Laneway Homes & Garden Suites Will Change Toronto's Real Estate Market | 5ive Star Podcast Ep. #18

Welcome to another episode of the 5ive Star Podcast where we talk about all things Toronto Real Estate. In this episode, we're diving deep into the world of Laneway Homes and Garden Suites, two innovative housing solutions that are changing the Toronto real estate landscape. Join us as we welcome a special guest with a wealth of knowledge on this topic, Andy Tran. Andy is a seasoned expert in real estate development and he's here to share his insights, tips, and advice on how Laneway Homes and Garden Suites are reshaping Toronto's housing market. Check out Andy Tran's Youbtube Channel here: https://www.youtube.com/ @suiteadditions 🌿 Laneway Homes: What are they, and how can they provide affordable housing options in our bustling city? Andy will break down the benefits and challenges of building and living in these charming secondary residences. Whether you're a homeowner looking to explore this investment opportunity or a potential tenant, this episode has something for you. 🏠 Garden Suites: These hidden gems are sprouting up across Toronto's backyards, offering unique and stylish living spaces. Andy will discuss the design possibilities, zoning regulations, and how they contribute to a more sustainable urban environment. Get ready to be inspired by the potential of your own backyard! 👉 Have questions for Andy Tran or suggestions for future episodes? Drop them in the comments below, and we'll make sure to address them in our upcoming shows! #TorontoRealEstate #Podcast #LanewayHomes #Condos #toronto #HousingMarket #Homebuying #GardenSuites (00:00) Intro (01:25) Importance of Garden Suites/Laneway Homes (02:59) Difference between Garden Suite and Laneway House (04:50) Best Entry Point to Add an Addition Dwelling Unit (A.D.U.) (08:10) How long will it take to legalize a unit and cost? (14:00) Cost of Legal Conversion (15:25) Benefit of Adding a Rental Unit (19:20) Exploration of Pre-Fabricated Homes (26:50) Hurdles to Consider with adding an A.D.U (30:30) Cost of Adding a Garden Suite/Laneway House (36:15) Biggest Challenges with adding A.D.U. (38:41) Impact to schooling with intensification (41:10) How Does A.D.U. impact your property value? (44:09) Impact on Property Taxes (48:39) Time it takes to complete an A.D.U.