This one is for all you homeowners in the GTA and Southern Ontario. Backyard Housing is here – mandated by Ontario Bill 23 in some form everywhere in the province. This has exciting implications for your finances, and overall quality of life. It’s time to explore Backyard Housing, also known as Garden Suites, a pioneering approach that is revolutionizing affordable, multi-generational living.
Backyard housing has the potential to help address some of the crushing shortage of rental housing options in the province. In Toronto alone, there are over 450,000 residential properties to which the recent Garden Suite bylaws apply. If even ¼ of those are appropriate to build on, that represents over 100,000 new 2 or 3 bedroom apartments. That’s like 200 condo towers tucked away invisibly into the backyards if our neighbourhoods! Think of how that can help keep downtown schools full of kids, libraries well used, and leverage existing infrastructure investments.
For individual Homeowners, the benefits of backyard housing are numerous:
- Increased Resale Value: Adding a Garden Suite can make your property more attractive to potential buyers, boosting its resale value.
- Enhanced Security: Having an occupied Garden Suite while you’re away creates an additional layer of security, deterring potential trespassers.
- Mental Health Benefits: Living in a multi-generational setting can foster a sense of community and provide emotional support, contributing positively to mental well-being.
- Estate Planning Advantages: The potential tax savings and flexibility in property ownership can be a significant part of your financial strategy.
- Environmental Sustainability: By embracing low-carbon, affordable building methods, these units can align with broader sustainability goals.
- Affordability and Independence for Family: Providing a separate living space for adult children offers independence while keeping loved ones close.
- Potential Rental Income: Renting out the additional unit can provide a consistent revenue stream, further enhancing financial stability.
Backyard Housing is more than just a trend; it’s a smart, multifaceted solution to various challenges faced by today’s homeowners. By transforming your property into a multi-generational haven, you can unlock myriad benefits, all while enjoying the satisfaction of promoting family growth and sustainable living.
In our next blog post, we will explore the deeper nuances of multi-generational living, focusing on shared experiences and the warmth of family connections within one property.
For all you homeowners, the opportunity to capitalize on Backyard Housing awaits. The transition from idea to implementation is thrilling, and we’re here to guide you every step of the way. Stay with us for more insights, and prepare to embrace this innovative housing concept like never before.