Getting Help with Permission for a 2nd Suite
It has been a long time coming, but the City of Barrie has approved the idea to expand the permission of 2nd Suites. This does not mean you can indiscriminately put an "apartment" in your basement. There is an application process and it must be inspected for safety.
By allowing more 2nd suites, the City hopes to ease the problem of affordable and safe housing. At the same time, it will make it more affordable to buy a home if you have a little extra income provided by it. As an added bonus, CMHC has changed it's rules to allow the income from LEGAL 2nd suites to be included in the income of the applicants for mortgages. (with conditions of course)
Here is the link to the City website outlining the process of getting a 2nd suite approved. Don't forget, being a landlord also means complying with the Ontario Landlord and Tenant Act. If you have questions about investing in income properties or becoming a Landlord, please do your homework! I can help. Here are some other helpful sites.
Patricia McCallum, Sales Representative
Century 21, B.J. Roth Realty Ltd., Brokerage
355 Bayfield Street, Barrie, ON L4M 3C3
*Not intended to solicit those under contract