Tuesday, February 07, 2012

Basement Apartments are now legal in Ontario due to Bill 140

Another huge change in Ontario that was just announced is in Bill 140 which has one change in housing.

From now onwards, if a property meets building code and Fire Safety standards, you can legalize any second dwelling in a single family home.

This means that basement apartments have become legal again and this will allow many people who can't afford to purchase a home to get into the market because they can earn income from a basement apartment, legally.

This means the banks will give a mortgage partly based upon current or expected income from the basement apartment and this means that demand will increase and prices will likely follow!

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

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