One of the discussions that has been floating around the forum is the issue of maternity leave benefits which we don't get as self employed. Since your child is 18 months now before making the plunge into home daycare I would first address the are we having another child question. You might want to wait until you have the second child and enjoy the year of mat leave with pay or you may decide that it won't matter financially and if a second child comes while doing daycare you will just continue on since you are "at home" anyways.

What part of Ontario are you in? There are quite a few on this forum from Ontario so I'm sure there will be someone within a hour of two of where you are that would know more about what it is like for childcare in your area.