Victoria’s 10-year Official Community Plan update, which was branded “Victoria 2050”, is a mid-cycle refresh of the City’s 30-year land-use strategy, designed to tackle housing shortages, climate imperatives and evolving transportation needs. Key parts of the plan may be enacted later this year.

At its heart are several interlocking programs: modernized zoning rules to guide growth in town centres, villages and residential neighbourhoods; a structured Density Bonus Incentive that converts additional building height and floor area into community benefits; a Tenant Protection and Assistance framework to lessen displacement; heritage-conservation incentives to reward adaptive reuse; and strengthened mobility, parking and design guidelines to foster walkable, transit-oriented communities. 

Background

The 10-year update process was launched in early 2024 to ensure the Official Community Plan remains responsive to demographic growth, housing demand and climate targets. This cycle focuses on implementation tools, such as new bylaws, zoning modernizations and targeted policy reset, without altering the overarching Vision 2050 goals. Through spring 2025, Victoria City Council reviewed public engagement findings and directed staff to draft the accompanying regulatory packages for final adoption later this year.

A companion “Big Moves” report set out deliverables including an updated OCP, revised zoning bylaw, enhanced development permit guidelines and targeted study requirements to streamline approvals.

Density Bonus Incentive Program

To bridge the gap between base zoning and desired growth, Victoria 2050 looks to formalize a Density Bonus Incentive. Incentives would take effect upon zoning bylaw adoption, anticipated in Q4 2025. Property owners in “Priority Growth Areas” may build beyond base Floor-Space Ratios, up to five or six storeys in select nodes, by offering community benefits such as affordable or family-friendly units. 

An independent analysis by Urban Systems Ltd. quantified the “land-value lift” generated when densities rise from the standard 1.6:1 to 2.5:1 or 2.75:1. That lift varies significantly by neighbourhood, with the study estimating capture-value of roughly $32–$91 per square foot under FSR 2.5 and $46–$91 under FSR 2.75.

The City also plans special concessions for family housing; projects allocating at least 15% three-bedroom units may access enhanced lifts to encourage multigenerational living.

Zoning Modernization and Place-Based Guidance

Victoria 2050 also introduces an updated zoning bylaw that reflects the OCP’s place-based hierarchy. The zoning modernization process was initiated in early 2024, and a draft bylaw reviewed through spring 2025; final adoption is expected by the end of 2025.

Town Centres, or areas clustered around major transit hubs, will allow mid- to high-rise mixed uses with active street-front amenities. Community Villages will remain primarily low-rise (up to four storeys, ~2:1 FSR) but with incentives for ground-floor retail and community services. The broader Residential Fabric is stratified into form-based categories, from single-family and duplex lots to Heritage-Conserving Infill (1.1:1 FSR) and Residential Infill (1.6:1 FSR, 14 m height). Intensive Infill allowances target select corridors and nodes for five-storey developments to meet density targets without wholesale upzoning.

Large sites must follow comprehensive development plans that integrate open spaces, multimodal connections and mixed uses. These master-planning requirements raise up-front costs and planning complexity, but also unlock significant scale and design flexibility.

Heritage Conservation and Urban-Design Incentives

To encourage adaptive reuse and retention of heritage assets, Victoria 2050 consolidates and streamlines Heritage Conservation Area guidelines city-wide, while retaining local criteria where needed. Projects preserving heritage façades or structures may qualify for additional density or height bonuses. Concurrently, the Plan codifies a “Perimeter-Block” concept—orienting buildings to frame interior courtyards and green infrastructure, reinforcing high-quality public realms and pedestrian connectivity. These incentives would be implemented alongside the revised zoning bylaw upon Council adoption in late 2025.

Mobility, Parking and Application Requirements

Consistent with climate goals, new Mobility Hubs align with Town Centres to prioritize transit, walking and cycling. On-site parking minimums are generally relaxed, provided parking is consolidated in below-grade parkades or set on minor streets, freeing ground-floor space for active uses. Select hubs may offer shared parking facilities to reduce individual project costs and support adjacent development densities.

Major development applications must now include comprehensive technical studies, including shadow, wind, traffic, servicing, market-economics, geotechnical and heritage assessments, as well as detailed tenant-displacement analyses. While this raises up-front due diligence effort, it aims to streamline Council and staff reviews by ensuring complete submissions. Mobility Hub designs and revised parking policies were drafted through 2024–2025; full implementation would be scheduled following the final OCP and bylaw adoption in Q4 2025.

