Bungalows in Toronto. I'm going to give you six reasons why I love bungalows in the city of Toronto.

First reason is you can get a detached property in this city for approximately a million dollars. I know that sounds crazy, but getting a detached lot in the 416 for approximately a million dollars is a good deal.

The second reason why I love bungalows in the city of Toronto is you can live on the main floor and rent out the basement as an in-law suite. Let's say the main floor has two bedrooms and a bathroom or a bathroom and a half. You can live there and then put a tenant downstairs for anywhere from $1,300 to $1,500 a month.
That would offset approximately anywhere from $250,000 to $350,000 off your mortgage which makes it very affordable to get a detached property in the city of Toronto.

The third reason is you can top it up. You can take that bungalow and put a second floor on top to create a detached property with two floors. Then you can still have your in-law suite if you wish or you can use that lower level for your family space.

The fourth reason is, you can build an infill house. Uou can take that bungalow, demolish it and turn it into a brand new house.

Fifth reason is you can keep it as is. You can live on that main floor, rent out the basement, or just use both floors, the main level and the lower level. In five to seven years down the line, build your equity, build your savings. And then pull that equity and buy your home. You can keep this bungalow as an investment property where you can rent out the main floor as well as the lower level.

Last but not least is you can renovate it, and then as an exit strategy, you can sell it as a bungalow, which is attractive to seniors. As we get older, the demand for seniors living on ground level is growing. Their bedrooms, kitchen, living, bathrooms all on the same level which is much easier from a senior's perspective because there are less stairs to go up and down. This creates demand down the line, which makes that specific property attractive if you decide to sell it in the future.

As you can see, there are many options when it comes to bungalows in the city of Toronto. If you are looking for a bungalow and interested to explore the different options, feel free to reach out. I'd be more than happy to help you and share with you my personal experience buying a bungalow to build a house.