Basement Apartments and Second Suites: What You Need To Know

Basement Apartments and Second Suites: What You Need To Know

With Toronto home prices spiralling upwards many homeowners are looking to rent out a second suite to further capitalize on this boom. While this is definitely a savvy way to generate additional income there are a few things you should keep in mind

Second suites are legal in the City of Toronto. A second suite is a self-contained unit (rental or rent-free) in a single detached or semi-detached house. Most second suites are basement apartments. Although second suites are permitted in the City of Toronto, there are certain conditions:

 
Basement Apartments can offer a lot of value for the right renter

1. The second suite must be self-contained with it's own kitchen and bathroom;

2. The house, including any additions, must be at least five years old;

3. The floor area of the second suite must be smaller than the remaining unit;

4. In most cases a home with a second suite must have at least two parking spaces (tandem permitted) except in parts of the former City of Toronto where only one parking space is required;

5. Homeowner's should consult with the City of Toronto prior to changing the outside appearance of a home; and

6. Second suites must comply with the Ontario Building Code and require a building permit. Existing second suites must comply with Fire Code as well as zoning and property standards.

 

Glossary Of Real Estate Terms

Glossary Of Real Estate Terms

Listing of The Week: Super Cool House For Sale in Trinity Bellwoods

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