Living in Toronto can be expensive, and people are looking for ways to add to their budgets, meet rising expenses, and find a way to contribute to their savings. The good news is that the city is a place full of opportunities, and there are plenty of creative ways to bring in extra money.
#1 Rent Out Your Space
Make the most of your location and bring in extra money by renting out your space. Anyone who lives downtown or near transit is sitting on prime real estate, and demand for space is high.
Short-term rentals like Airbnb can be rented out in Toronto as long as they are registered and they’re operated out of your principal residence. Whether you have an extra bedroom or someone you can stay with while you rent out your home, apartment, or condo, short-term rentals can go for a significant sum, especially if you live somewhere centrally located.
Now that tourism has returned to the city, pick high-demand times, such as during the summer festival season.
#2 Sell Your Silver Jewellery, Coins, and Tea Sets
Selling old silver that you no longer want is a quick and reliable way to put some extra money into your pocket. There are tons of silver buyers in Toronto, and you can take advantage of the situation by getting the best possible price available.
Try these tips to get the best returns when you sell silver:
- Sort your silver pieces according to karats or purity. Make sure these are weighed and evaluated separately.
- Go to a gold and silver bullion buyer for the best possible prices.
- Find a bullion dealer who can recognize and handle collectibles if you have designer jewellery, an antique tea set, or a coin that you think might have collectible value.
- Make sure your silver is evaluated by a buyer you trust.
Selling silver in Toronto can be a quick win for your bottom line.
#3 Get an Extra Income Job
As the cost of city living rises, those looking to get ahead may want a steady source of revenue by getting an extra income job. Fortunately, the GTA offers a number of opportunities in many different industries. No matter what you do or what your skills are, you can probably find something, but these industries are facing chronic labour shortages and are always looking for new employees:
- Hospitality and food service
- Health care
- Construction
- Trucking & transportation
- Retail
Given the diversity of the Toronto economy, you can probably put any set of professional skills to work as a freelancer.
#4 Sell Your Vintage
The vintage market in Toronto is a strong one, and there’s no better place to find potential buyers who can pay the best possible price for vintage clothes, records, heirlooms, furniture, and other belongings that you’re ready to part with.
There are several ways to sell vintage. If you want the best possible price and you have the time to find it, you may want to try to sell online. Check out vintage-first platforms where you’ll find a ready audience. If you don’t have much time on your hands, you can probably find a vintage shop to buy your things, though be prepared for them to be selective.
