Buying a home with a secondary income suite, or with the intention of installing one, can be an effective way to offset steep mortgage costs in some of the hottest Canadian real estate markets.
And it should come as no surprise that they’ve become a widespread practice in Toronto and Vancouver, where the average price for a detached home now exceeds $1 million.
Considering rental vacancies are incredibly low in both cities – 1.6 per cent in Toronto, and 0.6 per cent in Vancouver – offering affordable housing seems like a guaranteed money maker. In fact, 80 per cent of rental units outside of purpose-built developments are located in private residences.
The Canada Mortgage and Housing Corporation (CMHC) recently recognized how secondary suites help