Barrie, Ont. Student Rental Rules

[cailmoney]

I am looking at purchasing a student rental in Barrie.. I want to purchase a 6 bedroom and I was wondering how many I am legally allow to rent out to students ( one bedroom each ) IF I live in the house. I would have my own bedroom and share a common room with some of the students. I will be calling the city of Barrie to find out but thought maybe some more seasoned investors would know the answer or have some sort of way to get around this. Thanks!

 

[invst4profit]

I do not know the city rules but what ever they are there is no way of legally getting around them.
The good thing is as long as you live in the house you do not fall under the RTA regulations which will be a blessing. Any problem tenants can simply be kicked to the curb without having to deal with the anti landlord LTB.

 

[housingrental]

Give a call to development services and fire department they should provide accurate information

Student renters can be a great space to be in

 

[cailmoney]

Thanks for the replies! Well, I spoke with the City of Barrie today and it looks like I would only be able to rent out 4 of the bedrooms even if I lived in the unit. Which is too bad because the property won`t cashflow with only 4 rooms. That 5th room would have been where the money is coming from. What are the consequences with illegal student housing ? Say I rented out all of the rooms anyways, would I be able to get into a lot of trouble?

 

[Berubeland]

Off hand what comes to mind is that by doing something illegal you run the risk of getting caught.

Generally business plan and illegal don`t mix well.

 

[CarrieKoch]

I know some owners in Barrie have duplexed their homes. So a way to get around the rule.