Wednesday, 11 November 2015
Does a House like this look like that it could help alleviate our Affordable Housing Crisis? It could, you know. How? Just read on.
Photo Credit: Wo-Built Inc
Let’s say you are a single mother with one or two kids and employed as a office assistant or law clerk or maybe in retail sales or as a factory worker and bring in as base salary approx $40,000/per year. That is $3,400/month before any taxes and deductions. After deductions this leaves approx $2,700. Let’s say you need a 2 bedroom apartment in Toronto. Most apartments are now around $1400 -1500. Basement apartments are slightly less expensive, but they may not be legal; hence maybe not healthy and safe.
That leaves about $1,200 for food, clothes, phones, car payments, maybe dental and medications if required, transportation, school supply etc. I know these are just rough calculations not taken into account any tax credits, child support etc, but making ends meet for a family of 2 or 3 on this kind of money is near impossible. It’s even difficult if you earn $60,000/year. (Take home after deductions is $3,700/month) and would leave about $2,200 for all other expenses. More comfortable, but a more affordable housing solution would still be appreciated.
The simple explanation (yes, very simple and yes, it is more complex) is that we are suffering from an under supply of good units. In other words, there are not enough units for the demand. Ergo, we need more units – and fast.
Large rental developments are entering the GTA market, but take forever (estimated average of 5 years) to build due to the planning and building process and are often geared towards the high end rental market. This is not the best option to alleviate the housing shortage. What is: Legal Second Suites!
As most municipalities in Ontario are now allowing Second Suites provided they follow all the building and fire codes and bylaws, the creation or renovation of a second suite could be done within 3 months. Design and planning: 4-6 weeks. Construction: 4-6 weeks, maybe slightly longer, if more complex.
For more info and to contact us if you would like an opinion if your house could have a second suite, please go to http://makesecondsuitespossiblebywobuilt.strikingly.com or call us on 416 402 2679.