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16 Ways to Make Money With Your Home In Canada

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Your Home May Have Money-Making Opportunites For You

Over the years, we’ve used our home to earn extra cash to put towards our massive mortgage debt.

Beyond renting a room, we have done a few other things that may surprise you to cash in on what our home had to offer.

If you want to use your home as a means to earn spare cash to pay off debt or invest in, check out these 16 money-making ideas.

At the end of the day, if you want to make extra cash, your options are plenty, especially if you’re going to do it from the comfort of your home.

1. Room Rental

We have experience with renting a room in our house since becoming homeowners in 2009.

Renting a room is just one of the ways we were able to pay our mortgage off fast, in only five years.

We liked renting a room because our tenants were hardly home, primarily if they worked full-time.

Typically we liked to rent to tenants who did work full-time for that reason.

We had one young man who worked so much we never saw him we only heard him come and go.

Renting a room also can net the homeowner more than what they would if they had an apartment to rent.

However, if you think about it from a per sq foot aspect, you give up privacy in your home.

We rented our room for $500-$550 a month, including utilities, unlimited internet, and parking.

We never had issues renting a room in our house as someone is always looking.

Read more about our experience Renting A Room.

2. Airbnb Rental

Rent your house while you are away for extended periods or on holidays.

We’ve never done this yet but certainly would explore this option if we were to go on holiday for an extended period.

In 2017 we went to the UK for almost a month, which would have been an excellent opportunity to take advantage of renting our home.

The only pitfall is that you are out of the country if something happens, so it’s nice if you have someone around to help out.

Alternatively, leaving your contact number most often is all you need if the renter has an issue that needs attending to.

Use this link to get $38 off when you book your first stay of $380 or more if you are looking for a rental.

Explore Airbnb accommodations in your area if you want to get an idea of what is available.


From there, you can also create your Airbnb listing to rent out your home to vacationers or visitors to your city.


3. Pet Sit From Your Home

dog running

This is something we’ve done in the past for our neighbour’s friend who has a dog and frequently travels.

Our neighbour is the one who does the pet sitting but cannot do so, and that’s where we came in.

We’d get paid $50 a day to walk, feed and play with a dog in our home, which was kind of cool.

I mean, we love dogs, so it was easy money to make.

My mum and dad back in the UK pet sit in the homeowner’s home through an agency they work for.

They love it and say it’s the most accessible money they’ve ever made, plus they get to live at someone else’s home for free.

4. Garage Space Rental

house garage

This is a big deal, especially in big cities where space is limited, as having a garage does not all homes.

We have a double garage packed full of renovation materials, but we have considered renting it in the winter.

There is a shortage of parking spaces during the winter, especially for those who rent basement apartments in our area.

Keep an eye out for local ads on Facebook, Kijiji, mailbox notices, and through word of mouth.

There might be someone looking to rent space in your garage for short or long-term purposes.

We contacted a guy years ago after seeing an ad on Kijiji regarding needing a garage for his summer car.

Although we decided not to go ahead with the negotiations only because we knew we’d be renovating.

Ideally, you’ll want to know what they will be doing in your garage, as anything can affect your house insurance.  *, see note at the end of this blog post.

5. Parking Spot

double car garage

Parking spaces are limited in just about every community across Canada, and they come with premium price tags in big cities such as Toronto and Vancouver.

If you have space on your driveway to accommodate more vehicles, you could get away with renting a parking space or two.

Just make sure that you have a designated parking spot for yourself to come and go as you please without having to move vehicles.

A parking spot rental could net you $50 to $200 or more a month, depending on where you live.

6. Freelance From Your Home

As long as you have a place to live, you can use that space to freelance or even blog from home.

Since starting this blog in 2012, I’ve come to learn that I can earn extra money with my hobby blog that has turned into a small business.

Over the past two years, I’ve been able to bring in a five-figure income-less income tax with Canadian Budget Binder.

Other options, if you’re not interested in starting a blog, maybe working for someone else.

For example, if you are tech-savvy and needed someone to monitor my blog for problems, I may hire you. (hint, message me)

You can also use your skills to help a blogger run their social media accounts such as Facebook, Twitter, and Instagram.

I may even need someone to help me run my Pinterest account, and if that’s you, I might even hire you to do that from your home.

Many companies hire you to work from your home in Canada, everything from proofreading to photography.

Here are some of the more popular agencies in Canada that hire freelancers in Canada.

