Toronto Living Blog

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings in the Greater Toronto Area. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Dec. 5, 2023

November 2023 Toronto Real Estate Market Update

🏡📉 **TRREB Housing Market Update: November 2023** 📉🏡

 

🌐 **Toronto Real Estate Landscape:**

- 📉 GTA home sales dipped by six per cent YoY in November 2023.

- 📈 New listings rose by 16.5% from the supply trough last year.

 

💰 **Affordability Challenges:**

- 📈 High borrowing costs and economic uncertainties impacting affordability.

- 📊 Selling prices remained largely flat YoY due to increased market choices.

- 📉 Inflation and elevated borrowing costs affecting interest rate-sensitive housing markets.

 

💼 **Economic Outlook:**

- 🔄 Relief on the horizon: Bond yields for fixed-rate mortgages trending lower.

- 💼 Anticipation of Bank of Canada rate cuts in H1 2024 for improved affordability.

- 📊 Lower rates expected to benefit existing homeowners and potential buyers.

 

📊 **Market Statistics (November 2023):**

- 📉 4,236 sales reported, a six per cent decline from November 2022.

- 📈 New listings increased by 16.5%.

- 📉 MLS® Home Price Index Composite benchmark and average selling price at $1,082,179 remained flat YoY.

- 📉 Seasonally adjusted monthly basis: MLS® HPI Composite benchmark down 1.7%, average selling price down 2.2%.

 

📈 **Price Adjustment and Future Outlook:**

- 📉 Home prices adjusted from peak due to higher borrowing costs.

- 📉 Affordability relief for buyers.

- 📈 Anticipation of renewed price growth as mortgage rates trend lower in 2024.

 

🏠📈 **Policy and Supply Initiatives:**

- 🏡 Productive policy decisions supporting affordability, including stress test adjustments for insured mortgage holders.

- 🏢 Calls for a similar approach for uninsured mortgages by the Office of the Superintendent of Financial Institutions (OSFI).

- 🚀 Emphasis on the need for additional policy measures to boost housing supply.

 

👥🗣️ **Quotes from TRREB Leaders:**

- 🗣️ "Inflation and borrowing costs have impacted affordability," says TRREB President Paul Baron.

- 🗣️ "Lower mortgage rates and growing population will boost demand," predicts TRREB Chief Market Analyst Jason Mercer.

- 🗣️ TRREB CEO John DiMichele emphasizes the importance of policy decisions for stability and increased supply.

 

🔗 *Source: Toronto Regional Real Estate Board (TRREB)* 🔗

 

If you are interested to know more about moving to Toronto, reach out to us or click on the link below to see what homes cost in the GTA.

 

 

 

Find Your Dream Home In Toronto

 

 

#TRREB #TorontoRealEstate #HousingMarketUpdate 📊🏠

Posted in Market Updates
May 1, 2023

Legalizing Your House for a Secondary Dwelling in Toronto: A Step-by-Step Guide

Legalizing Your House for a Secondary Dwelling in Toronto: A Step-by-Step Guide

 

If you live in Toronto and are looking for a way to generate extra income, renting out a secondary dwelling unit (SDU) on your property could be a great option. However, before you can start renting out your SDU, you need to make sure that it is legal. In this blog, we will discuss the steps you need to take to legalize your house in Toronto for a secondary dwelling.

 

What is a Secondary Dwelling Unit?

 

A secondary dwelling unit, also known as an accessory dwelling unit (ADU), is a self-contained unit that is located within the same building as a primary dwelling unit. SDUs can take many forms, including basement apartments, attic apartments, or additions to the main dwelling. These units often have their own separate entrance, kitchen, bathroom, and living space, and can be rented out to tenants.

 

In Toronto, SDUs are governed by the city's zoning bylaws. The city defines an SDU as a self-contained dwelling unit located within a single-detached house, semi-detached house, or townhouse, or within a structure ancillary to such a building. SDUs must have their own separate entrance, kitchen facilities, and bathroom facilities, and must be located entirely within the main building or the ancillary structure.

 

Why Legalize Your House for a Secondary Dwelling?