Saskatchewan’s residential market demonstrated a pronounced trend toward tighter conditions over the five-quarter span beginning Q1 2024 and concluding Q1 2025. Despite occasional quarterly setbacks, year-over-year measures consistently reflected rising sales, contracting inventory, and steady appreciation in home values. Underpinning these market fundamentals were ongoing population gains, elevated construction activity, and stable – but comparatively higher – levels of mortgage arrears and unemployment relative to some other provinces.

Sales

Source: Edge Realty Analytics

In the opening quarter of 2024, Saskatchewan recorded a modest 3.1% decline in home sales from the previous quarter, but year-over-year transactions were up 7.7%, showing potentially resilient buyer interest. The momentum accelerated in Q2, with sales rebounding 7.7% quarter-over-quarter and surging 12.5% above Q2 2023 levels. During Q3, activity dipped marginally by 0.3% from Q2 but maintained a robust 7.9% gain compared to the same quarter in 2023. Strong sales continued into Q4, rising 5.4% q/q and 11.8% y/y. Early 2025 saw a 6.0% quarterly contraction, but transactions remained 5.7% above Q1 2024, showing sustained demand despite the seasonal slowdown.

Listings

Source: Edge Realty Analytics

Source: Edge Realty Analytics

The supply side tightened notably throughout the period. In Q1 2024 new listings fell by 5.3% from Q4 2023 but were 9.7% higher than in Q1 2023; active listings contracted sharply, down 14.6% q/q and 5.8% y/y. By Q2, new listings inched up 0.7% q/q but retreated 4.4% y/y, while active inventory plunged 8.4% quarter-over-quarter and 19.6% year-over-year. The third quarter saw a 5.0% q/q rise in new offerings, yet active listings remained 2.7% lower than Q2 and 16.7% lower than Q3 2023. During Q4 2024, new listings declined 3.5% q/q and 4.1% y/y; active stock fell another 11.5% from Q3 and was 24.4% below Q4 2023. In Q1 2025 new listings receded 4.6% q/q and 4.0% y/y, while active supply shrank 8.2% from Q4 and 25.1% year-over-year, leaving the market at historically low levels of available homes.

Two metrics illustrate the shift toward seller-favourable conditions. Months of inventory steadily declined from 4.41 months in Q1 2024 to just 3.15 months by Q1 2025, indicating a tighter market throughout. Meanwhile, the sales-to-new listings ratio climbed from 61.9% in Q1 2024 to a peak of 74.3% in Q4 2024 before settling at 73.8% in Q1 2025. Ratios consistently above 60% confirm that listings were absorbed rapidly, sustaining seller leverage across all five quarters.

Prices

Source: Edge Realty Analytics

House values in Saskatchewan advanced each quarter, reflecting the imbalance between demand and diminishing inventory. The quarterly pace of the MLS Home Price Index (HPI) ranged from a 1.1% gain in Q2 and Q4 to a 1.9% uptick in Q3. On an annual basis, price growth accelerated steadily, from a 3.9% year-over-year increase in Q1 2024 to 4.5% in Q2, 5.7% in Q3, and 6.8% in Q4. 

Q1 2025 sustained this trajectory with a 1.6% quarterly rise and 6.2% appreciation compared to Q1 2024. 

Construction

Homebuilding gained traction across most quarters. After a 3.6% drop in dwellings under construction in Q1 2024 compared to Q4 2023, activity resumed growth, rising 0.8% q/q in Q2 and surging 15.1% in Q3. Year-over-year increases were especially pronounced in the latter half of 2024, with construction up 21.7% in Q3 and 16.8% in Q4. 

In Q1 2025, the pipeline expanded another 1.9% from Q4 and leapt 23.5% above Q1 2024 levels. This expansion of supply facilities could help to ease market tightness over the medium term, even as immediate conditions remain competitive.

Earlier this year, the City of Victoria advanced its draft 10-year Official Community Plan, Victoria 2050, to include a formal Tenant Protection Bylaw that tightens property owner’s duties and responsibilities towards their tenants. The bylaw includes some key additional requirements such as providing tenants displaced by redevelopment projects with financial compensation, relocation assistance, and the statutory right of first refusal to return once construction is complete.

The City is further embedding these protections within a dedicated Development Permit Area. The proposed bylaw would also ensure that property owners must address tenant support measures at the earliest design and approval stages. 

This move would place Victoria alongside other Canadian municipalities that have strengthened tenant and renoviction protections, including Kitchener, Hamilton, and others.

Bylaw Requirements

If passed as proposed, the Tenant Protection Bylaw would include the following requirements. Any permit application that would lead to the loss of existing rental units, whether in purpose-built buildings or secondary-market homes, would trigger a Tenant Assistance Plan (TAP). Property owners would need to work with tenants to develop this plan before permits are issued. 

