton that are:


  • Already cash-flowing

  • In great rental areas

  • Ready for long-term holds


💡 Want to learn how to find them? Join us at the Edmonton Real Estate Investing Deal Lab.


4. Inform the CRA When Converting Your Home


If you’re converting your personal residence into a rental, make sure to:


  • Notify the CRA of the change in use

  • Get the property appraised at the time of conversion (this sets your new cost basis)

  • Talk to a tax professional about capital gains implications and depreciation


We highly recommend working with investor-focused accountants like the team at Finngo: 📩 www.finngo.com/rei


🎧 Listen to Today’s Podcast Episode

Want to hear the full episode and dive deeper into today’s topics?

🎧 Listen on your favourite platform:🔗 Apple Podcasts🔗 Spotify


🎟️ Edmonton Real Estate Investing Deal Lab – May 3rd, 2025


📍 Creative Hive, Edmonton🎟️ Register Here🎉 Use code REIMORNINGSHOW for 25% OFF


Join us for this one-of-a-kind workshop where you’ll:


  • Learn how to analyze Edmonton investment properties

  • Compete in Deal Lab Games, our interactive offer-writing challenge

  • Network with other investors, JV partners, and pros

  • Discover which Edmonton properties actually cash flow


Don’t miss your chance to attend and maybe win your ticket for free by tuning in live every morning!


👥 About Wayne & Gabby

We’re full-time real estate investors and coaches based in Edmonton, Alberta. Through our REI Masters Mentorship Program, we help Canadians build long-term wealth using rental properties, BRRRRs, flips, joint ventures, and creative investing strategies.

🎙️ Listen to the Real Estate Investing Morning Show every weekday for real talk, real lessons, and real results.





Wayne Hillier - Alberta Real Estate Investing Expert
Wayne Hillier - Alberta Real Estate Investing Expert



About the Author

Wayne Hillier is one of Canada’s trusted experts in real estate investing education, specializing in Alberta’s thriving markets. Based in Edmonton, Wayne has over a decade of experience building a high-performing rental portfolio and coaching investors to achieve strong cash flow, sustainable wealth, and creative financing success. As co-founder of Real Estate Investing Masters, Wayne is a respected real estate investing coach and mentor, dedicated to helping Canadian investors confidently scale their portfolios. He is also the host of the Real Estate Investing Morning Show, where he shares daily strategies and insights for mastering real estate investing in Canada.


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