Canada’s Secondary Suite Loan Program Doubles
Starting in early 2025, homeowners across Canada can access $80,000 loans to create rental units like basement suites or laneway homes!
Here’s what you need to know:
The country faces a 658,000-home gap by 2030, and this program helps address that by supporting homeowners to add affordable housing options.
Here’s what you need to know:
- Loan limit increased from $40,000 to $80,000.
- Interest rate: 2% over 15 years.
- Aim: Increase rental housing and ease Canada’s housing shortage.
The country faces a 658,000-home gap by 2030, and this program helps address that by supporting homeowners to add affordable housing options.
New Refinancing Options
Starting January 15, 2025, homeowners can refinance up to 90% of their home’s post-renovation value (up to $2M) with 30-year amortization. Perfect for larger projects that boost property value.
Which program fits your needs?
Expert Insight
“These programs are a step toward addressing housing shortages but don’t fully tackle the need to expand construction capacity,” says Lauren van den Berg of Mortgage Professionals Canada.
Starting January 15, 2025, homeowners can refinance up to 90% of their home’s post-renovation value (up to $2M) with 30-year amortization. Perfect for larger projects that boost property value.
Which program fits your needs?
- Secondary Suite Loan Program: Best for smaller projects like basement or backyard suites.
- Mortgage Refinancing: Ideal for bigger renovations or multi-generational living spaces.
Expert Insight
“These programs are a step toward addressing housing shortages but don’t fully tackle the need to expand construction capacity,” says Lauren van den Berg of Mortgage Professionals Canada.
Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415
DLC Maple Mortgage Group, Lic #13415
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