Can you buy a commercial property and live in it Canada?

Commercial properties are designated areas for commercial activities, therefore they’re not intended to be used as living space. However, living in a commercial space can be possible depending on several factors, such as local zoning laws and the location.

Can you live in commercial property Toronto?

As such, you are governed by Ontario’s Commercial Tenancies Act, which generally provides fewer rights than a residential tenant would have. However, even if local zoning laws consider the premises commercial, a tenant may still be considered a residential tenant if the premises are mainly used as a home.

How much does it cost to rent commercial space in Toronto?

Monthly Rates for Office Space Rent for a Toronto office rental usually varies between $8 and $27 per square foot, but can range up to $70 per square foot or more in particularly expensive parts of the city. A typical medium-sized shared office space usually starts at $700 per month and goes up from there.

Can you love in a commercial building?

Some commercial buildings like old urban warehouses make really popular residential conversion projects, but unless the building is officially given residential status, then living in it will not be lawful.

Can you live in a warehouse in Toronto?

Currently, popular live/work spaces in Toronto include old warehouses that have been renovated for use as a work space as well as a living space. There are also newer condo developments that have been zoned and designed specifically as a live/work space.

Can you turn a hotel into a house?

Yes, you can convert a commercial property in a domestic home, however, you may require planning permission. If you decide to start renovating without it, you’ll be in planning breach which could cause future legal and/or financial problems.

Can I turn my house into a shop?

Planning permission will almost certainly be required for change of use of a residential property to a retail use. The majority of local authorities have designated shopping or commercial areas within their planning policies where shops and other commercial uses are encouraged.

How much is retail rent in Toronto?

The average commercial/retail lease rate was $22.74, up from $19.88 in Q1 2021. The average office lease rate was down to $17.73 from $18.10 in Q1 2021.

What is TMI rent?

Leases for these spaces are very different from residential agreements, especially since landlords may require you to pay an amount in addition to your actual rent. This payment often covers taxes, maintenance, and insurance (TMI).