Maximizing Your Property's Potential: How to add 3 Rental units to your Home with Bill 23
Bill 23, also known as the More Homes, Built Faster Act, 2022, has opened up new possibilities for homeowners in Ontario. This legislation allows property owners to build up to three units on their land, providing opportunities for increased housing density and potential financial benefits. In this blog, we will explore how homeowners can take advantage of Bill 23 and convert one unit into three.
Understanding the Benefits:
The passage of Bill 23 has brought significant advantages to property owners. By converting their existing homes into triplexes, homeowners can generate additional income and potentially increase the value of their property. This change in legislation also addresses the demand for housing in urban areas and helps alleviate pressure on the housing market.
Considerations and Challenges:
While the opportunities presented by Bill 23 are exciting, it is essential to consider potential challenges and impacts. Some stakeholders have expressed concerns about overdevelopment in certain areas. To address these concerns, the city must establish guidelines and regulations for the development of additional units. Working with the City of Ottawa planners, OHC can assist homeowners in navigating these considerations and ensuring responsible development.
Converting 1 Unit Into 3:
Under Bill 23, homeowners can convert their existing homes into triplexes or build additional units on their property. For example, a detached house, semi-detached house, or rowhouse can be converted into a second residential unit. An existing home can also accommodate a third residential unit, provided no ancillary structures contain residential units. Additionally, homeowners can build one residential unit in an ancillary building or structure if the existing home has no more than two units and no other ancillary structures contain any units.
Bill 23 has opened up exciting opportunities for homeowners in Ontario to convert one unit into three and unlock the potential of their properties. By taking advantage of this legislation, homeowners can generate additional income, increase property value, and address the demand for housing in urban areas. It is crucial to navigate the considerations and challenges associated with responsible development, and working with professionals like OHC can help homeowners make the most of Bill 23 and contribute to sustainable housing in Ontario.