Toronto apartments and especially Toronto basement apartments are always a big discussion when working with Buyers or Sellers. About 90% of the apartments that I have shown in either single-family homes with basement apartments or multiple family homes, the question is asked: “Is this a legal basement apartment? Does legal mean that it is retrofit?” In both cases the answer, for the most part is “no”.
The number of Toronto apartments that are both Legal and have Retrofit Status would at a guess, constitute probably 10% of the homes with units that sell every year. If the City of Toronto really cracked down the rental stock would be greatly depleted and the cost of existing legal and retrofit apartments would probably skyrocket.
For some great clarity, our friends at Carson Dunlop Consulting Engineers posted this great article to deal with the murky subject. Have a read through and it really will enlighten you.
If you have anything you would like to add or need clarification on please feel free to comment below or email me at firstname.lastname@example.org.
Please note that there are some great phone numbers that would come in handy for every City of Toronto household on the last page. Thanks Carson Dunlop !