I hear those words from many people these days. Especially from first time home buyers who are desperately trying to buy a home within 75 Km of the CN Tower. Being able to afford anything much bigger than a small condominium downtown or a townhouse in the 905's is becoming harder and harder. The reality is that a lot of people are turning to the basement apartment as an answer. In many areas a basement apartment can pay for anywhere from $150,000 to $250,000 of the mortgage.
Unfortunately, there can be many issues with doing this. Most Realtors really don't know what they should about basement apartments (AKA Second Suites). Not knowing can be disasterous for the home owner. Lawsuits, fines, and even jail time, are some of the potential consequences for not doing your homework. I am not trying to scare you away from having a basement apartment, just make sure you understand what you are doing. There are 2 essential parts to this for me.
1. The apartment itself
2. The business of being a Landlord
There is a great guide to second suites in Toronto available. you can click on the link below for the information. This information has some application outside of Metro Toronto but you should check with individual municipalities for specific details.
I offer a no obligation talk about being a Landlord. Please fell free to contact me about this. This applies if you already own a rental or are looking to buy a rental property. I hope this helps.