What You Need to Know About Building a Fourplex in Toronto: An Interview with Sean Galbraith
ฝัง
- เผยแพร่เมื่อ 15 ก.ย. 2024
- In the second part of our look into zoning battles and density debates in Toronto and Ontario, John talks to urban planning expert Sean Galbraith on Toronto's move to allow fourplexes across the city.
Sean is an urban planner who assists clients in procuring planning permissions as President of Sean Galbraith & Associates Urban Planning Services in Toronto.
Toronto City Council has recently voted to allow for the building of fourplexes across Toronto, opening up the so-called ‘yellow belt’ to allow for more housing density. John talks to Sean about what’s involved in building a fourplex, what impact the recent policy change will have on this process and how much this change will actually help Toronto deal with its overall housing affordability crisis.
Follow Sean on Twitter: @PlannerSean
Follow John on Twiter: @JohnPasalis
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Great interview with Sean! Were already working with clients on Multiplexes plus garden suites. Very exciting!
Hi, Thank you for the info regarding the multiplex housing in Toronto. What's the maximum height for a multiplex with flat roof? Is it 10m or less?
Informative video..thanks John & Sean
John this us a great episode. However the single biggest obstacle for homeowners to build fourplex is thr Excise Tax Act. Supply of housing is a taxable and triggers HST. Let's say a home owner build a fourplex and the market value of each unit is $1M. The owner would be responsible for $450K in HST.
Pleaae do an episode on this. Bring on some accountants and tax professionals to inform people.
So the big lots will be scooped up fast by developers and small builders
Do Doug’s ford recent statements on No Fourplexes in R zoning change this City of Toronto allowance?
No, Ford just decided to not upzone the entire province to permit fourplexes but municipalities can still allow fourplexes if they choose.
@@john_pasalis thank you for your answer.
Fantastic interview! Now let’s see what Vancouver can do. (My hometown)
2 things you forgot to ask John:
- for Forplex you need commercial mortgage but upto to triplex would be residential mortgage?
- Does no rental increase cap apply to renovated multiplexes? As you know anything build after 2018 there's no rent control. Does it apply to these renovated multiplexes?
Fourplexes are under residential mortgages, which kind of makes it expensive because including construction cost you are now looking at over $3m in costs. As for rental cap increases, renovated multiplexes are supposed to allow old tenants to come back at the same rent as before unless it's a major renovation and reshuffling(which most home owners would not be able to implement without injecting significant capital).
@Bobby Clair Any bank I've talked to the Foreplex is considered commercial.
On rent I'm talking about different thing. Let's assume you buy a vacant 2 story and convert it to 4 units and rent them out. Can you increase your rent a year after in any percentage you want? Or rent increase cap applies?
how much is it to build a laneway on a 23' lot?
Great interview and such a great opportunity for homeowners to create more housing! Garages and basements are ideally suited for conversions and I've converted both my downstairs and 200 sq ft garage into apartments! My channel has videos to help inspire others!
Wow, awesome! Great videos! I didn't think it was possible to convert a 1-car garage into such a functional and inviting apartment!! Great job!
@@user-yj5yl8rg6e Thank you!!
You mean turning your garage into a laneway suite?
If so, how much does it cost?
@@nguyenphuongchang3925 My garage was attached to my house and cost about $60K, my downstairs apartment cost $10K, my channel has full budget breakdown videos!