Early and Ongoing Communication

Applicants must notify tenants of redevelopment plans before filing applications, gather tenant input in the TAP, share the final plan, and provide written updates at least every three months during the review process.

Compensation on a Sliding Scale

In addition to the one-month notice required under the Residential Tenancy Act, tenants receive extra rent-equivalent payments based on how long they have lived in the unit. Someone with under a year’s tenancy receives two months’ rent; someone with up to five years, three months; and so on up to six months for tenants of twenty years or more. For market-rate buildings, the compensation is based on whichever is higher: the tenant’s current rent or CMHC’s average market rent.

Relocation Support

Given the region’s low vacancy rate, the TAP must offer each impacted household at least three comparable housing options within the Capital Regional District. These units must match in size and rent and ideally be in the same neighbourhood. Developers who own other rental properties are encouraged to offer those units first.

Moving Assistance

All moving costs must be covered, with hands-on help coordinating the move.

Right of First Refusal

When the new building is ready, each displaced tenant can return to a comparable unit. In market developments, returning tenants pay 20 percent below the starting market rent. In non-market projects, tenants must meet the new building’s eligibility rules.

Detailed Reporting

Before any occupancy permit is granted, applicants must submit a final TAP report. This report summarizes compensation paid, relocation outcomes, and right-of-first-refusal offers, supported by an initial rent roll and tenure records collected before the application.

Comprehensive Tenant Coverage

Anyone living in the building when the permit application is filed is covered, even if they move out voluntarily after the application but before receiving a formal notice. For projects displacing more than fifty units, an independent Tenant Relocation Coordinator (TRC) is mandatory; smaller projects may also require one if many tenants face extreme housing need.

Implications for Development Projects

For those undertaking residential redevelopment, the TPB introduces clear upfront requirements. Tenant support measures will need to be budgeted, scheduled and reported on as part of every permit application. Early engagement with tenants and timely submissions of Tenant Assistance Plans will become standard practice. While these obligations add steps to the approval process, they also reduce the risk of legal challenges, reputational harm, and enforcement penalties down the line.

Enforceability through a Development Permit Area

Victoria will embed the TPB within its Official Community Plan update (known as Victoria 2050) by creating a specific Tenant Protection DPA. Unlike advisory policies, a DPA allows the city to make tenant-support rules a condition of any development permit. This change strengthens compliance oversight and reduces reliance on general bylaw enforcement. As a result, applicants will need to address tenant impacts at the earliest design and application stages.

Context within Victoria 2050

The new TPB and its DPA form one piece of Victoria’s draft Official Community Plan, a blueprint guiding growth to 2050. This plan seeks a balance between increasing housing density and preserving community character. By including tenant protections alongside updated heritage guidelines, streamlined permit areas, and phased zoning reform, Victoria 2050 aims to embed social equity into its land-use framework. Under its vision, complete communities around transit nodes will be matched with protections for residents.

Background

In spring 2024, British Columbia amended its Community Charter and Local Government Act to allow municipalities to create Tenant Protection Bylaws (TPBs). These amendments enable the City of Victoria to create binding regulations for tenant protections. The City is also tying the TPB to a dedicated Development Permit Area (DPA), to ensure that any project requiring a permit, and resulting in the loss of rental units, must comply with tenant-support rules. The goal is to reduce the financial strain and social disruption renters face when older apartments or houses are slated for redevelopment.

Consultation

After Victoria City Council directed staff in November 2024 to draft the new bylaw, Victoria spent seven months gathering input. Tenant advocates, people who had already been displaced, and members of the building industry all shared their priorities. Tenants emphasized the need for clear, frequent communication and an independent coordinator to handle relocations. Builders noted challenges in finding experienced coordinators and suggested ways to expand the pool.

Next Steps

By April 2025, consultation feedback confirmed strong support for enforceable tenant protections. Staff are now preparing a draft TPB and DPA for council approval. Victoria aims to present the TPB and Tenant Protection DPA to Council in Summer 2025. 

Once approved, the public hearing process will finalize the regulations. If adopted, Victoria will join a growing number of BC municipalities in implementing more tenant-focused policies. More information is available on the City of Victoria website.

Many investors and landlords often overlook the financial benefits of proactive property maintenance. However, regular inspections, prompt repairs, and preventive upkeep not only cut long-term costs and preserve property value but also improve tenant satisfaction—key factors that boost overall returns on investment. By dedicating time and resources to maintenance today, property owners can avoid expensive emergency repairs later, reduce downtime and vacancies, and avoid fines for non-compliance with local bylaws.

