{"id":89003,"date":"2024-08-16T13:46:21","date_gmt":"2024-08-16T17:46:21","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=89003"},"modified":"2024-08-26T14:02:27","modified_gmt":"2024-08-26T18:02:27","slug":"create-rental-income-by-adding-housing-units-to-your-property","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/home-building-and-renovations\/create-rental-income-by-adding-housing-units-to-your-property\/","title":{"rendered":"Create Rental Income by Adding Housing Units to Your Property"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/remodeling-your-home\/\">\n\t\t\t\t\t\t\t<span>Remodeling your Home<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Create Rental Income by Adding Housing Units to Your Property<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Royal Bank of Canada<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A chart showing the growth of real estate, interest rate and dividends\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg 5492w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/08\/Article-2-Finances.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Create Rental Income by Adding Housing Units to Your Property &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/home-building-and-renovations\/create-rental-income-by-adding-housing-units-to-your-property\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/home-building-and-renovations\/create-rental-income-by-adding-housing-units-to-your-property\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published August 16, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Recent <a href=\"https:\/\/censusmapper.ca\/maps\/3516\" target=\"_blank\" data-dig-id=\"LP-89003-125a508f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Census data\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Census data<\/a> reveals that there is a significant amount of unused living space in homes across Canada\u2013at a time when many Canadians are struggling to find a home they can afford.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>As a result of zoning bylaw changes, you may be able to add rental units to your property<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Depending on your municipality, you could convert your home to multiple rental units or add new housing to your existing land<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Rental income from tenant(s) can contribute to your cash flow, help you pay off your mortgage faster, and\/or take advantage of tax credits for landlords<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>It is important to consider the responsibilities of being a landlord and the costs of construction before getting started<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>Homeownership costs have reached new heights in recent years. In fact, the average household <a href=\"https:\/\/thoughtleadership.rbc.com\/toughest-time-ever-to-afford-a-home-as-soaring-interest-costs-keep-raising-the-bar\/\" data-dig-id=\"LP-89003-fc1eec18\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"needed to spend 63.5% of its income\" class=\"rbc-link-format\">needed to spend 63.5% of its income<\/a> to cover the costs of owning an average home at market price in 2023.&nbsp;And for those who don\u2019t own a home, getting into the market can feel more difficult than ever. This environment results in a need for more housing <strong><em>and<\/em><\/strong> solutions that can help homeowners carry the cost of ownership.<\/p>\n\n\n\n<p>So, let\u2019s talk about what solutions could look like. By converting your property into multiple units, you could put money in your pocket over the long-term, build home equity, and help others access housing. It maybe something worth exploring.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to add housing units to your property<\/h3>\n\n\n\n<p>Recent changes in zoning laws across Canadian municipalities have made it simpler for homeowners to convert the property they live in into multiple residential units. While there are many variables, and different rules in each community, homeowners are being presented with unique opportunities for their properties. <em><\/em><\/p>\n\n\n\n<p>If you live in a municipality where you can add new units by redeveloping your land or your existing property, there are a few ways you can go about it. One option is to convert or retrofit your existing home into multiple units, otherwise known as a duplex, triplex, or multiplex.<\/p>\n\n\n\n<p>Take these examples: Have your children left home, and you have some empty rooms? You could split up your property to create new separate spaces that could be rented out for additional income. Have a basement that doesn\u2019t get much use? Consider turning it into an apartment suite and put that space to work.<\/p>\n\n\n\n<p>Another option, which is gaining popularity in some Canadian cities, is to build an external structure that sits on your property. Such a structure can be attached or fully detached from your main home.<\/p>\n\n\n\n<p>For example, if you have a detached garage, you may be able to convert it into a laneway home. Have unused space in your backyard? You may be able to add a garden suite.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Advantages and opportunities for homeowners<\/h3>\n\n\n\n<p>Adding new housing units to your property has the potential to make a valuable difference to your household by helping you:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Improve your cash flow for yourself and your family<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Use rental income to pay off your mortgage<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Take advantage of tax deductions that come with being a landlord<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>What\u2019s more, by converting your existing home into a rental unit, you\u2019re steps away from your tenants. This proximity allows you to take care of potential issues, keep an eye on maintenance needs and maintain property value versus managing tenants from afar (or paying for a maintenance company to do it for you).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Things to consider before you get started<\/h3>\n\n\n\n<p>While there is significant upside to adding rental units to your property, there are some important factors to consider.<\/p>\n\n\n\n<p>Being a landlord, for one, isn\u2019t for everyone. You\u2019re on call 24\/7 and if there\u2019s an issue with the unit, you\u2019re responsible for taking care of it. Keep in mind, if you\u2019re adding multiple units, you could hire a property management company who could do the heavy lifting for you \u2013 from maintenance to repairs to finding tenants.<\/p>\n\n\n\n<p>Another factor to think about is that if you\u2019re living on-site, you\u2019re sharing some of your previously private space with others. If you\u2019re used to the privacy your single-family home has provided, this may something to get used to. Keep in mind too that there\u2019s always the risk that the additional unit(s) will be unoccupied for a time in between tenants \u2013 so if you\u2019re budgeting for extra cash flow, it\u2019s best to prepare for occasional vacancy.<\/p>\n\n\n\n<p>Perhaps the most important consideration is the cost to retrofitting, converting and\/or adding units to your property. If this is something you\u2019re seriously thinking about, be sure to create a budget, speak to an advisor, crunch the numbers and get some reliable quotes for work so you\u2019re comfortable with how the financials play out.<\/p>\n\n\n\n<p>An <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/home-building-and-renovations\/housing-for-the-next-generation-could-be-in-your-own-backyard\/\" data-dig-id=\"LP-89003-c87f1b17\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Construction Mortgage\" class=\"rbc-link-format\">RBC Construction Mortgage<\/a> can help Canadian homeowners add up to a total of 6 new housing units to their property \u2013 whether by building new units or retrofitting their existing home. Plus, with an in-depth knowledge of construction mortgages, RBC Mortgage Specialists can give you the support you need to guide you through the budgeting, mortgage and development process of re-engineering your existing home.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-db8725ef-67ac-47c1-ab19-9cb381fd109a\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Create Rental Income by Adding Housing Units to Your Property &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/home-building-and-renovations\/create-rental-income-by-adding-housing-units-to-your-property\/\">\n        <img decoding=\"async\" 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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-45f1a1b4-9a21-47de-a88d-1ce2be94a114\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/remodeling-your-home\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Remodeling your Home<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This 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mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/02\/shutterstock_2072514095_fbde76.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Girl in raincoat and rubber boats\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/02\/shutterstock_2072514095_fbde76.jpg 3840w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/02\/shutterstock_2072514095_fbde76.jpg?resize=300,169 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/02\/shutterstock_2072514095_fbde76.jpg?resize=768,432 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/02\/shutterstock_2072514095_fbde76.jpg?resize=1024,576 1024w, 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class=\"card-title h4 mar-t-0\">Actions to Help Protect Your Home from Extreme Weather Events [Infographics]<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-db8725ef-67ac-47c1-ab19-9cb381fd109a {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-db8725ef-67ac-47c1-ab19-9cb381fd109a {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-45f1a1b4-9a21-47de-a88d-1ce2be94a114 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-45f1a1b4-9a21-47de-a88d-1ce2be94a114 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>By converting your property into multiple units, you could put money in your pocket over the long-term, build home equity, and help others access housing. 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