Renting out your basement can help homeowners offset the carrying costs associated with single-family homes by tens of thousands of dollars, according to a new report from digital real estate platform and brokerage Wahi.
The report highlights how homeowners in the Greater Toronto Area (GTA) can unlock significant income ー between $1,700 and $2,400 per month, depending on location ー by renting out a portion of their home.
The Region of Durham forms the eastern part of the GTA.
While Old Toronto, East York, York, Etobicoke and Oakville command top rents, more affordable markets such as Oshawa offer stronger rental yields due to comparatively lower up-front costs.
The analysis shows that basement suites can generate up to $28,800 annually in high-demand areas like Old Toronto. An earlier survey shows that one-in-five Ontarians are looking for features like separate entrances.
“While Toronto condo buyers have been benefiting from significantly and continually lower prices as the market corrects, single-family prices have remained firmer,” says Wahi Economist Ryan McLaughlin. “Fortunately… there is the option of purchasing a property with a secondary suite.”
The full report, with a downloadable chart, is available here.
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