房产知识 Q&A 中心 Real Estate Q&A Hub

Pre-Qualification 是银行根据你口述的收入和资产做的初步估算，不需要文件，准确度低。Pre-Approval 则是银行审核你的收入证明、信用记录、负债比率之后给出的正式贷款额度承诺，通常锁定利率 90–120 天。 Pre-Qualification is a bank’s rough estimate based on your stated income and assets — no documents required, low accuracy. Pre-Approval is a formal commitment after the bank verifies your income, credit history, and debt ratios, typically locking in the rate for 90–120 days.

According to OSFI（加拿大金融机构监管局）2018 年实施的 B-20 Stress Test：所有贷款申请人必须按 合同利率 +2% 或 5.25%（取较高者）通过偿付能力测试。 According to OSFI’s B-20 Stress Test (effective 2018): every applicant must qualify at the contract rate +2% or 5.25% (whichever is higher).

举例：实际利率 4.5%，银行用 6.5% 测算月供与收入比 — 实际可贷金额可能比预期低 15-20%。 Example: at a 4.5% contract rate, the bank calculates affordability at 6.5% — your eligible loan amount may end up 15–20% lower than expected.

According to CMHC 现行规则，加拿大最低首付：According to CMHC’s current rules, Canadian minimums:

首付低于 20% 必须购买 CMHC / Sagen / Canada Guaranty 贷款保险，保费占贷款 2.8%–4%，会被加进贷款总额。$80 万房子首付 5%，保费可能超过 $3 万。 A down payment under 20% requires CMHC / Sagen / Canada Guaranty insurance — premiums of 2.8%–4% of the loan, added to the principal. On an $800K home with 5% down, that premium can exceed $30,000.

PR / 公民：和本地人一样，最低 5% 首付。需要加拿大信用记录（建议至少 2 年）。PR / Citizen: Same as locals — 5% minimum down payment, with Canadian credit history (ideally 2+ years).

工签持有者：大部分 A 类银行接受，但通常需要 10–20% 首付和更强的收入证明。工签剩余至少 1 年。Work Permit Holders: Most A-Lenders accept, typically requiring 10–20% down with stronger income proof. At least 1 year remaining on the permit.

非居民（海外买家）：35%+ 首付，且受 Foreign Buyers Ban（2023 起，部分情形豁免）限制。Non-Residents (Foreign Buyers): 35%+ down payment, plus the Foreign Buyers Ban (effective 2023, certain exemptions apply).

最常见三个条件：Financing（贷款，~5 个工作日）、Home Inspection（验房，5–7 天）、Lawyer Review / Status Certificate（Condo 必备，律师审管理费、储备金、纠纷）。The three most common: Financing (~5 business days), Home Inspection (5–7 days), and Lawyer Review / Status Certificate (mandatory for condos — fees, reserves, lawsuits).

通常房价的 1–5%，Offer 接受后 24 小时内交给卖方经纪 Brokerage 的信托账户。Typically 1–5% of the price, paid into the listing brokerage’s trust account within 24 hours of Offer acceptance.

能否退还：条件期内（贷款被拒、验房不过）→ 全额退；条件解除后 → 几乎不可退；双方签 Mutual Release → 可协商。Refundable: During condition period (financing denied, inspection failed) — full refund. After conditions waived — almost never. With signed Mutual Release — negotiable.

专业验房师会检查：结构（地基、屋顶）、电气、水暖、HVAC、外墙窗户、地下室渗水。整个过程约 2–4 小时。A professional inspector covers: structure (foundation, roof), electrical, plumbing, HVAC, exterior, basement moisture. The walkthrough runs 2–4 hours.

费用：Condo $350–500，Freehold $450–650。旧房或大面积更高。Cost: Condo $350–500, Freehold $450–650. Older or larger homes go higher.

红线问题（建议退出）：地基严重开裂、大面积霉菌、石棉、铝线（保险公司拒保）、严重结构问题。可谈判：屋顶接近寿命末期、老旧暖炉/空调、小范围渗水。正常磨损：油漆剥落、小裂缝、窗户密封条老化。Walk away: Severe foundation cracks, widespread mold, asbestos, aluminum wiring (uninsurable), major structural issues. Negotiable: End-of-life roof, aging furnace/AC, isolated leaks. Normal wear: Paint chips, hairline cracks, weathered window seals.

