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What you need to know about Bill 23

July 25, 2023 | Investing

What you need to know about Bill 23.

Earlier this year, the City of Toronto adopted the Official Plan Amendment and Zoning By-law Amendment to permit multiplexes citywide.  For the most part, regardless of where you live in the city. Meaning if you own a home in Toronto, you can look into making it a multi-family property.

Ok cool.  But what does that actually mean?

It means a lot of things, but in a nutshell, it means that the City of Toronto just made it easier to fill the gaps of the missing middle in Toronto.

For those wondering, missing middle is a term coined for the variety of multiplex options virtually non existent in the city known for a huge gap in housing.  The city is primarily made up of single family residential homes and apartment or condominium buildings, with little in between.

Up until this point the City of Toronto made it extremely difficult for any development that wasn’t just a single house.  Developers were often met with exuberant development charges, planning committee red tape and an overbearing amount of NIMBYism.

Great.  So again, what does this actually mean? What can be done?

Right!  Let’s get back to it. What you need to know about Bill 23!

You have a single family residential home or are thinking of purchasing one to turn into a multiplex. Here are the basics:

  1. You can now convert 1 home into 4 units in the main home plus 1 garden suite or 1 laneway suite in the back – totalling up to 5 units allowed on 1 lot!
  2. Homes eligible include detached, semi-detached and town homes!
  3. No parking requirements..but you do need to make space for a couple bicycles!
  4. Can build up to 10 metres in height – which is 3 storeys in most areas!
  5. Extend the length of your home up to 19 metres (criteria dependant)!

As with anything, certain limitations apply. Be sure to check in with your local city by-laws in regards to your specific property.  More information on expanding housing options and the studies conducted can be found on the City of Toronto’s website. The full Zoning amendment can also be found there.

Its a very exciting time for housing in and around the city!  More units will have the opportunity to be built, giving way to more homes available for people to live in.  As well, those wondering how to invest and create cashflow, just got a little help with the answer.

Want to chat with us about how this makes a great investment? Appreciation is very real in the City of Toronto – and now cash flow can be too!

Reach out today.