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What should I look for when purchasing a property with laneway suite potential?

Real estate waits for no one in today’s heated market. In a climate where a home can be listed, offered on, and sold in a matter of hours, it can sometimes be difficult to do adequate due diligence before making a purchase. Knowing the high-level requirements for laneway development can streamline your process and put you in the best position for a successful investment. Our team has outlined five key criteria for narrowing down your list of potential properties, so you have confidence in your purchase well before you make an offer.

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A common misconception is that basements are not permitted in laneway suites, or that they are limited to unfinished space dedicated to storage or utilities.

Fact: a fully excavated basement level is fully permitted within the current as-of-right zoning by-laws and can be much more than just a place to put your hockey bags and golf clubs.

Basements are a great option on properties that offer limited depth for a reasonably sized above-grade unit and can provide the opportunity to move items like laundry, mechanical space and other infrastructural pieces below grade to alleviate valuable area in the floors above.

While building below grade can significantly increase the usable space in your suite, it does come at a substantial cost. That said, there is always a right time, place, and application for building downward.

 

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Please see details and registration information below from Toronto City Planning Division:

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To construct a laneway suite on your property, a clear access route must be available for first responders to reach the structure in the event of an emergency. Whereas a property may satisfy all the zoning requirements for a laneway development, this emergency access is a building code requirement, so is often overlooked by the average homeowner doing their due diligence. [Read More…]

Toronto is experiencing a housing renaissance. When we began advocating for laneway suites in 2015, laneway houses were only accessible to people with a lot of money and expertise. Today, they are an as-of-right policy with incentives to benefit everyday homeowners. As a result, thousands of laneway suites will be constructed in the coming decades, providing housing flexibility for multi-generational families and income opportunities for new buyers trying to enter the market.[Read More…]