According to CRA & Ontario Ministry of Finance：According to CRA & Ontario Ministry of Finance:

FHSA（2023 推出）：年存 $8,000，终身上限 $40,000。存入抵税（同 RRSP），取出买房完全免税。HBP：从 RRSP 借出最多 $60,000 买房，15 年内还回。安省 LTT 减免：首次购房者最多省 $4,000（多伦多市内额外 $4,475）。FHSA (launched 2023): $8,000/yr, $40,000 lifetime. Contributions deductible (like RRSP); withdrawals for a home are fully tax-free. HBP: Borrow up to $60,000 from RRSP, repay over 15 years. Ontario LTT rebate: Up to $4,000 (plus $4,475 within Toronto city limits).

通常预留房价的 1.5%–4%。主要项目：Budget 1.5%–4% of the purchase price. Main items:

低价策略（Underpricing）逻辑：低于市场价 5–10% 吸引更多看房者，制造 Offer Day 竞争。但这不是万能，高度依赖：当前市场温度（卖方 vs 买方市场）、社区同类房源数量、房屋本身吸引力。Underpricing logic: list 5–10% below market to draw traffic and ignite Offer Day competition. Not foolproof — depends on market temperature (seller vs buyer market), comparable inventory, and the property’s intrinsic appeal.

规律：上市后 前 14 天是黄金窗口。如果看房量低于预期且无 Offer，需重新评估。超过 30 天未售，买家会认为「这房有问题」，心理折扣加大，降价幅度通常需 3–5% 才能重新吸引。Rule of thumb: the first 14 days are the golden window. If showings underperform and no Offer arrives, reassess. After 30 days, buyers assume something’s wrong — psychological discount widens, and a 3–5% drop is usually needed to re-engage interest.

According to RESA & NAR Profile of Home Staging：专业 Staging 投资回报率平均 5–15 倍。$5,000 staging 通常能带来 $25,000–75,000 成交价提升。According to RESA & NAR Profile of Home Staging: professional staging averages 5–15× ROI. A $5,000 staging spend typically lifts the sale price by $25,000–75,000.

最值得投资（按优先级）：① 客厅 ② 主卧 ③ 厨房 ④ 玄关/门口（Curb Appeal）。Top priority order: ① Living room ② Primary bedroom ③ Kitchen ④ Entry / curb appeal.

空房：照片显得空旷、面积感差、买家无法判断尺度。有家具的房：人间烟火气可能扣分（特别是色彩重、个人化强）。专业 Staging：中性色 + 减重物品 + 比例匹配的家具 — 让买家”代入想象”。Empty: Photos look hollow, scale is hard to read. Lived-in: Personal taste (busy color, family clutter) often hurts. Professional staging: Neutral palette, decluttered, scale-matched furniture — invites the buyer to project themselves into the space.

According to NAR：95% 的买家先在网上看图片再决定是否看房 — 照片质量直接决定”看房漏斗”上端宽度。According to NAR: 95% of buyers review online photos before booking a showing — photo quality directly sets the funnel’s top width.

2024-2025 高端房源标配：专业摄影 + 视频 + 3D Virtual Tour（Matterport）+ 航拍。中端房源至少专业摄影 + Virtual Tour。2024-2025 luxury standard: pro photography + video + 3D Virtual Tour (Matterport) + drone. Mid-market: at least pro photo + Virtual Tour.

买家 70%+ 在 Realtor.ca 和 House Sigma 上预筛，但 Open House 仍有三个独特价值：① 让纠结的买家”无门槛”二刷 ② 制造同时段多人看房的紧迫感 ③ 邻居进来转一圈，会把消息扩散到他们的圈子。70%+ of buyers pre-screen on Realtor.ca and House Sigma, but Open Houses still bring three unique wins: ① low-friction second visits for hesitating buyers ② urgency from concurrent showings ③ neighbors walking through spread the listing into their networks.

