10/08/2024
๐๐๐ฉ๐ฎ๐ญ๐ฒ ๐๐ซ๐ข๐ฆ๐ ๐๐ข๐ง๐ข๐ฌ๐ญ๐๐ซ ๐๐ง๐ ๐๐ข๐ง๐ข๐ฌ๐ญ๐๐ซ ๐จ๐ ๐
๐ข๐ง๐๐ง๐๐ ๐๐ง๐ง๐จ๐ฎ๐ง๐๐๐ ๐ญ๐๐๐ก๐ง๐ข๐๐๐ฅ ๐ ๐ฎ๐ข๐๐๐ง๐๐ ๐๐จ๐ซ ๐ฅ๐๐ง๐๐๐ซ๐ฌ ๐๐ง๐ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ซ๐ฌ ๐ญ๐จ ๐จ๐๐๐๐ซ ๐ฆ๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐ซ๐๐๐ข๐ง๐๐ง๐๐ข๐ง๐ ๐๐จ๐ซ ๐ก๐จ๐ฆ๐๐จ๐ฐ๐ง๐๐ซ๐ฌ ๐ฅ๐จ๐จ๐ค๐ข๐ง๐ ๐ญ๐จ ๐๐๐ ๐ฌ๐๐๐จ๐ง๐๐๐ซ๐ฒ ๐ฌ๐ฎ๐ข๐ญ๐๐ฌ ๐ญ๐จ ๐ญ๐ก๐๐ข๐ซ ๐ก๐จ๐ฆ๐๐ฌ, ๐ฌ๐ญ๐๐ซ๐ญ๐ข๐ง๐ ๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐๐, ๐๐๐๐. These mortgage insurance reforms, as well as the forthcoming Canada Secondary Suite Loan Program, will make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase density in our communities. Secondary suites can help homeowners pay their mortgage with a new rental apartment and bring families closer together. For example, a retired couple may wish to downsize into a new laneway home or in-law suite, so their children could raise their young family in the propertyโs existing home. More specifically, these changes will:
๐๐ฅ๐ฅ๐จ๐ฐ ๐ซ๐๐๐ข๐ง๐๐ง๐๐ข๐ง๐ ๐จ๐ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ ๐ฆ๐จ๐ซ๐ญ๐ ๐๐ ๐๐ฌ ๐๐จ๐ซ ๐ฌ๐๐๐จ๐ง๐๐๐ซ๐ฒ ๐ฌ๐ฎ๐ข๐ญ๐๐ฌ, to let homeowners access the equity in their homes to finance the construction of secondary suites. Borrowers will be able to access financing of up to 90 per cent of the home value, including the value added by the secondary suite(s), and amortize the refinanced mortgage over a period of up to 30 years.
๐๐ง๐๐ซ๐๐๐ฌ๐ ๐ญ๐ก๐ ๐ฆ๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐ข๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ก๐จ๐ฆ๐ ๐ฉ๐ซ๐ข๐๐ ๐ฅ๐ข๐ฆ๐ข๐ญ ๐ญ๐จ $๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐จ๐ซ ๐ญ๐ก๐จ๐ฌ๐ ๐ซ๐๐๐ข๐ง๐๐ง๐๐ข๐ง๐ ๐ญ๐จ ๐๐ฎ๐ข๐ฅ๐ ๐ ๐ฌ๐๐๐จ๐ง๐๐๐ซ๐ฒ ๐ฌ๐ฎ๐ข๐ญ๐, to ensure homeowners can access this refinancing in all housing markets across the country.
