Robert J. Morrow: Editor & REALTOR(R):
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Hamilton Home Review:
Copyright 2010-2018 Robert J. Morrow
All investor purchases are brokered by a licensed real estate agent who is a member of Venture Property Investments, the Canadian Real Estate Association, and the Ontario Real Estate Association As such, they are bound by the code of ethics and fiduciary commitments required by Canadian law and Organized Real Estate.
One of the hotspots for second suite development is Peterborough. Prices are reasonable, the tenant pool is improving, and the location (being close to vacation land), is ideal.
The City of Peterborough has clearly laid out the rules for building a second suite. You can see them here.
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Second Suite concept divides Brampton
Elsewhere in the GTA, building a second suite is not such a simple matter. more
At this price, this raised ranch is a no-brainer. Upstairs needs no reno's at all. But we do need to create a separate entrance, which in raised ranches, is about a $15,000 project. We've done it several times, however, and it looks and works well.
Downstairs is finished but we need a kitchen and bath, along with a second bedroom, so about another $35,000 or so.
Very bright, great location; It won't last!
This article (written in 2009) outlines how Toronto feels about second suites. It's been allowing them, but at what cost? For an investor, there are certainly better places. But for homeowners, it may be the answer they need--at least to get started in RE investing. more
Markham said 'yes" in 2017 but with caveats and lack of conviction
It was a close vote but in the end secondary suites got the nod by a single vote last week at Markham city council.
Proponents and opponents lined up on both sides of a clearly divisive issue at council, with some arguing secondary suites, often called basement apartments, are needed as a housing alternative, and those opposed saying approving them will cost the city close to $1 million in taxpayers’ dollars and fees.more
Barrie has a great guide, some useful for all Cities
Several of our investors have chosen Barrie, ON as their City of choice for second suites. The City has produced an online guide that will help those considering that City. It's good to do your research and decide where best to put your money. Also, speaking to the various VPI leaders will help narrow down your search also. Right now, Brantford is considered the #1 investment City in Canada (according to Wealth Magazine), but it certainly isn't the only one, attested by VPI investors in Barrie, St. Catharines, Hamilton, Peterborough, and the Durham Region.