According to TRESA 2002：安省佣金可协商，无法定固定比例。常见范围：According to TRESA 2002: Ontario commissions are fully negotiable — no statutory rate. Typical ranges:

• 总佣金通常 3.5%–5%Total commission typically 3.5%–5%
• 卖方/买方经纪各分一半Listing and buyer brokerages split roughly 50/50
• 佣金需加 HST 13%Add 13% HST on top

2023 TRESA 实施后，Buyer Broker Agreement (BBA) 强制要求买方与经纪签合同明确佣金。如果卖方不在 MLS 中提供买方佣金，买家可能要自己出 — 这会立刻劝退一大批预算紧的买家。Post-2023 TRESA, the Buyer Broker Agreement (BBA) requires buyers to lock commission with their agent contractually. If you don’t offer buyer-side commission on MLS, the buyer pays out-of-pocket — which immediately drops a chunk of budget-tight buyers from your pool.

主要住所（PRE）：唯一自住房，增值完全免税。投资房：Capital Gain 的 50% 计入收入纳税（$250K 以上部分 66.7%）。365 天规则（Anti-Flipping Rule, 2023 起）：持有不满 365 天卖出，整笔收益视为商业收入 100% 计税，不能用 PRE 豁免。Principal Residence (PRE): Sole owner-occupied home — gain is fully tax-free. Investment property: 50% of capital gain is taxable income (66.7% above $250K). Anti-Flipping Rule (2023+): Held under 365 days — entire gain is 100% business income, no PRE exemption.

Patent Defects（明显缺陷）：肉眼可见的（裂缝、漏水痕迹）— 买家有责任自己发现，卖家不主动披露并不违法。Latent Defects（隐蔽缺陷）：隐藏的、影响安全或使用的（旧装修盖住的霉菌、地基暗裂、阴宅 Stigmatized Property）— 卖家必须披露，否则可被起诉撤销交易并赔偿。Patent defects: Visible to a reasonable inspection (cracks, water stains) — buyer’s burden to find, seller has no automatic disclosure duty. Latent defects: Hidden and material (renovation-covered mold, foundation cracks, stigmatized property) — seller must disclose, or face rescission and damages.

According to RTA 第 105–106 条：房东不能收 Damage Deposit 或任何形式安全押金，只能收 Last Month’s Rent。房东必须按年支付 LMR 利息（2025 年为 2.5%）。Key Deposit 不能超过钥匙实际替换成本（通常 $10–50）。According to RTA s.105–106: landlords cannot collect a damage deposit or any other form of security — only Last Month’s Rent. They must pay annual interest on LMR (2.5% in 2025). Key deposit can’t exceed actual replacement cost (typically $10–50).

According to RTA s.12.1（2018 起）：所有私人住宅出租必须用政府的 Form 2229 Standard Lease（合作公寓、Care Home 等例外）。According to RTA s.12.1 (effective 2018): all private residential leases must use the government’s Form 2229 Standard Lease (co-ops, care homes, etc. excepted).

房东拒绝提供时：书面要求 → 21 天未给可扣留 1 个月房租；30 天后未给可提前 60 天通知退租（不受固定租期约束）。Standard Lease 中违反 RTA 的 Additional Terms（例如”必须深度清洁付费””禁止宠物”）自动无效。If refused: Request in writing — after 21 days you may withhold 1 month’s rent; after 30 days you may terminate with 60 days’ notice (regardless of fixed term). Additional Terms violating the RTA (e.g. “tenant pays deep cleaning,” “no pets”) are void by law.

According to RTA s.26–27：房东必须给 24 小时书面通知，进入时间限于早 8 点至晚 8 点，目的限于：维修检查、带潜在买家/租客看房、估价。无需通知例外：紧急情况（水管爆、火灾、煤气泄漏）或当场同意。According to RTA s.26–27: landlords must give 24-hour written notice, enter only between 8 AM and 8 PM, and only for repairs, showings to buyers/tenants, or appraisal. No notice required: emergencies (burst pipe, fire, gas leak) or your on-the-spot consent.

According to RTA s.14：“No Pet” 条款自动无效。房东不能因你养宠物本身驱逐你。但可基于实际影响驱逐：他人严重过敏（医生证明）、宠物造成实际损害、扰邻、危险动物。According to RTA s.14: “No-pet” clauses are void by law. A landlord cannot evict you for the fact of having a pet. But they can act on actual impact: severe allergies (with a doctor’s note), real damage, disturbance, or dangerous animals.

