Transform Your Basement Into a $1,500/Month Income Generator in Just 14 Days

In Toronto, legal basement renovations typically range from $35,000 to $80,000, depending on the size, condition, and features. Our Essential Secondary Suite Package starts at $35,000 and includes all necessary work to create a legal rental unit. Factors that affect cost include whether you need underpinning for ceiling height, the quality of finishes, and the complexity of plumbing and electrical work. We provide detailed, transparent quotes after an in-home assessment.

The Canada Secondary Suite Loan Program is designed to be accessible to most homeowners. To qualify, you must be creating a secondary suite for long-term rental purposes (not short-term vacation rentals), and the project must comply with local zoning and building codes. Our team can help assess your eligibility and assist with the entire application process. The program offers up to $80,000 in loans at just 2% interest over 15 years, making it an excellent financing option for most homeowners.

In Toronto, the permit process for basement renovations typically takes 4-6 weeks. However, our team has established relationships with the permit office and a streamlined application process that can expedite approvals. We handle all permit applications, submissions, and follow-ups on your behalf. Our Fast-Track Permit Service (included in our Spring 2025 Promotion) can further reduce wait times. We'll begin planning and ordering materials during the permit process to ensure we can start construction immediately upon approval.

Most of our clients see a complete return on their investment within 3-5 years. With current rental rates in Toronto, a legal basement apartment can generate $1,500-$2,000 in monthly income. If you utilize the government loan program at 2% interest, your monthly payment would be approximately $515 for an $80,000 loan, resulting in positive cash flow from day one. Additionally, a legal secondary suite can increase your property value by 20-25%, providing both immediate rental income and long-term equity growth.

Rental income must be reported on your tax return, but you can deduct many expenses related to your rental property. Deductible expenses include mortgage interest, property taxes, insurance, utilities, maintenance, and repairs. You can also claim depreciation (capital cost allowance) on the rental portion of your property. Many homeowners find that these deductions significantly offset the taxable rental income. We recommend consulting with a tax professional to maximize your tax benefits from your rental property.

Yes, you can utilize both the Canada Secondary Suite Loan Program and mortgage refinancing to fund your basement renovation. This is particularly beneficial for larger projects. The Secondary Suite Refinance Program allows refinancing up to 90% of your property's value (capped at $2 million) with 30-year amortizations on refinanced, insured mortgages. Our financial specialists can help you determine the optimal combination of these programs based on your specific situation and renovation needs.

In Toronto, a legal basement suite must meet several requirements: minimum ceiling height of 1.95m, proper fire separation between units, separate entrance, adequate windows (minimum 5% of floor area in living spaces, 2.5% in bedrooms), smoke and carbon monoxide detectors, and proper electrical, plumbing, and heating systems. The suite must also comply with the Ontario Building Code and Toronto's zoning bylaws. Our team specializes in creating fully compliant legal secondary suites and handles all necessary permits and inspections to ensure your basement apartment meets all requirements.

We typically book projects 4-6 weeks in advance, but this can vary based on the season and our current workload. Once your project is scheduled, we guarantee completion within the timeframe specified in your package (14 days for our Essential Package). The process begins with an initial consultation, followed by design planning, permit applications, and material ordering. We'll provide you with a detailed timeline during your consultation. To secure your spot in our schedule, we require a deposit and signed contract.