Good News for Investors!
The Town of Whitby has recently adopted a new by-law making it easier for home owners and real estate investors to legalize existing accessory apartments and to create new legal units. Approvals will be done on a more general basis whereby accessory apartments located in single detached and semi-detached dwellings will be required to undergo a safety inspection (typically fire and electrical) in order to be approved to be entered under the apartment registry by-law. The previous legislation dealt with these properties on a site-by-site basis and council had to approve individual applications.
Additionally, the town is waiving the $100 registration cost until January 2011.
This is good news for real estate investors in Whitby who were recently affected by changes to CMHC (Canada Mortgage and Housing) guidelines which now require that investors have a 20% down payment to be approved for mortgage financing.
For answers to your frequently asked questions, click below: http://www.whitby.ca/index.php?page=334