A Strategic Investment

Essentially, proactive property maintenance is about assessing potential issues and addressing them before they evolve into major problems. Regular, systematic inspections help identify wear and tear or emerging issues in building systems, including plumbing, electrical, roofing, and HVAC. By performing routine checks, landlords can schedule minor repairs during off-peak times, which are generally less expensive than emergency fixes. In addition, preventive maintenance during vacancies further protects your property investment against damages and reduces overall energy consumption. Over time, these small investments accumulate into substantial cost savings and improved property performance.

Preventive vs. Reactive Repairs

Reactive maintenance, where problems are only fixed after they become noticeable and inconvenient (or actively severe and damaging), can be extremely costly. Emergency repairs often come with a premium price tag, as they require immediate attention and sometimes involve hiring specialized contractors on short notice. In contrast, a preventive approach enables landlords to control costs by planning repairs in advance. For instance, routine inspections may uncover a small leak before it damages structural elements or leads to mould growth. Addressing such issues promptly not only prevents expensive remediation but also protects the property’s market value. This proactive strategy is not only cost-effective but also reduces the risk of legal liabilities arising from tenant injuries or property damage.

Enhancing Tenant Satisfaction and Retention

A well-maintained property not only reduces unexpected expenses but also contributes significantly to tenant satisfaction. When tenants feel secure and comfortable in their homes, and aren’t constantly dealing with malfunctions or other inconveniences, they’re much more likely to renew their leases. Consistent maintenance fosters a sense of security and care that translates into longer lease terms and reduced tenant turnover. High tenant retention rates decrease vacancy periods, lower advertising costs, and cut down on the administrative burden associated with tenant transitions. As a result, the revenue stream becomes more predictable and sustainable, directly contributing to a higher ROI.

Complying with Regulations

In Ontario, and specifically in Toronto, property maintenance isn’t just a matter of operational efficiency, it’s also a regulatory requirement. For example, the City of Toronto Municipal Code Chapter 629 sets minimum standards for property conditions. Landlords must ensure that their properties meet these standards to avoid fines and legal penalties. Non-compliance can result in orders to comply, remedial actions, or even financial penalties that can eat into profit margins. 

Mitigating Risks and Liability Concerns

Property maintenance has a direct impact on safety and legal exposure. Poorly maintained buildings can become a source of accidents and injuries, potentially leading to lawsuits or compensation claims. Routine inspections and timely repairs help landlords reduce these risks and provide evidence of due diligence to help avoid liability.

Boosting Property Value and Marketability

A well-maintained property is inherently more attractive to potential tenants and future buyers. Regular upkeep and modernized features can lead to higher rental rates and greater market appeal. Property improvements such as energy-efficient systems, updated finishes, and landscaped outdoor areas not only lower operational costs but also increase property value over time. Investors who invest in proactive maintenance are often rewarded with a property that appreciates faster and commands premium rental rates. The visible condition of the property can serve as a marketing tool, helping landlords secure higher-quality tenants who are willing to pay more for a better living environment.

Long-Term Financial Planning and ROI

Proactive maintenance is an essential component of long-term financial planning for rental properties. By allocating a portion of the annual budget to preventive measures, landlords can reduce the unpredictability of repair expenses. 

This structured approach creates a more stable cash flow, which is critical for calculating ROI and planning future investments, enhancing the overall profitability of a real estate portfolio.

Marco’s property maintenance services keep property owners’ investments safe, functional, and attractive to tenants. With over 20 years of industry experience in Toronto, the Marco Property Management team manage everything from routine inspections and repairs to emergency responses, ensuring that issues like plumbing leaks, electrical problems, and structural concerns are addressed promptly. They coordinate trusted local contractors and leverage established vendor relationships to keep costs under control while maintaining compliance with local building codes. This comprehensive approach not only protects your property value and minimizes downtime, but it also gives tenants peace of mind, ultimately supporting long-term lease renewals and a more profitable investment.

Alberta’s housing market from Q1 2024 to Q1 2025 reflected the impacts of rapid population growth, shifting supply conditions, and notable differences in performance between Calgary and Edmonton. The period began with very strong sales and a tight seller’s market, gradually shifting to more balanced conditions by early 2025, with Edmonton emerging as a comparatively tighter and stronger market than Calgary in various respects, according to reports from Edge Realty Analytics.

Sales 

Alberta home‐sales reached their high point in Q1 2024 with a 31% year-over-year (y/y) increase. Each quarter that followed showed progressively weaker quarterly gain. Q2 and Q4 dipped, with a slight Q3 rebound in between. By Q1 2025 both quarter-over-quarter (q/q) and year-over-year y/y) figures had turned negative, ending the earlier upswing.

Source: Edge Realty Analytics

Edmonton displayed increasing demand in late 2024 and early 2025, including record-high activity levels outside of a brief 2022 surge, while Calgary saw marked deceleration by Q1 2025.

