Program Overview
The Toronto City Council has approved a plan allowing for the construction of multi-unit residences to meet the growing demand for housing.
Toronto Housing Revolution!
Build 4 Units on One Plot of Land!
- Constructing 285,000 Housing Units
- including Duplexes, Triplexes
- or Quadplexes for Rent or Apartment Units
- Transforming or Building Multi-Purpose Homes.
Plan Details
Constructing multi-family residences in communities with height limits below 10 meters, reaching up to 10 meters and three stories.
Simplifying the process of building multi-family residences by changing permit types.
Allowing the construction of multi-family residences in areas with higher height limits, reaching up to four stories.
Simplify Approval Procedures
Through a vote, the council will alter the permit requirements for constructing multi-unit residences:
ensuring property owners desiring to build such housing can now apply for building permits without the need for stricter approvals to amend the city’s official planning or zoning regulations.
Support and Advantages
Key Measures Addressing Housing Needs: Preserving the architectural forms and landscape amenities of low-rise residential communities to maintain their character. Assisting in meeting diverse regional housing demands by offering various housing types.
1. Property Information Form
2. Property information
Example of building plan
- Main Building: One to three floors: 2,000 sq.ft per floors
- 6000 sq.ft in total Back garden house 1300 square feet
- Semi basement level: 1300 sq.ft
Purchase the house for about 1.5 million
1. Building Layout
| Item | Describe |
|---|---|
| Property Type | Detached House |
| Lot | 50' x 150' (Total 7500 Square Feet) |
| Place | Bayview and Finch |
| Policy Planning | According to the regulations of the Toronto City Government, you can apply to rebuild 5 units |
| Architectural | 3 Storeys above ground + 1 Storey plus half basement + back garden room |
| Total surface area | 8600 Square feet |
| Building Part | Number of suites |
|---|---|
| Main Building | 12 Suites (3 floors x 4 suites) |
| Back garden house | 4 suites (upper and lower 2 sets |
| Semi basement | 3 suites |
2. Construction Cost
| Describe | Cost |
|---|---|
| Total surface area | 7300 square feet |
| Consutrction cost unit price | Not to exceed $300/sqft |
| Total constuction cost | $2.2 million ($300 x 7300 sqft) |
3. Habitable area and suite area
| Describe | Area |
|---|---|
| Total habitable area | 8600 square feet |
| Area of each suite | 452 square feet (8600 square feet / 19) |
4. Total cost calculation
| Expenses | The amount |
|---|---|
| Land purcahse | $1.5 million |
| Construction cost | $2.2 million |
| Total Cost | $500,000 (Including interest $400,000 + design fees + legal fees + miscellaneousfees) |
| Engineering project management fee | $200,000 |
| Total cost | $4.4 millions |
5. Loan Amount
| Describe | The Amount |
|---|---|
| Total Investment | $4.4 million |
| Self-funded invest in JV projects | $1.3 million |
| Loan amount | $3.1 million ( total investment $4.4 million - JV project self funded investment of $1.3 million) |
6. Rental income from various parts of the building
| Building Part | Area (Square feet) | Rent Per square foot | Monthly rental income |
|---|---|---|---|
| Upstairs in the back garden house | 650 | $2.50 | $1625 |
| Back garden house downstairs | 650 | $2.50 | $1625 |
| Main Building (3 Floors) | 6000 | $3.00 | $18000 |
| Basement | 1300 | $2.50 | $3250 |
7. Double the number of short-term rentals
If the location is good, choose short-term rental, and
you can earn income every month
$3000 X 19 suites = $57000
($150X30 days/month per room per day for shortterm
rental = $4500X66.7% occupancy rate)
Equal to the income of a small hotel.
8. Rental income from various parts of the building
| Describe | The Amount |
|---|---|
| Total monthly rent for each part | $24500 |
| Average monthly rent per unit | $1289 (total monthly rent $24500/19 suites) |
| Annual rental income | $294,000 ( $24500 x 12 months) |