7. Garden Space

organic garden vegetables

This one I love because we have a small garden space which means we don’t get to grow as much as we’d like for our summer garden.

Jokingly Mrs. CBB said that we should see if our neighbour would let us grow a garden on their property since it’s so big.

In return, we’d give them organic fruits and vegetables that we grow in the garden.

However, if the homeowner is not interested in your harvest, perhaps you could negotiate with them for cash.

As a homeowner who has the extra garden space, this is an opportunity for you to come up with a price tag and earn spare cash.

When pricing your garden space, keep in mind that the renter will be using your water unless they have a rain barrel.

8. Garage Sale

Every homeowner has something in their house that collects dust, and you can sell, so why not host a garage sale at your house.

In the past, when we’ve held a garage sale, we’ve managed to rake in up to $500 in one day by selling used clothing, tools, and toys.

It’s amazing how much gold we have lying around the house.

9. Sell Plants

money tree

We were talking with a neighbour last week who works in the Ontario Agricultural sector about his garden.

That’s when we found out that he sells jade and money tree plants online for $5-$20 each, depending on the size.

I thought that was a brilliant idea since they are so easy to split and grow.

We have a massive money tree inside our house, and that’s what we plan to do next summer.

It can be any plant that you believe will sell in your community and is popular but expensive to buy.

Do a bit of research and get to work with your green thumb earning some extra green from your home.

10.  Host An International Student

We’ve hosted eight international students over the year, which earned us tax-free money from the government.

The kids come from around the world, stay at your home, and you get to be their homestay parents.

You can read all about our journey with Red Leaf Canada and why it’s an excellent source of extra income for homeowners.

11. Sell Fruits, Vegetables and Garden Seeds From Your Home

Italian Long Beans

Last week we made our way to a home in our community that had excess vegetables for sale.

We were able to buy a bag of Italian green beans that weighed 900grams for only $4.00.

The best part was that the beans were organic.

If you have property, love to garden, and end up with too much, why not sell it.

You’ll find that many people will be interested in buying what your family can’t eat.

Make a profit from your hard work in the garden.

12. Participate In The Ontario microFit Program

Although installing solar panels on your house is costly, you can continue to earn money once your investment pays for itself.

There are many local suppliers in communities around Ontario that will retrofit your home with solar panels.

The cost to inst

The microFIT Program was established to support the development of small or “micro” renewable electricity generation projects (10 kilowatts (kW) or less in size) such as solar panel installations.

Any renewable energy that you do not use for your household can be sold back to the province through the Microfit Program.

Suppliers are paid a guaranteed price over a 20-year term (40 years for waterpower projects) for the electricity they produce and deliver to the province’s electricity grid.

The micro fit program is a streamlined program of the Feed-In Tariff (FIT) program in Ontario, which ended in 2016.

Learn more about the FIT program in Ontario.

13. Rent Your Home Backyard

backyard wedding

Not all homeowners have large properties, but those who do consider renting their property to earn money.

Some homeowners in our community allow trailers and boats on their land for owners who don’t have property space.

You can also rent your backyard for small gatherings, birthday parties, or even a wedding.

Another great money-making idea is renting your land to local farmers who need additional space for their crops.

You may be able to earn enough money to pay your property taxes for the year, which is a considerable chunk of cash for homeowners.

Your space is worth money to someone.

14. Run A Bed And Breakfast In Your Home

If you are a stay-at-home parent, or perhaps you’re retired and looking to make extra cash, why not start bed and breakfast from your home.

People visiting your community will stay at your house, and you provide them with a room, parking spot, and breakfast in the morning.

The pricing is up to you but nothing short of a minimum of $50 a night, including all above.

If you can add unlimited internet and cable television, you may even price your bed and breakfast stays a bit higher.

The only downfall with this type of extra income from your home is changing sheets, keeping a clean house, and cooking.

You will also have to talk to your insurance company to let them know your plans for hosting bed and breakfast out of your home.

15. Invest Equity From Your Home

Can you use the equity in your home?

The short answer is yes.

However, unless you are confident you can pay it back or turn the money you borrow into a magic money-making machine, I wouldn’t do it.

I mean that if you are sure that the investment you are making with your borrowed money will have a net return, be cautious.

Sometimes loans that tap into your equity can get tricky if you struggle to pay them back or if the market takes a turn for the worse.

How much money can you borrow from your home?

Applying to utilize equity in your home is quite simple, provided your bank offers such services as not all financial institutions do.

You can borrow up to 80% of the appraised value of your home minus the portion of your mortgage.