Listings

In Q1 2024, new listings in Alberta dropped sharply q/q (-12.3 %) but were actually up y/y (+4.7 %), while active listings fell both q/q (-10.2 %) and year-over-year (-17.0 %). By Q1 2025, however, active listings had rebounded, rising 10.1% q/q and 11.3 % y/y with Calgary’s rising surging 70% y/y to four-year highs even as Edmonton’s stock remained at decade-low levels, down 20% y/y.

Source: Edge Realty Analytics

Source: Edge Realty Analytics

Prices

Home prices across Alberta rose steadily on a year-over-year basis throughout the entire period, with gains ranging from 5.0% to 9.9%. While the overall price index saw modest quarterly fluctuations, dipping slightly in Q2, and rising in the remaining quarters, the regional patterns were more dynamic. Edmonton’s price growth began to outpace Calgary’s by early 2025, with a 12% year-over-year gain in January, compared to just 2.7% in Calgary. 

Market Balance

The sales-to-new listings ratio reflected shifting market conditions. It peaked at 86.2% in Q1 2024 and declined to 66.1% in Q2 and 67.6% in Q3. A brief tightening occurred in Q4 (72.9%), but the ratio fell again to 68.0% in Q1 2025. 

By early 2025, Edmonton’s market was significantly tighter than Calgary’s, with a sales-to-new listings ratio above 70%, while Calgary dropped below 60%.

Population

Population growth remained elevated for most of the period, especially in 2024, when quarterly increases held at or above 0.9% and annual growth reached 4.4%. Although growth slowed in Q1 2025 (+0.3% q/q, +2.0% y/y), Alberta remained a national leader in net migration. 

Construction

Dwellings under construction increased in four of five quarters, with year-over-year gains ranging from 4.0% to 14.7%. Calgary experienced particularly strong growth in homeowner-oriented building, while Edmonton’s construction volume stayed comparatively subdued despite mounting demand.

British Columbia’s housing market opened 2025 on a different footing than it did a year earlier, as home buying activity slowed while listings and available inventory climbed. 

Sales

In Q1 2024, provincial home sales were on an upswing – 8.9% higher than in Q4 2023 and 0.6% above Q1 2023 levels. By contrast, the first quarter of 2025 saw transactions plunge 13.3% from Q4 2024 and sit 5.1% below year‐ago volume. The slide in sales coincided with a rise in mortgage arrears, from 0.15% in Q1 2024 to 0.19% in Q1 2025, and a climb in the unemployment rate from 5.5% to 6.0%.

Source: Edge Realty Analytics

Inventory

Supply metrics tell a complementary story. New listings in Q1 2025 increased 12.8% over the final quarter of 2024, compared to a 5.7% increase at the start of 2024, while year-over-year growth in fresh listings eased from 32.2% to 18.0%. Active inventory also rose by 12.4% q/q in Q1 2025 versus 6.3% a year earlier, and was up 27.0% y/y, narrowly eclipsing the 25.6% gain recorded in Q1 2024. As a result, months of supply rose from 5.6 to 7.8 over the same interval.

The sales‐to‐new‐listings ratio fell from 46.2% in Q1 2024 to 38.1% in Q1 2025, further showing that listings are outpacing buyer uptake. 

Source: Edge Realty Analytics

Source: Edge Realty Analytics

Prices

Price trends, meanwhile, have softened. The provincial Home Price Index (HPI) dipped 1.7% in Q1 2024 before settling 4.4% above its year-earlier mark. In Q1 2025, prices declined 0.4% q/q and were 1.3% lower than in Q1 2024. Builders’ activity has also moderated: the number of dwellings under construction inched down 0.5% q/q in early 2025 and eked out just 0.8% growth y/y, compared with a 2.8% and 19.5% rise, respectively, in Q1 2024.

Source: Edge Realty Analytics

These trends show a shift in the market balance. Population growth also slowed dramatically, from 0.5% q/q and 3.3% y/y at the start of 2024 to zero growth quarter-over-quarter and just 1.7% y/y in early 2025, adding another layer of change beneath B.C.’s housing landscape.

Secondary suites – self-contained rental units like basement apartments or laneway homes – are a growing trend across Canada. As housing costs have risen, many Canadians are adding legal suites to their homes. Adding a self-contained rental suite can provide you with a steady income stream, but the benefits extend well beyond monthly rent. By renovating your basement or other suitable area of your home, you enhance your property’s resale appeal. Even if you never lease the space and just use it for a guest area or for family, this investment typically boosts market value notably.