 

There are many benefits to legalizing your house for a secondary dwelling. First and foremost, legalizing your SDU ensures that it meets all of the city's health and safety standards, which protects your tenants and your property. In addition, legalizing your SDU can help you generate extra income by renting it out to tenants.

 

Furthermore, legalizing your SDU can increase the value of your property. According to a study by the Appraisal Institute of Canada, a legal secondary dwelling unit can increase the value of a home by up to 20 percent. This means that legalizing your SDU can be a smart investment that pays off in the long run.

 

Step 1: Check Your Property's Zoning

 

The first step in legalizing your house for a secondary dwelling is to check your property's zoning. The City of Toronto has different zoning bylaws for different areas of the city, and these bylaws dictate what types of secondary dwelling units are allowed in each zone.

 

You can check your property's zoning by visiting the City of Toronto's Zoning Bylaw Maps website. Simply enter your property's address into the search bar, and the website will display the zoning information for your property.

 

If your property is zoned for residential use, it is likely that you will be able to legalize a secondary dwelling unit. However, if your property is zoned for commercial use, you may not be able to legalize a secondary dwelling unit without obtaining a zoning amendment.

 

Step 2: Check Building Code Requirements

 

The next step in legalizing your house for a secondary dwelling is to check the building code requirements for SDUs. The building code sets out the minimum requirements for building, plumbing, and electrical systems, and ensures that buildings are safe and accessible.

 

The City of Toronto has specific building code requirements for SDUs. These requirements include:

 

Ceiling height of at least 2.13 metres (7 feet) throughout the unit

A separate entrance that is directly accessible from the exterior of the building

A kitchen that is separate from other habitable rooms and has at least one sink, one range, and one refrigerator

A bathroom with a sink, a toilet, and a shower or bathtub

A separate heating and ventilation system that is independent of the primary dwelling unit

It is important to note that building code requirements may vary depending on the type and location of the SDU. For example, if you are converting a basement into an SDU, you may need to install additional fire safety measures, such as smoke alarms and fire-rated doors.

 

To ensure that your SDU meets all building code requirements, it is recommended that you work with a licensed contractor or architect. These professionals can help you design and build your SDU in compliance with all relevant building codes and standards.

 

Step 3: Obtain Permits

 

Once you have confirmed that your property is zoned for an SDU and have designed your unit to meet all building code requirements, the next step is to obtain the necessary permits from the City of Toronto. In general, you will need the following permits:

 

Building permit: A building permit is required for any construction or renovation work that affects the structure, plumbing, or electrical systems of your SDU. You will need to submit detailed plans and specifications of your SDU to the City, along with any required fees.

 

Plumbing permit: If you are installing new or modifying existing plumbing systems in your SDU, you will need a plumbing permit. This permit is separate from the building permit and requires a separate fee.

 

Electrical permit: If you are installing new or modifying existing electrical systems in your SDU, you will need an electrical permit. This permit is also separate from the building permit and requires a separate fee.

 

Zoning review: Depending on the location and type of your SDU, you may need to obtain a zoning review from the City. This review ensures that your SDU complies with all relevant zoning bylaws and regulations.

 

To obtain these permits, you will need to submit detailed plans and specifications of your SDU to the City, along with any required fees. The City will review your plans and specifications and may require modifications or additional information before granting the permits.

 

Step 4: Pass Inspections

 

After you have obtained all necessary permits and have completed construction of your SDU, the next step is to pass inspections from the City of Toronto. The City will inspect your SDU to ensure that it meets all building code requirements and that it is safe and habitable.

 

The City may require multiple inspections throughout the construction process, including framing, plumbing, electrical, and final inspections. Once your SDU has passed all required inspections, the City will issue a Certificate of Occupancy, which confirms that your SDU is legal and can be rented out to tenants.

 

Step 5: Register Your Secondary Dwelling Unit

 

After you have obtained all necessary permits and passed all required inspections, the final step in legalizing your house for a secondary dwelling is to register your unit with the City of Toronto. This registration is required by law and ensures that your SDU is compliant with all relevant bylaws and regulations.

 

To register your SDU, you will need to provide the City with the following information:

 

The address and legal description of your property

The number of bedrooms and bathrooms in your SDU

The maximum number of occupants allowed in your SDU

The name and contact information of the property owner

The name and contact information of the tenant(s) renting the SDU

Registration fees may apply, and the City may require periodic inspections to ensure that your SDU continues to meet all relevant bylaws and regulations.

