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Basement

Understand what a basement is in Canadian homes, how it’s used, what types exist, and how it affects property value and legal standards.

Basement

June 06, 2025


What is a Basement?

A basement is the lowest level of a home, located below the main floor, which may be used for storage, utilities, living space, or rental purposes.

Why Basements Matter in Real Estate

In Canadian real estate, basements are valued for their functional space and potential to add income or living area, especially in urban markets.



Types of basements include:
  • Full basement (finished or unfinished)
  • Partial or crawl space
  • Walk-out or garden-level basements



Basement features can affect market value, insurance, and utility costs. Finished basements must comply with egress and electrical code to be considered livable.



Understanding basement types, risks (e.g., flooding or radon), and renovation standards helps buyers and homeowners make informed decisions.

Example of a Basement

The buyer purchases a home with a legal secondary suite in the basement, providing rental income and helping qualify for a larger mortgage.

Key Takeaways

  • Located below the ground floor
  • Used for storage, living, or income
  • Must meet code for legal occupancy
  • Affects value, insurance, and utility usage
  • Prone to moisture and radon issues

Related Terms

Additional Terms

Construction Loan

A construction loan is a short-term, interim financing option used to fund the building or major renovation of a property, with funds disbursed in. more

Certificate of Occupancy

A certificate of occupancy is an official document issued by a municipal authority confirming that a building complies with applicable codes and is. more

Bylaw Variance

A bylaw variance is official permission granted by a municipal authority allowing a property owner to deviate from local zoning or building bylaw. more

Absorption Rate

Absorption rate is a metric that measures the rate at which available properties are sold or leased in a specific market over a given period.. more

Corporate Restructuring

Corporate restructuring refers to the reorganization of a company’s operations, assets, or liabilities, often under court supervision, to improve. more

Consumer Proposal

A consumer proposal is a formal, legally binding agreement in Canada between an individual and their creditors to repay a portion of their debt over. more

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