According to Ontario Ministry of Municipal Affairs & Housing：受租金管制的房屋（2018 年 11 月 15 日之前首次入住）2024、2025、2026 年涨幅上限均为 2.5%。房东必须用 N1 表格提前 90 天通知，且两次涨租至少间隔 12 个月。According to the Ontario Ministry of Municipal Affairs & Housing: rent-controlled units (first occupied before Nov 15, 2018) face a 2.5% cap in 2024, 2025, and 2026. Landlords must give 90 days’ written notice via Form N1, and at least 12 months between increases.

受管制房屋中，房东可申请 AGI（Above Guideline Increase）合法超过上限，但必须经 LTB 批准，理由限于：重大资本支出（屋顶、电梯、暖气系统）、市政税增长超通胀、保安服务成本增加。AGI 最多让年度涨幅额外 +3%，可连续 3 年。In rent-controlled units, landlords may apply for an AGI (Above Guideline Increase) to exceed the cap, but only with LTB approval, and only for: major capital expenditures (roof, elevator, HVAC), municipal tax growth above inflation, or new security services. AGI adds up to +3% annually, for up to 3 consecutive years.

关键：LTB 批准前不能涨。房东自行超额涨是非法收费，1 年内可通过 T1 追回。Key: The increase can’t take effect before LTB approval. Unauthorized over-the-cap increases are unlawful — recoverable via Form T1 within 1 year.

固定租约不能单方面提前终止。三条路：A fixed term cannot be terminated unilaterally. Three legal paths:

• Assignment 转让：书面请房东同意。如 7 天不回复 / 无理拒绝，可提前 30 天通知退租。Assignment: Request in writing — if landlord doesn’t respond in 7 days or refuses unreasonably, you may terminate with 30 days’ notice.
• Sublet 分租：暂时搬走找人代租到原租期结束，你仍是主租客。Sublet: Temporarily move out and find a sub-tenant up to the lease end. You remain the principal tenant.
• N11 Mutual Agreement：和房东协商签 N11 退租，可谈赔偿条件。N11 Mutual Agreement: Negotiate termination terms (often a few months’ rent) with the landlord on Form N11.

N12 合法要件：60 天书面通知、1 个月房租补偿、房东或直系亲属真正入住至少 12 个月，需提供 Affidavit 宣誓。A valid N12 requires: 60 days’ written notice, one month’s compensation, and genuine occupancy by the landlord or a close family member for at least 12 months, supported by a sworn declaration.

如房东 12 个月内重新出租 / 卖掉 / 上 Airbnb，属 Bad Faith Eviction。通过 T5 可申请赔偿：最多 12 个月租金差额 + 搬家费 + 新租金差。2024 修订后处罚显著加重，建议搬走后持续监测原单位 Realtor.ca / Kijiji / MLS。If the landlord re-rents, sells, or lists on Airbnb within 12 months, it’s Bad Faith Eviction. File a T5 to recover: up to 12 months of rent differential + moving costs + new-old rent gap. 2024 amendments substantially raised penalties — monitor the unit on Realtor.ca / Kijiji / MLS after moving out.

N4 是通知，不是驱逐令。两条路：N4 is a notice, not an eviction order. Two paths:

• 14 天内全额补缴（含递送日）— N4 自动作废，无需房东同意。务必保留付款证据。Pay in full within 14 days (including delivery day) — N4 voids automatically, no landlord approval needed. Keep payment proof.
• 未补缴 → 房东向 LTB 提交 L1。According to Tribunal Ontario 2024-2025 数据，听证排期约 6–9 个月。Not paid → landlord files L1 with LTB. According to Tribunal Ontario 2024-2025 data, hearing wait time is ~6–9 months.

即使听证当天全额补缴，法官通常会 Void 驱逐令（俗称 Pay and Stay）— 但只能用一次，重复欠租失保护。Even paying in full on hearing day, adjudicators usually void the eviction (so-called “Pay and Stay”) — but it’s a one-time grace; repeated arrears forfeit it.

