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At the end of 2022, the Provincial Government of Ontario introduced Bill 23, a game-changing zoning law that surprisingly few know about. This legislation allows "As of Right Zoning," meaning you can now convert single-family homes or vacant land into duplexes, triplexes, or even a duplex with a detached unit without the lengthy, costly approval process that used to be required.
Previously, such conversions involved public meetings and hefty development charges, often adding tens of thousands to the cost. Now, Bill 23 not only simplifies the process but also eliminates many of these fees, making it easier and more affordable to create additional rental housing or independent units for family members.
As a co-owner of a real estate brokerage, I’ve delved into the details of Bill 23 to help investors and agents take advantage of these new opportunities. My video (link below) breaks down the key impacts, but always verify with your local planning department. This legislation could also drive a rise in modular housing, with standalone units starting as low as $99,000.
If you're an investor, consider the potential return on investment and Cap Rate (net income/price) when evaluating these opportunities. A Cap Rate of 5.5% or higher indicates a worthwhile investment.
I specialize in commercial real estate and am here to help you navigate these changes—let’s connect
Here are some resourceful links to assist you with understanding more about the impacts of Bill 23 on Residential Real Estate:
1) Click Here to preview a 12-minute video I have put together following my research on Bill 23. Highlights the Top 5 Things You Need To Know About Bill 23 (also clickable on this page see video bottom of page).
2) Click Here For Video Slide Show Notes - I am sharing here all slides used in the video with you here for your own personal use. Please note all images within are copyright.
3) Click Here to Link to Bill 23 Legislation - The Legislation for the More Homes Built Faster Legislation that brought us Bill 23
4) Click Here to Search Commercial Real Estate
5) Click Here to Search Your Realty Group Residential Real Estate One of the best organized real estate searches there is for real estate in and around Greater Kingston, Greater Napanee and surrounding areas including Bath, Amherstview, Gananoque, Harrowsmith, Yarker, Sydenham, 1000 Islands Real Estate and more.
Patrick Hulley, Broker of Record - Co-Owner Re/MAX RISE Executives, Brokerage / Founding Partner in Your Realty Group.
Over 30 years of real estate experience and specializes in Commercial and Investment Real Estate along the Eastern
Ontario 401 Corridor including Greater Kingston, Greater Napanee, Bath, Belleville, Brighton Cobourg, Brockville and more.
Email: patrickhulley@gmail.com Text/Cell: 613 541 9821
Let's Talk Commercial Real Estate!