Increasing Potential Pool of Buyers

Secondary suites can generate rental income and increase living space, which typically makes a property more attractive to buyers, even if they don’t plan on immediately using the space for renting. However, for some, the potential for rental income can make the difference between being able to buy a home or not, or the size of home they are able to purchase. A home with a secondary suite in place can draw attention from a wider range of buyers. 

Moreover, suites offer great multigenerational flexibility. Many families use basement apartments or laneway homes to house relatives. For example, these units allow aging parents or adult children to live close by with privacy and independence. Such arrangements reduce living costs for the whole family (versus everyone owning separate homes) and keep loved ones nearby. Again, this means a home with an additional, independent but close living space, will cater to the needs of these buyers.

Financial and Family Benefits of Secondary Suites

Homeowners build secondary suites for both financial and lifestyle reasons. One big benefit is rental income: a new apartment (in a basement or laneway home) can help pay the mortgage and utility bills​.

Secondary suites boost homeowners’ cash flow. Owners can rent them out and collect rent. This generates steady income and boosts cash flow, which over time can add significant income to a household. In short, a self-contained suite can serve as a forced savings plan (paying down debt) or a source of ongoing rental revenue. As a result, it is not surprising that a home with this feature will be able to achieve higher prices when reselling.

Boosting Home Value and Resale Appeal

Because of the added appeal and potential for income, adding a legal secondary suite typically raises a home’s resale value. Real estate professionals confirm that extra living space and rental-income potential are highly valued by buyers, so a well-designed secondary suite can indeed increase a property’s resale value and help it sell faster.

Value of “Semi-Ready” Suites

Even without a fully registered or finished secondary suite, homes that already have key structural and mechanical rough-ins, such as a separate exterior entrance, basic plumbing/electrical stub-outs, and framed walls, tend to sell for more than properties that would require a complete start-from-scratch conversion. Buyers and appraisers alike view these features as obvious cost- and time-savers, and that typically translates into a price premium over comparable homes without them.

Municipal design guides show that having, or adding, a separate entrance, roughed-in plumbing stacks and electrical chases, lowers permitting headaches and construction costs, making the home more market-ready down the road. 

Finishing a basement can increase a home’s value by as much as 70%. Although this can be expensive, this ROI is significant. Even if not completed, if much of the groundwork is already done (insulation, framing, mechanical rough-ins), this notably reduces renovation costs to boost buyer appeal and valuation estimates. It also means that a buyer can finish the area more quickly, for faster cash-flow potential; weeks of minor finishing work are needed, rather than months of full-scale construction.

Real estate professionals do take notice of finished basements and suite potential. In a CREA Café survey, agents nationwide cited a “basement in-law suite” (even if unfinished) among the top features that can “make” a sale, highlighting how this can sway buyer decisions.

Secondary suites deliver tangible benefits for Canadian homeowners, blending financial gains with lifestyle flexibility. Whether fully finished or semi-ready, these self-contained units broaden your pool of potential buyers, enhance resale appeal and often command higher prices—and they can help your property sell more quickly in competitive urban markets.

Buying a vacation home in Canada is a dream for many—but financing one comes with different rules and requirements than purchasing your primary residence. While many mortgage criteria stay the same—like income verification, credit checks, and debt servicing—there are important differences that can affect how much you need up front, what type of property you can buy, and how much you can borrow.

Here’s what you need to know before making your move toward a second home.

1. You Might Be Able to Buy with Less Than 20% Down

Many people assume you need a 20% down payment to buy a vacation property—but mortgage insurance is available in some cases, allowing qualified buyers to purchase with as little as 5% down.

To be eligible:

• The home must be for personal use only (not a rental).
• It must be winterized and accessible year-round.
• It must be in a marketable residential area.
• You (or a close family member) must occupy the property part-time.

If your property meets these criteria, some lenders will allow insured financing. However, many vacation homes—especially seasonal cottages, cabins without road access, or short-term rentals—don’t qualify, which means a minimum 20% down payment is required.

2. Credit Scores are More Important 

When buying your primary residence, you may be able to qualify for mortgage financing with a credit score lower than 680.

However, when purchasing a vacation home, the bar is typically higher. Most lenders expect a credit score of at least 680. Even if you’re making a large down payment, a lower score may lead to fewer financing choices.

If you’re close to that threshold, it’s a good idea to check your credit report for errors and work on improving your score before applying.

3. Income Qualifying – Can You Carry Two Mortgages?

If you still have a mortgage on your primary residence, one of the key questions is: can you afford both—your current mortgage and the one for your vacation property?

Lenders will closely examine your income, debt levels, and overall financial picture to determine if you can support two mortgage payments. Your gross debt service (GDS) and total debt service (TDS) ratios will need to stay within acceptable limits—typically no more than 39% and 44% of your gross income, respectively.