通过 Tribunals Ontario Portal 在线提交（费用约 $53）：File online via Tribunals Ontario Portal (filing fee ~$53):

According to RTA s.12.1：是的。2018 年 4 月 30 日起，所有新私人住宅出租必须使用 Form 2229（合作公寓、Care Home 等少数例外）。租客 21 天书面要求未提供，可合法扣 1 个月房租。According to RTA s.12.1: Yes. Since April 30, 2018, all new private residential leases must use Form 2229 (co-ops, care homes, etc. excepted). If a tenant requests in writing and you don’t provide within 21 days, they may lawfully withhold 1 month’s rent.

三个数据源叠加：① CMHC Rental Market Report（按 GTA 子区分）— 平均租金 + Vacancy Rate ② House Sigma / Realtor.ca 同社区已成交租金（不是要价）③ Bullpen / Urbanation Condo 租赁数据。Stack three data sources: ① CMHC Rental Market Report (by GTA sub-region) — average rent + vacancy rate ② House Sigma / Realtor.ca closed (not asking) rents in the same neighborhood ③ Bullpen / Urbanation condo rental data.

According to CMHC 2024 数据：GTA Condo 平均 Vacancy Rate 约 1.3-1.7%，但**新落成楼盘**首次入市 vacancy 可能 5-8%。如果你的房在新供应密集区，定价应略低市场，否则空租 2 个月就抹平整年涨幅。According to CMHC 2024 data: GTA condo vacancy averages ~1.3–1.7%, but **freshly completed buildings** during initial lease-up can hit 5–8%. In a new-supply-heavy submarket, price slightly below market — otherwise a 2-month vacancy wipes out the entire year’s increase.

合法筛选手段：Lawful screening tools:

• 信用报告 — 需租客授权，通过 Equifax/TransUnion 或 Naborly/SingleKey/BorrowellCredit report — requires written consent; via Equifax/TransUnion or Naborly/SingleKey/Borrowell
• 收入证明 — 工资单、T4、雇佣信、Notice of AssessmentIncome proof — pay stubs, T4, employment letter, Notice of Assessment
• 前房东推荐、面对面面试Prior landlord references, in-person interview
• 收入与租金的合理比例（业内常用 30% 以下）Income-to-rent ratio (industry norm: rent ≤ 30% of gross)

According to Ontario Human Rights Code：不能基于以下因素拒绝：种族、肤色、宗教、性别、性取向、性别身份、家庭状态（含「有小孩」）、婚姻状态、年龄、残疾、收到社会援助。According to the Ontario Human Rights Code: you cannot refuse based on race, color, religion, sex, sexual orientation, gender identity, family status (including “has children”), marital status, age, disability, or receipt of social assistance.

必备。普通 Home Insurance 默认不覆盖出租场景 — 一旦出租被发现，理赔会被拒。Landlord Insurance 覆盖三大块：① 房屋本体 ② 收入损失（Loss of Rent，火灾/水灾后空租期）③ 租客造成的责任索赔（Liability）。Required. Standard home insurance doesn’t cover rental scenarios — once they discover the tenancy, claims get denied. Landlord Insurance covers three things: ① the building itself ② loss of rent (vacancy after fire/flood) ③ liability claims arising from tenants.

物管公司收费通常月租 7%–10% + 首次出租 0.5–1 个月。覆盖：广告/筛选/租约/收租/维修协调/年报税资料。Property managers charge 7%–10% of monthly rent plus 0.5–1 month for the initial leasing. Scope: advertising, screening, leasing, rent collection, maintenance coordination, annual tax records.

选物管的临界点：① 房东不在本地 ② 拥有 3 套以上 ③ 时间成本高于 8% 月租 ④ 不愿处理租客冲突。自管的临界点：① 1-2 套且就在本市 ② 建立了可靠维修师傅网络 ③ 享受亲手处理。Hire when: ① you live out of region ② you own 3+ units ③ your time is worth more than 8% of rent ④ you’d rather not handle tenant conflicts. Self-manage when: ① 1-2 units in your own city ② you’ve built a reliable trade network ③ you enjoy hands-on involvement.

