SECONDARY SUITES

What is a Secondary Suite?

A secondary suite is also known as an in-law suite, accessory unit or basement apartment, a secondary suite is a self-contained, independently accessible private unit within an existing home that can be rented out to another person or family. While most are found in basements, others are added onto the original structure. These spaces have their own bathroom, kitchen, and living areas, and may share certain amenities with the rest of the home (like a laundry area, yard, or storage).

 

Read what the CMHC has to say about Second Suites.

The Benefits of a Secondary Suite?

 

Building a secondary suite in your home gives you the opportunity to create a safe and affordable rental unit for residents. It also allows you to maximize under-utilized space and transform it into a steady income.

 

Pay off your mortgage sooner, fund renovations to increase your property value, or consider other investments. Creating a legal second suite is one of the best upgrades you can make to increase the resale value of your property.

 

Read the Provinces official policy on Second Suites.

Extra income from the Secondary Suite rental can:

  • Help homebuyers afford higher priced neighborhoods
  • Reduce debt by helping to repay the mortgage faster
  • Help first-time homeowners be able to afford property
  • Fund property renovations to increase a home’s value
  • Provide a source of back-up income if a household earner loses a job
  • Provide more senior renters help with property tax or maintenance costs