You’ll also need to pass the mortgage stress test, even for a second home. This means qualifying at either your contract rate plus 2% or the Bank of Canada’s benchmark rate, whichever is higher.

Because vacation homes are considered discretionary, some lenders apply more conservative calculations, which can further limit how much you’re approved to borrow.

4. The Property Itself Can Make or Break Your Approval

Unlike most primary residences, many vacation properties don’t meet standard lending criteria. Financing can be difficult or unavailable if the home:

• Lacks year-round access (e.g. only reachable by boat or seasonal road),
• Isn’t connected to utilities (like heat, water, and electricity),
• Is located in a remote or unmarketable area.

Lenders typically require vacation properties to be suitable for year-round occupancy and resale, and they generally don’t allow rental income to help with qualification.

Smart Financing Strategies for Vacation Home Buyers

Tap into Equity from Your Primary Residence

Refinancing your current mortgage, setting up a HELOC, or taking a second mortgage can help you fund your down payment without draining your savings.

Get Pre-Approved Before You Start Shopping

Pre-approval helps you understand your budget, uncover any credit issues, and gives you an edge when making offers, especially in competitive vacation markets.

Budget for More Than Just the Purchase Price

Be prepared for:

• Closing costs (appraisals, legal fees, land transfer taxes),
• Ongoing maintenance (which can be higher for remote properties),
• Insurance and utilities, which often cost more than for a primary home.

Final Thoughts

Financing a vacation home can be more complex than buying your main residence, but with the right planning, it’s absolutely achievable. From understanding the down payment rules to navigating property restrictions, being informed is your biggest advantage.

If you’re considering a second home and want clarity on what you can afford—or how to structure your financing—book a call with me. I’ll help you weigh your options and design a plan that works for your lifestyle and long-term goals.

Selling a recreational investment property, such as a cottage or vacation home, requires a strategic approach to highlight its unique appeal, attract the right buyers and earn a favourable sale price. Your familiarity with the property’s appeal, amenities, maintenance and rental trends should be leveraged to position it effectively when selling.

Monitor Market Dynamics

The market for recreational properties can be seasonal. The time of year, economic conditions, and travel trends will influence pricing. Research these factors to determine the best time to list your property and set an appropriate price. Listing just before or during the peak season, when demand is highest, will ensure your property is visible to the greatest number of potential buyers. 

Highlight Unique Features

Investors will look for certain features that particularly appeal to renters, such as waterfront access, ski-in/out access, scenic views or proximity to outdoor activities. Emphasize these attributes in your marketing materials to attract potential buyers looking for a getaway property, an investment property or both. Use high-quality photos and descriptive language to effectively showcase the property’s best features.

Price Competitively

Strategic pricing helps you attract buyers and achieve a timely and favourable sale. Consider factors such as recent sales of similar properties, the property’s condition and any unique amenities it offers. A real estate agent experienced in selling recreational properties will be able to help you set a competitive and realistic asking price.

Stage for Lifestyle Appeal

Recreational properties have a distinctive appeal and should be staged accordingly. Beyond decluttering and cleaning, you need to create an inviting atmosphere that allows buyers to envision their leisure time spent there. Focus on comfort, relaxation and highlighting the potential for fun and activities. Put the spotlight on outdoor areas with inviting seating and décor.

Prepare for Buyer Questions

You will be asked questions that differ from ones you might expect from a traditional home buyer. Be prepared to give detailed information on:

• Surroundings
• Accessibility (road type/maintenance, seasonal closures)
• Zoning and restrictions on use
• Local amenities (distance to shops, trails, lakes or ski areas)
• Investment potential (rental rates, occupancy figures)
• Types of renters or typical target market for the area
• Utilities and infrastructure (water, septic/sewer, power and internet providers)
• Maintenance (average costs)
• Environmental hazards or concerns

A comprehensive information packet highlighting details about the property, the local area, recreational uses, and homeowner association rules or rental regulations will streamline this part of the process.

Highlight Investment Potential

If the property has been used as a rental, or has potential for rental income, highlight this to attract those who are strictly investors as well as those who plan to use it personally and rent it out. Provide data on past rental performance, average rental rates, occupancy rates and local management services. Include details on amenities that make it attractive to renters. 

Simplify Viewings

Recreational properties may be remote or difficult to access. Maintain good accessibility and be flexible with viewing times. Virtual tours give prospective buyers a detailed view of the property without the need for travel; many buyers will not visit a property without seeing a video tour first.

Address Maintenance and Repairs

Ensure the property is in good condition and address any maintenance issues before listing it for sale. Buyers are especially wary of recreational properties that seem run down, so a well-maintained property will be more attractive. Highlight any work to enhance the property’s appeal and justify your asking price.

