An increasing number of home owners and buyers are preparing to get into the basement suite market this year.
Supply in tight rental markets could be boosted within the coming months as more home owners plan to legalize or build more basement suites.
An increasing number of people are planning to capitalize on Bill 140 which was implemented in 2011, according to Michael Dominguez, sales representative with Royal LePage and durhamhome. ca.
“A lot of smart investors and home buyers have been watching the performance of local markets and are now ready to make their move and add basement suites or select properties with legal units,” he says. “We will also see a lot of illegal units come out of the woodwork now, and become compliant with the new zoning laws.”
He tells CREW that a majority of first-time buyers are now willing to take out higher mortgages for such properties in “good communities that have low supply and high rental rates.”
Dominguez says that both lenders and city officials are looking at such properties more favourably today. “Places like Oshawa are encouraging this move and streamlining the process so more homeowners will take it up.”
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