As well, this includes a home equity line of credit or other secured loans against the home.

Consequently, if you want to make use of the equity in your home, you’ll have to pass a stress test to ensure you can afford to pay back the loan.

It’s vital to the bank that you can afford what most likely will be a higher interest rate than your mortgage on a home equity loan.

Borrowing Against Your Mortgage Pre-Payment

You’ll also be on the hook for administrative fees if you’re leveraging the equity into your home apart from borrowing from prepayments.

Where you have pre-paid portions of your mortgage, if approved, your bank will allow you to harness the use of that money.

For example: If you paid a lump sum of 20% extra on your mortgage of $20,000, the bank would allow you to use this.

They will deposit the money to your bank account and then add that amount to your current mortgage.

Home Equity Line Of Credit

You can open a home equity line of credit (HELOC) if you have equity in your home.

Interest rates may be lower with secured home equity since the bank has your home on a platter.

You’re not making money with your home, but you are opening up the option to have equity available to you.

By doing so, you take that money and turn it into even more money by investing, starting a business, flipping houses, or buying a second home.

The line of credit is similar to a loan where you spend the money, but you pay it right back.

It’s a revolving door of credit available to you but with interest costs.

Essentially, you are paying the bank to borrow your money.

The biggest pitfall is the possibility of losing your home if you don’t pay back what you’ve been taking from it.

Reverse Mortgage

What is a reverse mortgage?

A reverse mortgage allows you to borrow up to 55% of the current value of your home.

Both homeowners must be 55 years of age to apply for a reverse mortgage in Canada at any financial institution.

If you are a sole homeowner, you still must be at least 55 years old to qualify for a reverse mortgage in Canada.

Second Mortgage

What is a second mortgage?

A second mortgage is a second mortgage on your home.

When you qualify for a second mortgage, you can borrow up to 80% of the appraised value of your home minus your mortgage.

You may want to take out a second mortgage to invest in a second home or pay for your child’s education or wedding.

Whatever the case, consider that you will have to pay for two mortgages at the same time.

How much money will I get with a second mortgage?

Assume that your home has an appraised value of $200,000, and you want to take out a second mortgage.

For example: 

  • Your home is appraised at $200,000 x (- maximum loan allowed) 80% = $160,000   (loan based on appraised value)      
  • Minus The Balance, You Owe On Your Mortgage  = $100,000           
  • Second Mortgage Credit Limit is = $60,000

Interest rates on second mortgages are usually higher than on first mortgages because they are riskier for lenders.

You may have to pay administrative fees such as:

  • an appraisal fees
  • title search fees
  • title insurance fees
  • legal fees

Refinancing Your Home

You can learn more about borrowing against your home in Canada here.

16. Rent Your Home To Film Producers

production crew

The significant part about renting your home to film producers is that you get to meet or at least see movie stars.

You also get a first-hand behind-the-scenes look at what goes into making a movie, commercial or short production.

How much will I get paid if my home is used for a film shoot?

According to The Ontario Media Development Corporation renting out your house to the film industry in Ontario can net you between $500 to $5000 a day.

It also depends on what the film producers need.

  • Size of house
  • Home Location
  • Filming inside or outside
  • Time Frame
  • Film budget

Anywhere from $500 to $5,000 per day. The rate you are offered will vary depending on a number of factors: the type of project (for ex. feature film, commercial) and its budget, the amount of space the film crew will occupy, and the scale of the home and property. You can download the full Ontario Property Owners Package for more info.

The Ontario Media Development Corporation says that significant payments happen all the time if you have the right house.

Back in 2003, one woman who rented her Maple home near Canada’s Wonderland for a movie shoot ended up scoring $13,000 for three days of filming. She also got to meet Whoopi Goldberg. 

Where can I rent my house for filming?

Register Your Home with Creative BC or The Ontario Film Commission if you’re interested in renting your home to the filming industry.

Your Home Your Money

You can make money utilizing your home, and the benefits are great if it helps you pay off debt, build an emergency fund, invest or stash cash.

Whatever you choose to do, always weigh the pros and cons and make sure you can pay back if you borrow.

Your home is a wealth of money if you’re prepared to do some extra work to create this new income flow.

Lastly, always check with your insurance company before taking any steps to rent inside or outside your home.

You never know what the consequences could be if there were to be an accident and your insurance isn’t aware.

Discussion: What other ways have you used your home to make money? Leave me your comments below, as I’d love to hear your experiences.


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