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As rent prices continue to soar across Canada, here are a few ways you can take matters into your own hands and minimize your rent in the city -- legally.

1. Live in a 'unique' room*

via GIPHY

Does your rental unit have a large storage room, closet or cupboard under the stairs? Could a person live in it? My sister lived in a big closet in my apartment for almost a year to save on rent. Sure it was tiny, but it fit a mattress and small side table, and for her birthday that year my roommate and I bought her a push lamp that hung on the wall. We split rent three ways (don't worry, my sister paid less than us) and this arrangement made living downtown more affordable for all of us.

2. Move in with your significant other

via GIPHY

What used to seem like a big commitment is now just a good idea financially. It's common sense -- splitting rent, utilities and general living costs between two people is better than paying it all as one. For some people, moving in with a boyfriend or girlfriend is a huge deal, but if you're not one of those people, why not take the leap and take advantage of the savings? Another option is to have your significant other move in with you and your roommates, or vice versa.

3. Turn a one-bedroom apartment into a two-bedroom apartment**

via GIPHY

One of my best friends lived in a one-bedroom apartment with her friend for two years of university. One of them took the living room, and the other took the bedroom and they still retained a common area (the kitchen). I also lived in a duplex with three roommates and we turned the living room into a bedroom -- there was a door on it and plenty of leftover space in the house, so it just made sense.

4. Rent out your parking spot or storage locker

via GIPHY

If you're renting a condo unit with a parking spot that you don't need, why not rent it out? If you have more storage space than you can fill up, do the same. You will likely need to rent these areas out to tenants in your building to keep things secure and accessible, but the savings can really add up -- especially in a city like Toronto, where parking spots and storage spaces are hot commodities.

5. Rent out your room or unit on Airbnb

via GIPHY

This is a tricky one. If you have permission to sublet your apartment, then legally speaking you can rent out your apartment on AirBnB. That said, it is illegal to sublet your place for an amount that is larger than what your landlord charges (unless you have an agreement with your landlord). Charging for a night here and there seems to fall into a legal grey zone -- technically you aren't charging more than your monthly rent (so it's legal) but someone, say your landlord, might argue that if you are posting your apartment on AirBnB with the possibility to make more than the month's rent, you are in violation of the Residencies Act. Another might argue that the AirBnB fee takes into consideration that you're not just renting out a space but also renting out the use of your furnishings, possessions, cable and Internet -- things the landlord does not provide.

6. Get invited to Bunz Housing Zone

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Decent rental units and prices do still exist -- they are just hard to find. A friend of mine currently lives in a single-detached family home in Toronto and pays $1,500 for the full house. Most people pay that for a nice one bedroom. Units like this are not rental folklore tales, they are just often passed secretly along to friends and family. Bunz Housing Zone expands your list of friends and family and gives you the deets on rentals that aren't always listed.

7. Check out community housing options

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Organizations like Toronto Community Housing have helpful options for low-income renters. Subsidized housing provides rent that is geared to income, and while it is hard to get and can have a long wait list, other options like Toronto's affordable rent units are a little more attainable. Especially in recent years, TCH has built some great buildings with beautiful units. 

Unfortunately it doesn't seem like rent prices are expected to decrease anytime soon, but if you're in a bind and need a place in the city, these options can help!

Disclaimers

*There are different rules for different municipalities.

According to the Toronto Municipal Code Chapter 629, Property Standards; 629-25. Occupancy standards:

A. A room designed and intended for use as a non-habitable area shall not be used as a habitable area.

B. No basement or cellar space shall be used as a dwelling unit or as a habitable room unless this use is otherwise permitted by law and complies with the other occupancy provisions in this chapter.

**Make sure there is nothing in your lease that limits the number of occupants allowed in your unit and check your municipal bylaws before creating a unique bedroom or adding an extra roommate.

According to the Toronto Municipal Code Chapter 629, Property Standards; 629-25. Occupancy standards:

C. The maximum number of persons living in a habitable room shall not exceed one person for each nine square metres of habitable room floor area.

