The short answer is, yes you can turn your basement into an apartment. Without any disruption to the way you live, you can remodel your basement into a rental apartment from which you can earn extra income. This way, the renovation will literally pay for itself. But, of course, there are rules to conform to. Before buying materials and setting your basement renovation in motion, you need to ensure the project complies with the local fire and building codes, housing standards bylaws, and that it meets the requirements set by the Electrical Safety Authority.

A legal basement apartment is one that meets all local fire and building safety codes. The Province of Ontario, in fact now requires municipalities to allow basement apartments in homes. Among other requirements, a legal basement apartment:

• Will have enough building exits,
• Has working carbon monoxide detectors and fire alarms,
• Should be able to separate fires and contain them within one unit,
• Has sufficient street and driveway parking,
• Does not overload existing water, electricity, and plumbing utilities,

After meeting all the building and zoning regulations, your basement has to be registered with the local municipality as a livable space.

According to the City of Toronto bylaws, you don’t need a building permit for any work that does not entail adding new plumbing, altering the building’s structure, nor adding a secondary dwelling. But you will need a building permit if the renovation:

• modifies or installs new heating or plumbing systems,
• excavates or constructs a new foundation,
• includes any structural alterations, adds an entrance
• includes any basement underpinning work.

Importantly, you will need planning permission as well as meet a special set of design requirements if the basement renovation will add a new suite for another household. As the new suite will most likely include a bedroom(s), you need to ensure there’s some form of egress for occupants to escape in the event of a fire or other disaster. Typically, this will be a window big enough to evacuate a room

Depending on the real estate market, quality of the renovation, and the use potential, a renovated basement has as much as a 75 percent return on investment in Toronto. The value a renovated basement adds to your house must not only be viewed in terms of the resale value. It must also include the extra living space, whether you intend to use it yourself or rent it out. Assured Basements’ renovation experts will advise you on the most sustainable and energy-saving materials and finishes, and design choices that give you the best ROI.