“When Don Campbell married in 1987, he took a look at his new home’s basement and saw a whole lot more than concrete and pipes.
He saw opportunity.
Building a rental unit in the basement just made sense for the Vancouver-based senior analyst of the Real Estate Investment Network and author ofReal Estate Investing in Canada. With the rental income taking a bite out of the couple’s mortgage, that home suddenly became an affordable option.
“Building a suite is an incredible way for people to get on the property ladder and into the housing market. You get to live in an area with a garden and backyard,” he says.
Ahead of his time? Think ahead of the curve. With Canadian housing prices now skyrocketing – and single-family dwellings the hottest commodity of all – it’s little wonder new and existing homeowners are eyeing basements, attics and garages as sources of income and a means to slash a whopper of a mortgage. Cities, such as Vancouver, are also looking for ways to encourage affordable housing and, for over a decade, have been busy rezoning neighbourhoods to allow so-called secondary suites.”
Reports Kira Vermond, Special to The Globe and Mail