D. For the purposes of this section, the minimum height of a habitable room shall be 1.95 metres over at least 1/2 the floor area, and, for the purposes of Subsections E and F, any floor area under a ceiling that is less than 1.4 metres in height shall not be counted in computing the required minimum floor area of a room used for sleeping.

E. The minimum floor area of a room used by only one person for sleeping shall be six square metres with the room having a minimum dimension on one side of two metres.

F. The minimum floor area of a room used by two or more persons for sleeping shall be four square metres for each person so using the room.

Should your landlord claim an overcrowding issue, he/she can take it up with the Landlord and Tenant Board and you can be forced to reduce the number of persons occupying the unit.

Read the original story at YPNextHome.ca.

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What's the correlation? We'll get to that in a minute.

The study shows that B.C. and Vancouver were the leading province and city for retail sales growth in 2015, at 6.6 per cent and 9.9 per cent, respectively, followed by Ontario at 4.5 per cent and Toronto at 5.4 per cent.

Toronto's Yorkdale Shopping Centre was Canada's most productive mall, with retail sales of $1,610 per square foot, displacing Vancouver's Pacific Centre, which topped the list in 2014.

Five of the 10 top-performing malls are in Ontario, and four of those are located in the Greater Toronto Area.

"Despite economic headwinds, retailer failures, digital disruption and the purchasing habits of a new generation, Canada's evolving retail property sector and its top malls are doing just fine," says Bill Argeropoulos, principal and practice leader, research, Canada, for Avison Young. "While hundreds of millions of dollars have been invested to renovate, expand or upgrade some of the country's prominent malls to attract new retailers and combat e-commerce, the retail sector continues to attract new entrants and significant investor interest as well."

So, what does all this mean for residential real estate?

Not to oversimplify Economics 101, but solid population and wage growth are among the key contributors to both healthy retail and real estate sectors. And with B.C. and Ontario economies and housing markets leading in this regard, it's no surprise that residents in these areas are brimming in the consumer confidence department.

So, those markets that are seeing the largest retail sales growth, are also those that are experiencing strong average home price growth.

On the flip side, not surprisingly, oil-dependent provinces such as Alberta and Saskatchewan, which Argeropoulos says have the weakest outlook for retail sales, are also among the areas where home price growth is weakest.

When the likes of Saks Fifth Avenue and Nordstrom set up shop, or when a retailer such as Yorkdale Shopping Centre undergoes a major expansion, it's usually a sign of good times, and that an area is on the upswing. Like proximity to mass transit, schools and other amenities, being close to shopping is a major attraction for homebuyers. These features are among the keys to enjoying your home while you live there, as well as for potential resale value in the future.

Large retailers and commercial ventures don't just pop up in the middle of nowhere or in declining neighbourhoods. These companies make careful, long-range and well planned-out decisions in lockstep with municipalities and developers, based on hard data, research and demographic information.

This is why major retail expansion is good news: it's an indicator the economy continues to strengthen; and, for those looking to buy a home, it's a sign to look out for new or expanding neighbourhoods and solid buying opportunities.

Major retail expansions underway in the GTA

Sherway Gardens

• Is undergoing a $350-million expansion to add 210,000 sq. ft. of retail space, bringing the total to 1.3 million sq. ft. and 245 stores
• Includes four new full service restaurants, each with a unique dining experience
• New, large stores for Harry Rosen and Sporting Life
• Saks Fifth Avenue, opening in 2016
• Nordstrom, opening in 2017

Yorkdale Shopping Centre

• Is undergoing a $331-million expansion, to be completed in fall 2016
• Includes 298,000 sq. ft. of new retail space

Square One

• Is undergoing a $320-million expansion, to be completed in spring 2016
• Includes a new 120,000-sq.-ft. Holt Renfrew
• Also features another 75,000 sq.-ft. of space for additional retailers

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