Time and again I have seen some people suggesting prospective home buyers to rent their basement apartments. I would caution all those would be home owners to ensure that they are indeed permitted to do so. Most of the dwellings in and around Toronto & in the suburbs are legally termed as "Single Family Homes" and renting of basements or a part of home thereof requires permission from the City/Municipality. Basement 'apartments' in homes built after November 1995 are llegal. In order to the apartment to be legal, it should have been existing before that date and inspected for fire, safety and electrical workmanship. One cannot get an apartment legalised now even if was built prior to that date since it is past cut-off date.
Yes, people are still building and renting apartments in their homes , but remember that they are violating the law. Cities have so far turned a blind eye to the laws they have themselves enacted since the rental vacancy rates are pretty low/tolerable.
My suggestion: Valuate your risk tolerence if you choose to go this route.
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Rajeev Narula, Broker, REALTORĀ®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Thanks Rajeev for pointing out this , its a good eyeopening for many like me who are not aware of this rule.
Friends , please if any one can put some words regarding my query about the present cost of living compared to the 2 yr old which is answered in the past on this post
Mapledreams
Hi,
Can anybody please provide information on PRESENT (approximate) cost of living in Toronto for two people (husband and wife only - no kids) who are landing in 3 months from now.
Mostly regarding housing(rental), monthly grocery,transportation(Public mode), Other miscl; (telephone, internet,tv/cable,newspaper etc)
It will be of great help if anyone can list it here
mapledreams
Refer to the following thread started by user Chittesh. It should answer most of your questions. Also try searching on charcha.
http://www.canadiandesi.com/read.php?TID=10187" target="_blank">http://www.canadiandesi.com/read.php?TID=10187
Thx
MS
Quote:
Originally posted by mapledreams
Hi,
Can anybody please provide information on PRESENT (approximate) cost of living in Toronto for two people (husband and wife only - no kids) who are landing in 3 months from now.
Mostly regarding housing (rental), monthly grocery, transportation (Public mode), Other miscel ; (telephone, internet,tv/cable,newspaper etc)
It will be of great help if anyone can list it here
mapledreams
FTFL,
very very very good and useful info. Keep it up
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You can take an Indian out of INDIA
but you cannot take INDIA out of an Indian.
Dear Freddie,
Thanks a ton for your time and efforts for providing information in such degree of micro detail , you have helped not only me , but am sure many others who are about to land in near time will also get benefit of this. God bless you.
Also thanks to Manoj for providing the link, very informative!
Mapledreams
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