Adding a second unit in your principal residence is a great way to provide independent living space for a family member or make a little extra money to help pay off the mortgage. There are many things you need to consider as you decide whether to build a second unit. You are permitted to add a second suite provided you follow municipal guidelines and get all appropriate building permits.
In the City of Toronto, basement apartments are permitted as per a bylaw enacted in 2013.
Royal LePage announced last month that the aggregate price of a home in the Greater Toronto Area increased by 17.3 per cent in 2021 to $1,119,800 as demand continued to outpace supply. It expects that in 2022 prices in the GTA will rise by another 11 per cent, with the aggregate home price reaching $1,243,000…
CEO of the Ontario Real Estate Association, Tim Hudak, introduces a new program to modernize the current real estate act. (REBBA)
New Legislature wants landlords to consider alternatives to evictions.
Should you wait until the market calms down before you buy?
The Ontario government recently announced that the allowable increase that landlords can charge their tenants this year is 1.8% of the base rent. Some years have seen larger increases, and some smaller, but this figure seems to be right in line with increases that we have seen over the past few years. Rental increases are…