As a result of these events, the rental market is booming with rents going up everywhere. The average rent in Toronto now is $2300. This has created an opportunity for Canadians who want to buy a home and for those who already own but are concerned about qualifying when their present mortgage comes up for renewal.
Secondary suites are being encouraged in Calgary, Toronto and Vancouver. In Calgary, the city council has investigated basement suites and now wants to encourage higher density to prevent urban sprawl by allowing more other housing options like carriage homes. Carriage homes are suites built above or beside a detached garage. There are companies like Calgary Carriage Homes who specialize in building these units.
Being able to add the rental income from a suite to your income may allow you to purchase a home this year when prices are depressed rather than waiting another year or two or longer to get into your own home. You can either buy a home with a secondary suite already in place or build one. The program for building a suite is called Purchase Plus Improvements. It is available through multiple lenders and mortgage insurers.
If you are presently a homeowner and interested in increasing your income, the program you need is called Refinance Plus Improvements. The rules for these programs can be explained to you by your Dominion Lending Centres Mortgage Broker.
The rules on zoning, and building suites can be found on your city government website. If you decide you want to proceed be sure to make your first call to your DLC mortgage broker.