Find out how basement rental income can reduce your housing costsโor evaluate a Toronto rental property's cash flow. Adjust the assumptions below to see instant results.
Mortgage uses Canadian semi-annual compounding converted to a monthly payment. Mortgage insurance and qualification rules are not modeled; results are most suitable for conventional 20%+ down-payment scenarios.
Land transfer taxes are estimated separately below. Conversion costs are assumed paid in cash, not added to the mortgage.
A basement apartment can generate monthly rental income that offsets part of a homeowner's mortgage and property operating costs. This Toronto basement apartment calculator compares mortgage payments, property taxes, insurance, utilities, maintenance and vacancy allowances against projected rental income. The Homebuyer tab estimates the net monthly cost of owning and occupying the main unit. The Investor tab assumes the entire property is rented and estimates investment cash flow.
Account for mortgage payments, property taxes, home insurance, owner-paid utilities, maintenance, major repairs, vacancy and property management. If converting a basement, also budget for design, permits, construction, safety requirements and any financing costs. A rental suite may affect insurance coverage and income tax obligations.
Toronto buyers generally pay both Ontario provincial and City of Toronto municipal land transfer taxes. Purchases elsewhere in the GTA generally pay Ontario land transfer tax without Toronto's municipal tax. Eligible first-time buyers may qualify for rebates. This calculator estimates statutory rates and maximum rebates but does not verify eligibility or special exemptions.
Do not assume an existing suite is compliant merely because it is rented or advertised as a basement apartment. Confirm the applicable zoning, building permits, fire and building safety requirements, and any required inspections with the City of Toronto and appropriate professionals. Explore Toronto building permit information.
Looking for a home where rental income could help with monthly ownership costs? Browse GTA homes with basement apartments and use this calculator to compare different purchase prices and rental assumptions.
Educational tool only. Calculations are illustrative, not financial, mortgage, tax, legal or investment advice. Actual rents, expenses, tax rules and financing eligibility vary.