Renting out a secondary suite, such as a basement unit, can be a smart and relatively low-effort way to generate additional income. This option is especially appealing for those trying to pay off a mortgage.   While it can earn you some extra cash, for homeowners in Ontario, renting out a suite comes with a variety of legal, financial, and practical considerations that must be addressed to ensure renting out a suite is a success.  This article will provide an overview of the main considerations when renting out a secondary suite in Ontario. From understanding the legal requirem ..read more

Since early 2022, the Bank of Canada has raised rates ten times. This rapid run-up in its benchmark interest rate has started to cool down the economy and bring inflation down. However, rate hikes have created other challenges for Canadians, including pushing up the price of mortgage payments and making it harder to shop around for rates.   But it doesn’t end there. This rate hike has had far-reaching impacts on the economy, affecting not just homeowners but also renters and everyone in between.  Here’s how high interest rates can affect you – even if you don’t have a mortgage ..read more

This article has been updated from a previous version.  When you move in with roommates, you’ll typically agree on how to split bills before you sign the lease. From rent and electricity to household items, you decide how to manage shared expenses together.   But what happens when your landlord requires you to get tenant insurance? Can you add it to the list of bills you’ll split?  Read more: Are you being asked to pay for tenant insurance? Here’s what to do.  Although it’s not mandatory (unless explicitly required by your landlord), tenant insurance (or renter’s insu ..read more

Picture this: You’re moving south of the border to start an exciting, new job. But while you figure out the logistics of your move, and what you may or may not need in your new home, what about your belongings?   Most people consider self-storage options when they relocate or renovate. They’ll think long and hard about how safe the location is, what happens if their items are damaged, and if it will be covered by insurance. Afterall, the contents may be expensive or valuable.   Let’s take a closer look at how your belongings are insured, and to what extent, in a storage facilit ..read more

This article has been updated from a previous version  While house hunting in Toronto’s nightmare of a rental market, a landlord said he needed my passport and Social Insurance Number (SIN) to run a background check as part of my apartment rental application.  Keep in mind, this was three months into my search. So, between multiple failed applications, dealing with discrimination, and fierce competition, I was getting desperate.   I’d never given out my SIN except for employment and tax purposes, so I confided in a close friend who documented my ordeal, and she advised me ..read more

Insurance is a promise for the insurance provider, through a contract or policy, to reimburse the insured for losses or damages that come up in certain circumstances. Most people think you must own something like a car or house to get insurance. But what if you don’t own a house? If you’re a renter or tenant, is insurance necessary for you as well?   The unequivocal answer is yes – full stop. However, there are nuances and issues to consider. Firstly, tenant insurance is designed to protect you and your personal belongings from various risks and liabilities. Interestingly, it’s not ..read more

In the rapidly evolving and competitive real estate landscape of Ontario, renting within budget can be a herculean task. Once you fulfil several requirements and are able to get a hold of a property that you can comfortably rent, you may think that’s the end of your troubles.   Shaheen K* arrived in Ontario in December of 2021. After a long search and filling out dozens of rental application forms, she finally found a studio apartment she could rent – one that suited her budget, as well as her requirements.  However, before signing the rental agreement, the landlord put forth a ..read more

This article has been updated from a previous version. During the early hours of a Sunday in 1666, a massive fire erupted in the city of London, England. The inferno started in a bake shop and raged on for five days, engulfing 13,200 homes, 87 parish churches, The Royal Exchange, Guildhall, and St. Paul’s Cathedral. Damage was estimated at 10 million British pounds. The Great Fire of London — as it’s known today — may have spurred the demand for home insurance. According to Intact, one of the early indicators that a person had home insurance was a metal plaque known as a “fire mark” that was ..read more

2022 has proved to be quite the year for the Canadian real estate market. The year began with house prices across the country going through the roof. But a few months down the line the situation changed rapidly, as factors like rising interest rates and growing inflation came into play.     Consequently, the number of monthly home sales in the country began falling. According to the Canadian Real Estate Association, national home sales fell by 3.9% from August to September 2022 alone.    House prices have also faced a considerable fall across Canada since th ..read more

While 10 million Canadians own a home, homeownership is on the decline. In fact, Canadians are now less likely to own a home in comparison to a decade ago, according to the 2021 Canadian Housing Survey. And rental households have grown at more than twice the pace of owner households in the past decade, particularly among millennials aged 25 to 40.   Other data, like the tenant rate (40.4% — the highest it’s been since the 1960s) and a rising trend of condominium construction, all point to an increased demand for rental dwellings across Canada’s large cities.  However, average r ..read more