Furnished Suite for Short and Mid-Term Stays

Business travellers, contractors on short projects, visiting families, medical visitors and tourists.

A nightly rate for short stays, or a discounted weekly or monthly rate for longer stays, plus a cleaning fee. Rates usually rise and fall with local events and the season.

• Hospitality and friendly communication
• Keeping a space spotless
• Organising bookings and turnovers

• Many municipalities and some provinces restrict short-term rentals, for example principal-residence rules or registration, so check before you list
• Tell your home insurer and ask whether you need specific short-term rental coverage
• Condo bylaws, strata rules or a lease may ban short stays
• Short-term rental income is taxable, and you may need to collect GST/HST or accommodation taxes, so check with the CRA and your province
• Winter and off-season gaps, so plan for quieter months

Startup costs are typically around $2,000 to $8,000, depending on furnishings, linen and how much the suite already has in place. Monthly revenue is estimated at around $1,000 to $4,000, depending on location, season and how often it is booked.

Check before you list. Many municipalities and some provinces restrict short-term rentals, for example through principal-residence rules or registration. Also check condo bylaws, strata rules or your lease, tell your home insurer, and ask the CRA and your province about GST/HST or accommodation taxes.

Time needed is estimated at a minimum of around 5 hours a week, depending on bookings, cleaning and check-ins. Hospitality skills, keeping a space spotless and organising turnovers help. Plan for quieter winter and off-season months.