- Joined
- Oct 24, 2007
- Messages
- 2,289
Looks like anyone with an illegal suite can legalize it to fire code standards rather than building code standards, as long as your suite was built before March 12, 2018.
http://www.calgary.ca/PDA/pd/Documents/building/advisories/BR-Advisory-Secondary-Suites-FAQ.pdf
This will be in effect for the next two years, after that they will need to be legalized to building code standards.
What does this mean for investors in Calgary?
1. For owners of illegal suites - you really need to find a way to legalize them within the next two years as it will cost a lot more to do so after June 2020.
2. For investors looking to buy more rental properties - there is a window of two years to go and build a portfolio of legal secondary suites for much less of a renovation expense than there has ever been in Calgary. This is the city cleaning up the secondary suite situation and shrewd investors can take advantage! After two years we're back to where we have always been... but for the next two years you can buy pretty well any illegal secondary suite for sale and legalize to fire code standards rather than building code.
For those investors with JV partners that have been lukewarm this is a great way to re-engage with them!
http://www.calgary.ca/PDA/pd/Documents/building/advisories/BR-Advisory-Secondary-Suites-FAQ.pdf
This will be in effect for the next two years, after that they will need to be legalized to building code standards.
What does this mean for investors in Calgary?
1. For owners of illegal suites - you really need to find a way to legalize them within the next two years as it will cost a lot more to do so after June 2020.
2. For investors looking to buy more rental properties - there is a window of two years to go and build a portfolio of legal secondary suites for much less of a renovation expense than there has ever been in Calgary. This is the city cleaning up the secondary suite situation and shrewd investors can take advantage! After two years we're back to where we have always been... but for the next two years you can buy pretty well any illegal secondary suite for sale and legalize to fire code standards rather than building code.
For those investors with JV partners that have been lukewarm this is a great way to re-engage with them!