 

Conclusion



Legalizing your house for a secondary dwelling in Toronto can be a complex process, but it is essential if you want to rent out your SDU and generate extra income. By following the steps outlined in this blog, you can ensure that your SDU meets all relevant zoning bylaws, building code requirements, and safety standards, and can be rented out to tenants with peace of mind. Remember to work with licensed professionals, such as contractors, architects, and inspectors, throughout the process to ensure that your SDU is compliant with all relevant regulations and standards.

 

If you are interested to know more about moving to Toronto, reach out to us or click on the link below to see what homes cost in the GTA.

 

 

 

 

Find Your Dream Home In Toronto

Posted in City Blogs
Feb. 26, 2023

Mississauga vs Burlington Ontario

Mississauga vs Burlington: Comparing Two of Ontario's Best Cities



Mississauga and Burlington are two cities in the Greater Toronto Area that are known for their high quality of life, strong economies, and thriving cultural scenes. While they share many similarities, there are also some key differences between the two cities that make them unique. In this blog post, we'll take a closer look at Mississauga and Burlington and compare them in terms of location and geography, demographics and population, cost of living, economy and industry, education, transportation and infrastructure, and culture and entertainment.

View More
Posted in City Blogs
Jan. 27, 2023

The Cost Of Living In Mississauga In 2023

The Cost Of Living In Mississauga In 2023

 Mississauga Downtown

 

The cost of living in Mississauga, Ontario in 2023 can vary depending on a number of factors such as housing, transportation, and lifestyle choices. In this blog post, we will take a closer look at the costs associated with living in Mississauga and how they compare to the rest of Canada.

 

View More
Posted in City Blogs
Jan. 21, 2023

7 Common Mistakes People Make When Moving To Mississauga

7 Common Mistakes People Make When Moving To Mississauga

 

Moving to a new city can be an exciting but also overwhelming experience. Mississauga, a city located just west of Toronto, is a great place to live, work and raise a family, but like any new city, there are a few mistakes that people make when they move here. In this blog, we will take a look at some of the most common mistakes and how to avoid them.

View More
Posted in City Blogs
Jan. 19, 2023

The Toronto Raptors History

The Toronto Raptors History

toronto raptors scotiabank arena

The Toronto Raptors are a professional basketball team based in Toronto, Ontario, Canada. The team was founded in 1995 as part of the NBA's expansion into Canada and has been a vital part of Toronto's sports culture ever since. The team plays its home games at the Scotiabank Arena, which is located in downtown Toronto.

View More
Posted in City Blogs
Jan. 17, 2023

The Mississauga Hazel McCallion Central Library

The Mississauga Hazel McCallion Central Library

Mississauga Central Library

The Mississauga Hazel McCallion Central Library is currently undergoing a major renovation, with the goal of creating a modern and accessible space for community members to gather, learn, and connect.

View More
Posted in City Blogs
Jan. 14, 2023

Top 10 Reasons To Live In Toronto In 2023

Top 10 Reasons To Live In Toronto In 2023

Top 10 Reasons To Live In Toronto In 2023

 

Toronto is one of the most livable cities in the world, offering a wide range of opportunities and amenities to its residents. Here are the top 10 reasons why you should consider living in Toronto:

View More
Posted in City Blogs
Jan. 8, 2023

Pros and Cons Of Living In Etobicoke In 2023

Pros and Cons Of Living In Etobicoke In 2023

Pros and Cons Of Living In Etobicoke In 2023

Etobicoke is a neighbourhood located in the western part of Toronto, Ontario. It is a diverse and bustling area with a population of over 350,000 people. If you are considering moving to Etobicoke, it is important to weigh the pros and cons to determine if it is the right fit for you.

 

View More
Posted in City Blogs
Jan. 3, 2023

Mississauga Home Evaluation 2023: What You Need to Know

Mississauga Home Evaluation 2023: What You Need to Know

 Mississauga home evaluation

If you're thinking about buying or selling a home in Mississauga, you'll likely want to know how much your property is worth. This is where home evaluation comes in.

View More
Posted in City Blogs