According to Tribunal Ontario 2024-2025 实际等待时间：According to Tribunal Ontario 2024-2025 actual wait times:

两条路：Two paths:

• 带租出售（Tenanted Sale）：租约自动跟随房屋，新房东继承。买家通常是投资者，但成交价可能折 5-15%（特别是低于市场租金的”好租客”）。Tenanted Sale: Lease transfers with the property; the new owner inherits it. Investor buyers tend to bid 5-15% below market — especially when rent sits well below market.
• 买家自住（Vacant Possession）：买家或直系亲属真要自住，可在 Offer 接受后 60 天前发 N12 + 1 个月补偿。流程必须严格按 RTA — 否则构成 Bad Faith，租客可起诉买卖双方。Vacant Possession: Buyer (or their close family) intends to occupy — N12 must be served 60 days before closing, with 1 month’s compensation. Follow RTA strictly — Bad Faith exposes both seller and buyer to suit.

所有出租收入必须在 T1 个人报税表的 T776 表申报。可抵扣费用：All rental income must be reported on Form T776 with your T1 return. Deductible expenses:

三层空置税（按管辖范围）：Three layers of vacancy taxes (by jurisdiction):

• 联邦 UHT (Underused Housing Tax)：1% 评估价。非居民和大部分公司、信托每年必须申报（即使豁免）。Canadian Citizens / PR 自然人通常豁免但仍需 informational declaration（2024 年起豁免要求放宽）。Federal UHT (Underused Housing Tax): 1% of assessed value. Non-residents and most corporations/trusts must file annually (even when exempt). Canadian citizens / PR individuals are generally exempt but may still owe informational filings (2024 amendments narrowed reporting).
• 多伦多 Vacant Home Tax (VHT)：1% 评估价，所有业主必须每年申报，否则默认空置。出租 6+ 个月可免税。Toronto Vacant Home Tax (VHT): 1% of assessed value. Every owner must file an annual declaration — silence is treated as vacant. Rented 6+ months exempts you.
• 安省 Empty Home Tax：目前仅 Hamilton、Ottawa 等部分市政实施，多伦多走自己的 VHT。Ontario Empty Home Tax: Adopted by select municipalities (Hamilton, Ottawa, etc.); Toronto runs its own VHT.

Cap Rate（资本化率）= NOI / 房产价格。NOI（Net Operating Income）= 年租金 − 运营费用（不含贷款）。Cap Rate = NOI / Property Price. NOI (Net Operating Income) = annual rent − operating expenses (excluding mortgage).

According to CBRE 2024 GTA market data：住宅投资房 Cap Rate 通常 3-5%，商业物业 5-8%，工业 4.5-6%。Cap Rate 越高收益率越高，但通常意味着更高风险。According to CBRE 2024 GTA market data: residential investment Cap Rate typically 3-5%, commercial 5-8%, industrial 4.5-6%. Higher Cap Rate = higher yield but usually higher risk.

Gross Rent = 总租金收入。NOI = 总租金 − 空置率 − 物业税 − 保险 − 维修 − 物管费 − 公共区域水电（不含贷款利息和折旧）。Gross Rent = total rental income. NOI = gross rent − vacancy − property tax − insurance − repairs − management fee − common area utilities (excluding mortgage interest and depreciation).

用 Gross Rent 看似回报高，但忽略了 30-45% 的实际运营成本 — 算出来的”Cap Rate”虚高 40-60%。买家用 NOI，卖家有时用 Gross 包装，必须自己核算。Gross Rent inflates returns by ignoring the 30-45% real operating cost — calculated “Cap Rate” overstates by 40-60%. Buyers use NOI; sellers sometimes lead with Gross. Always run your own NOI.

Cash-on-Cash (CoC) = 年度现金流 / 投入现金（首付 + 关闭费）。看的是当下回报率，简单粗暴。Cash-on-Cash (CoC) = annual cash flow / cash invested (down payment + closing). It’s a snapshot of current-year yield — quick and simple.

IRR (Internal Rate of Return) = 把所有未来现金流（含最终卖出）折现回 0 的利率。考虑时间价值 + 升值，更全面。IRR (Internal Rate of Return) = the discount rate that makes the NPV of all future cash flows (including sale) zero. Captures time value + appreciation — more complete.

