Great info! Thanks for sharing, Saman

😅😂 I can build in Greater Vancouver today using a general contractor with 2 bed 2 bath all in permits etc for 250k

Also nowadays builders know that home owner are crushed by mortgage and they have only option is to add a garden suites so they are charging twice now as it used too. Perfect

Garden suits should be around 125 to 145 k as they usually 500 sqft. So not sure why he mentioned 250k to 400k . Is it 1000 sqft cost?

Hi, great content., is it possible to get consultation for duplex/triplex conversion?

Can we get an update on this? New municipalities allowing ADU/ garden suites?

Such great information!

Amazing info! Are you able to share your spreadsheet with us?

Amazing info!

🔥

Thanks for the info Cody!

best video, !!!

This was a great series, thank you! Are we able to get a final post reno interview with the landlord after a couple of months of renting his basement? Talk about how his landlord journey has been like these past few months/ year? Curious as to whether he would of done anything different (better insulation around windows/ door/ openings). Was there any issues with ceiling height and getting the sound management done with all the different layers (5/8 drywall, channels, additional sound boards) insights like that?

Heads up that company is shady an a headache to deal with.

Unless he split the front bungalow 2 units $2000 each and backyard $2000 each 2 units.

Who would want to pay 4000 or 3000 a month of rent? Crazy. 1.7 million. Might as well buy a bungalow for 800000 and pay 300000 to add a second floor and flip it.

Great discussion! Amazing information!

Great discussion and insights!

MADE IN OSHAWA

'Promosm' 🎶

Very expensive.. you can get a condo for 400k in Hamilton and other areas

This isn’t a residential property anymore, it’s a business and should be taxed and regulated as such. It just needs a flashing neon sign out front.

From the mouth of a Durham Regional Police officer who can't wait to retire & move away, Bowmanville is not the same nice little town it was 8-10 yrs ago. Most of the trouble has migrated from the west. (a.k.a. Toronto)

Great presentation Saman. I'm sure once BoC starts cutting down, you'll have the demand pick up again. Mostly from those who waited from 2nd half of last year and those planning this year.

Supply and demand is right but we also need to look at affordability. If the rate is high, it will suppress the price. The price will be weak until we have better mortgage rates

$450,000?!?

Those rents arent guaranteed, i woudnt go by his #s and would lower the expectations to do the cirrect math. If those numbers do workout good for him

Great convo! Awesome to hear from the mayor himself

Brampton has a 35 sq metre max for adding a garden suite in zoned residential. Do they offer anything smaller than MetroSuite1?

U r the best for Durham investors Habibi❤

If you have questions for the Mayor, please drop them in the comment section below 👇

650$/sqft is crazy cost

'Promo sm' 😎

Another informative video Saman

Thank you for the video! I do hope Whitby updates by-laws soon too! Any news? Thanks again!

Awesome video! Thank you for all the information!!

Habibi finally I found you

Can you help me get affordable accommodation for family of 4

Can i get driving job in this area

I'm trying to reach through Instagram but you're not responding

Great video, thank you.

Can you provide the contact details for the GC please?

The cost of this garden suit is too much.I know another builder can build a garden suit much cheaper than that.

Approximate cost from start to finish would have been beneficial.

So, this is the future of the new housing policies within the province and within the GTA. R1 residential zoning is basically dead. All lots now are essentially multi-residential. Although, this gentleman originally planned on occupying the garden suite himself, there doesn't seem to be an issue with making all three units rental. Yes, the economics apparently work when the original home, after duplexing can bring in $4100 monthly in rent with the garden suite (even as a long term rental) bringing in potentially another $4000.00 monthly; but it doesn't do anything to either help lower the rental costs or provide any additional affordable housing. This gentleman is simply a developer and he is providing housing based on it's ability to generate him INCOME and CAPITAL GAINS. The majority of new housing provided under these new housing policies will be essentially revenue generators and market capital gains. Thus, rents will not be going down without thousands of these units being built, thus flooding the market and forcing competition within the marketplace to force the rents lower. However, when you are investing over $1 million for the original property, adding and 5 or $600,000 to add a garden suite, these types of residential opportunities are not economically viable without these high rents that are being charged. If rents are forced down, people will stop building these types of projects because they will stop making economic sense.

Good video~ I constructed a Garden Suite (garage apartment, 540 sq. ft. living space above a double heated garage) on a 1/4 acre lot in Edmonton. Completed construction in 2021, after a stalled start with a horrible first contractor. Zoning in Edmonton was a 5-month process for development and 7 months for Demolition and construction permits. At that time, there were fairly restrictive bylaws addressing Mature Overlay Areas, space for parking, additional fees for parking, height restrictions, and landscape requirements. Effective Jan 1, 2024, the City of Edmonton will allow Secondary detached housing on almost all properties, fast-tracking the process to 6 weeks, with minimal restrictions. Most Single Family Residential properties may be developed to increase density and limit urban sprawl, According to our elected officials. Despite protests from citizen groups, the Council passed the motion providing financial incentives to Developers. On the financial end, my opinion would be similar to yours. The short-term cash endeavor is prohibitive, however, I'm older, residing in the main home, and don't face the challenge of refinancing. Because of the re-zone, the property value, in the long term will only increase allowing relocation or subdividing of the lot. Best of luck.

Hi Saman, He said he is going to test out the short-term market if he can two or three times that.... What does that mean? Thank you for the video.

Wow. Great video. Thank you!

$1.7mil invested, and he only gets $7-8k per month, about $80-90k gross a year, with all the headaches of managing tenants. It's not a good investment unless the property value increases tremendously, which is highly unlikely with the current RE markets. This definitely doesn't work.

This is just a FANTASTIC job! look up to the investing projects you have done. Thanks for sharing with us the numbers. That helps A LOT!