What to Know About the Surge of Secondary Suites in Toronto
Toronto’s real estate market is experiencing a significant transformation with the rise of Garden Suites and Laneway houses.
These innovative housing solutions are reshaping the city’s landscape, providing homeowners with new opportunities to enhance their properties and contribute to the rental market!
Garden Suites
Garden suites are detached, ground-level housing units located in the backyard of a primary residence.
Pros
Ideal for aging parents, adult children, or rental income.
Provides a separate living space with more privacy than traditional home extensions.
Cons
Requires adequate backyard space and adherence to zoning regulations.
Laneway Suites
Laneway suites are detached units built adjacent to a public laneway, usually behind the main house.
Pros
Makes efficient use of underutilized laneway areas.
Integrates well with existing urban infrastructure, providing an alternative housing option.
Cons
Necessitates proximity to a laneway and compliance with specific municipal guidelines.
Implications on the Rental Market
Increased Supply: Both garden and laneway suites add to the rental housing supply, helping to alleviate Toronto’s housing shortage.
Affordable Options: These suites can offer more affordable rental options compared to high-rise apartments.
Diversified Housing: Encourages diverse living arrangements, catering to different demographics, including students, young professionals, and small families.
Enhancing Property Value
Increased Equity: Adding a second suite can significantly increase your property’s market value.
Rental Income: Provides a steady stream of rental income, contributing to overall financial stability.
Attractiveness: Makes your property more attractive to potential buyers looking for income-generating opportunities.
Tips to Know if You Qualify to Build a Second Suite
Check Zoning Regulations: Verify if your property is zoned for secondary suites by consulting the City of Toronto’s zoning bylaws.
Property Size and Layout: Ensure your property has sufficient space and meets layout requirements for garden or laneway suites.
Building Permits: Obtain the necessary building permits from the City of Toronto.
Utilities and Services: Confirm that your property can accommodate additional utilities and services required for a second suite.
Design Guidelines: Adhere to design guidelines and standards set by the city to ensure your suite is compliant.
Take Advantage of the Surge!
Adding a second suite to your Toronto property is a smart investment that can provide financial benefits, increase property value, and contribute positively to the city's rental market.
Whether you opt for a garden suite or a laneway suite, these housing solutions offer a flexible and innovative approach to urban living!
