Furnished holiday suite in a unit you own

Holidaymakers, visiting family and friends, and people in town for events, short work trips or medical visits.

A nightly rate plus a cleaning fee, booked through listing sites or your own booking page. Income varies a lot by location and season, with quiet months in off-peak periods.

• Welcoming and responsive to guests
• Organised with cleaning and turnovers
• Basic photography and listing writing

• Many cities and some provinces require registration or a licence, and some limit short-term rentals to your principal residence, so check locally
• Quebec requires tourist accommodation registration, so check with the provincial authority if you are there
• Standard home insurance often excludes short-term rentals, so ask your insurer about the right cover
• Condo corporations and strata rules may ban short stays
• Check GST/HST, any provincial or municipal accommodation taxes and how rental income is taxed
• Guest damage, noise complaints and neighbour relations

Startup costs are typically around $3,000 to $15,000, depending on how much furniture, bedding and photography you need. These are estimates, so price out your own unit's setup before you list it.

Monthly revenue is typically around $1,200 to $5,000, depending on location, season and how often the suite is booked. Treat this as an estimate, and allow for cleaning, supplies and tax when judging what you keep.

Check locally before listing. Many cities and some provinces require registration or a licence, and some limit short-term rentals to your principal residence. Quebec requires tourist accommodation registration. Also check condo or strata rules, your insurance cover, and GST/HST and accommodation taxes.