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Alternative Home Ownership trends
In Mississauga & Brampton
More homebuyers in the GTA are entering non-traditional forms of home ownership over the past year – close to 35 per cent of buyers today, and this number continues to increase. Looking ahead this year, due to ongoing affordability challenges, the region could see another five-per-cent increase in homebuyers exploring alternative ways to engage with the housing market.
Recently, Brampton and Mississauga have witnessed a remarkable surge in the popularity of secondary income suites. These additional living spaces, commonly known as basement apartments, or in-law suites, are becoming a sought-after option for both homeowners and renters. The rising cost of living and the need for additional income streams have fueled this trend, making secondary income suites a practical and lucrative solution for many homebuyers in Brampton and Mississauga.
Many newer homeowners spend their first few years finishing their basements to be income-producing suites. Many are opting to have their aging parents live with them rather than adding the cost of putting them into a retirement or nursing home.
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1. Joint tenants
2. Tenants in common
3. Co-ownership/co-equity
most-common forms of
non-traditional ownership:
1. Insurance concerns
2. Financing concerns 3. Potential tenant issues
buyer concerns and misconceptions:
Property sellers in Brampton and Mississauga aren't currently expressing any critical concerns about accepting offers from non-traditional homebuyers.
Seller perceptions
Converted spaces, tiny homes or unconventional structures can come with zoning and regulatory complexities, limited financing options, appraisal and valuation issues, community acceptance and stigma, maintenance and renovation complexities, and resale challenges. Consult a real estate professional for guidance.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.
Financial Benefits: Homeowners can maximize their property's value by converting underutilized basement spaces into rentable units. This additional income helps offset mortgage payments, property taxes, and maintenance costs.
Affordability for Renters: Brampton, like many other cities, faces a housing affordability challenge. Secondary income suites provide a more budget-friendly housing option for renters, contributing to the city's efforts to address its housing crisis.
Changing Demographics: The demographic landscape of both Brampton and Mississauga are evolving, with an increasing number of multigenerational families and immigrant households.
Supportive Policies: Municipal governments in both Brampton and Mississauga have recognized the benefits of secondary income suites and have implemented supportive policies to encourage their development. By streamlining the approval process and relaxing zoning restrictions, authorities are fostering a conducive environment for homeowners to invest in creating these additional dwelling units.
Increasing Property Values: Homeowners are capitalizing on the potential increase in property values that secondary income suites can bring. The flexibility of having an additional rental unit appeals to prospective buyers and investors, contributing to the overall appreciation of property values in Brampton/Mississauga.
Challenges and Solutions: While the popularity of secondary income suites in Brampton is undeniable, challenges such as zoning regulations, building code compliance, and neighbourhood concerns exist.