There is a thread on here about running a daycare from a small space. You would be surprised how much you can do with limited resources. You will be using your whole house at various times of the day and really once children are involved in activities they don't need a lot of room to do it. I know with your training you are seeing a daycare centre but that is not what home care is about. A bin of books on the table beside the couch is a reading corner. A feltboard for circletime slides under the couch when not in use and the coffee table goes out against the wall with the farm set on it giving you the middle of the room for play. Meals, crafts, and manipulatives happen in the kitchen. The key will be if you have outside space or access to a park so the kids can get out and run about.
From what I am hearing Toronto is in desperate need of childcare and you shouldn't have problems filling spaces. If space is small then consider taking in infants/toddlers which need less space than preschoolers/school age.
You can take in 5 children of any age mix you like - there are no age restrictions when you are private. I believe you need to live in the place you do the daycare or it becomes a commercial venture with a whole different set of rules.
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