Short-stay suite or cottage rental

Holidaymakers, couples on weekend trips, visiting workers and families wanting more space and a kitchen.

A nightly rate plus a cleaning fee, with prices adjusted for season, weekends and local events. Longer stays can bring steadier income in quiet months.

• Organised with bookings and changeovers
• Clear, quick communication with guests
• Basic home maintenance or a reliable handyperson
• Photography and writing a good listing

• Many cities and some provinces require registration or limit short-term rentals, and fines can be significant, so confirm the rules for your address
• If you rent your home, check your lease; condo or strata bylaws and your mortgage terms may also restrict short stays
• Standard home insurance often excludes short-term rental, so ask about proper coverage
• Smoke and carbon monoxide alarms, fire safety and any required inspections
• Provincial and municipal accommodation taxes, plus GST/HST and income tax reporting
• Winter and shoulder seasons can mean quiet periods, especially in seasonal areas

Startup costs are estimated at typically around $3,000 to $15,000, depending on how you furnish the space, the quality of fittings and safety equipment, and your listing photos. Your own figure will vary with the property.

Monthly revenue is typically estimated at around $1,500 to $6,000, depending on location, nightly rates and how often it is booked. Winter and shoulder seasons can be quiet, especially in seasonal areas.

Confirm the registration rules and limits for your address, as many cities and some provinces restrict short-term rentals. Check your lease, condo or strata bylaws and mortgage terms, insurance cover, smoke and CO alarms, and accommodation taxes, GST/HST and income tax reporting.