商业贷款审核三大核心：Three pillars of commercial loan underwriting:

• DSCR (Debt Service Coverage Ratio) = NOI / 年度还贷额。银行通常要求 ≥ 1.20-1.25。DSCR 越高越好。DSCR (Debt Service Coverage Ratio) = NOI / annual debt service. Banks typically require ≥ 1.20-1.25. Higher is better.
• LTV (Loan-to-Value) = 贷款额 / 物业评估价。商业一般 65-75%（住宅可到 80%）。LTV (Loan-to-Value) = loan / appraised value. Commercial usually 65-75% (residential can reach 80%).
• Amortization 摊销：商业典型 20-25 年（住宅 25-30 年），但合同期 Term 通常 5 年要 Renew。Amortization: Commercial typically 20-25 years (vs 25-30 residential), but the term usually renews every 5 years.

三种方法（来自 Appraisal Institute of Canada 标准）：Three methods (per Appraisal Institute of Canada):

• Income Approach 收入法 = NOI / Cap Rate。对成熟出租物业最可靠，估价师首选。Income Approach = NOI / Cap Rate. Most reliable for stabilized rental properties; appraisers’ default.
• Comparable Sales 比较法：同区同类物业近期成交。适合住宅 + 类似的标准化资产。Comparable Sales: recent sales of similar properties in the area. Best for residential and standardized assets.
• Cost Approach 成本法 = 土地价 + 重建成本 − 折旧。对独特资产（教堂、加油站、独立工业楼）最有用。Cost Approach = land + replacement cost − depreciation. Best for unique assets (churches, gas stations, single-tenant industrial).

• Gross Lease：租客只付租金，房东承担一切（地税、保险、维修、CAM）。常见于办公楼、医疗诊所。Gross Lease: Tenant pays rent only; landlord covers everything (tax, insurance, maintenance, CAM). Common in offices, medical clinics.
• Net Lease (N)：租客付租金 + 地税。NN：租金 + 地税 + 保险。Net (N): Rent + property tax. NN: Rent + tax + insurance.
• Triple-Net (NNN)：租客付租金 + 地税 + 保险 + 维修 / CAM。房东几乎”躺收”，常见于零售、独立餐饮、工业。Cap Rate 通常更低（因风险低）。Triple-Net (NNN): Rent + tax + insurance + maintenance/CAM. Landlord runs near-passive — typical in retail, freestanding restaurants, industrial. Cap Rate is usually lower because risk is lower.

税务：根据 CRA，按面积比例分摊。住宅部分仍可享 PRE（如果业主自住其中）；商业部分按 T2125（自雇）或 T776（出租）报。HST 处理也分别 — 商业租金需收 HST，住宅租金不需。Tax: Per CRA, allocate by floor area. Residential side can still claim PRE (if owner-occupied); commercial side files via T2125 (self-employed) or T776 (rental). HST applies to commercial rent but not residential.

贷款：超过 50% 商业用途 → 按商业贷款审批（首付 25-35%、DSCR、商业利率）。50% 以下商业 → 仍可走多户住宅贷款（住宅利率，但放贷机构会要求经营报表）。Financing: >50% commercial use → underwritten as commercial (25-35% down, DSCR, commercial rate). <50% commercial → still qualifies as multi-family residential (residential rate, but lenders ask for operating statements).

最少 8 项必查：The minimum 8 must-check items:

不能光看 Cap Rate 数字 — 要做 Risk-Adjusted 比较：Don’t compare Cap Rates head-to-head — make it risk-adjusted:

• 租客信用：连锁银行 vs 独立小店 — 后者风险溢价 1-2%Tenant credit: Chain bank vs independent shop — the latter justifies a 1-2% risk premium
• 租约剩余年限：剩 8 年 vs 剩 1 年 — 短期需重租，可能空置Lease term remaining: 8 years vs 1 year — short term means re-leasing risk and possible vacancy
• 资产类别趋势：办公楼 2024 后 GTA 持续走弱，零售在好位置反而稳定Asset class trend: GTA office has weakened post-2024; well-located retail has been steadier
• 未来 CapEx：屋顶/HVAC/电梯 5 年内要换会吃掉 1-2 年现金流Pending CapEx: Roof / HVAC / elevator due within 5 years can consume 1-2 years of cash flow