Preparing for a Successful Sale

Above all, be flexible and well-prepared for the process.

Your close familiarity with the property’s history, seasonal draws and rental performance becomes a key asset when paired with an RLP InvestorsEdge™ expert. These agents have Masterclass Series training, backed by Playbook™, and access to advanced analytical tools to help you achieve maximum value with minimal hassle.

Secondary suites in Canada, including basement apartments, laneway suites or in-law units, are generally not subject to mandatory accessibility requirements under federal or provincial building regulations. However, there are voluntary standards and guidelines that property owners can use to ensure their suites are more inclusive.

The National Building Code’s barrier-free provisions apply only to buildings containing more than two dwelling units; since a house plus one secondary suite counts as two units, it remains exempt. Provinces generally follow suit by treating secondary suites the same as single-family dwellings, meaning no additional accessibility mandate beyond general building code requirements.

At the provincial and municipal levels, the pattern remains consistent. Ontario’s Building Code requires barrier-free paths of travel and accessible entrances primarily for larger residential and commercial buildings; houses, including those with duplexes or secondary suites, are explicitly exempt. However, Toronto encourages barrier-free design in laneway suites where site conditions allow. British Columbia’s Building Code and zoning bylaws apply to secondary suites, but barrier-free requirements focus mainly on public and multi-unit buildings; accessible design is encouraged but not mandated unless adopted by a municipality. Alberta similarly exempts secondary suites from mandatory accessibility under its Safety Codes Act and National Building Code – Alberta Edition, allowing alternative compliance for small residential buildings. In Manitoba, secondary suites are treated identically to single-family homes, with no barrier-free requirements unless imposed by a municipality. In all cases, accessibility remains a recommended but voluntary practice for secondary suite conversions.

Municipalities may encourage or, in limited cases, require accessible features (for example, Toronto’s laneway suite guidelines), but in most jurisdictions, accessibility remains voluntary for secondary suites.

Why Voluntarily Including Accessibility Features Is an Advantage

While accessibility features are not always mandatory for secondary-suite conversions or residential properties in Canada, voluntarily incorporating them offers distinct advantages. As the Canadian population ages and over 8 million Canadians live with disabilities – a figure expected to grow – homes, including secondary suites,  that are thoughtfully designed to accommodate a wider range of physical needs are becoming more desirable. Properties with step-free entrances, wide doorways, accessible kitchens and bathrooms, and smart home technologies can appeal not only to individuals with disabilities but also to seniors, families with young children, and people planning for future mobility needs. 

This broader market appeal can lead to faster sales, longer tenant retention for rental units, and potentially higher resale values. Accessible properties also demonstrate social responsibility and future-proof a home for evolving demographic trends, positioning them as strategic long-term investments.

Accessibility Principles

Accessibility generally refers to the design of spaces so they can be used independently and safely by people with disabilities or mobility challenges. Features such as level entrances, ramps, open floor plans, wider doorways, accessible bathrooms with roll-in showers, and smart technologies like voice-activated lighting systems are increasingly common. These elements not only benefit people who currently have accessibility needs but also make daily life easier and safer for all users, including parents pushing strollers, people with temporary injuries, and visitors with disabilities. Accessibility is no longer viewed as a niche accommodation—it is becoming a standard of good design that enhances the functionality and value of a property.

Universal Design

Voluntarily implementing universal design principles extends these advantages even further. Universal design seeks to create environments that are inherently accessible to people of all ages and abilities, without the need for future modifications. Rather than retrofitting spaces after a need arises, universal design integrates features like barrier-free layouts, adjustable-height countertops, lever-style door handles, and slip-resistant flooring from the beginning. This approach emphasizes flexibility, simplicity, and intuitive use, making properties more inclusive, attractive, and livable for everyone. By designing with universal access in mind, property owners and developers not only meet today’s growing demand but also set new standards for quality, durability, and social inclusion in the housing market.

Voluntary Guidelines and Certification

While not mandatory, several organizations promote accessible design in secondary suites, which may be of interest to property owners. 

CMHC’s Universal Design Guide outlines strategies, such as lever-style handles and non-slip flooring, that homeowners can adopt to improve accessibility without significant cost increases.

The Canadian Standards Association also has relevant CSA standards to guide accessibility design. Rick Hansen Foundation Accessibility Certification offers voluntary ratings for residential projects seeking measurable accessibility outcomes.

Across Canada, secondary suites are predominantly exempt from compulsory accessibility requirements under federal and provincial building codes, as they are treated as part of single-family dwellings. However, property owners wishing to offer barrier-free secondary suites can benefit from higher rental rates and lower vacancies, while promoting inclusivity, by incorporating universal design principles voluntarily.