10/08/2024
𝐃𝐞𝐩𝐮𝐭𝐲 𝐏𝐫𝐢𝐦𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐚𝐧𝐝 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐝 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐟𝐨𝐫 𝐥𝐞𝐧𝐝𝐞𝐫𝐬 𝐚𝐧𝐝 𝐢𝐧𝐬𝐮𝐫𝐞𝐫𝐬 𝐭𝐨 𝐨𝐟𝐟𝐞𝐫 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐫𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐟𝐨𝐫 𝐡𝐨𝐦𝐞𝐨𝐰𝐧𝐞𝐫𝐬 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐭𝐨 𝐚𝐝𝐝 𝐬𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐲 𝐬𝐮𝐢𝐭𝐞𝐬 𝐭𝐨 𝐭𝐡𝐞𝐢𝐫 𝐡𝐨𝐦𝐞𝐬, 𝐬𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟏𝟓, 𝟐𝟎𝟐𝟓. 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 property’s existing home. More specifically, these changes will:
𝐀𝐥𝐥𝐨𝐰 𝐫𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐨𝐟 𝐢𝐧𝐬𝐮𝐫𝐞𝐝 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞𝐬 𝐟𝐨𝐫 𝐬𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐲 𝐬𝐮𝐢𝐭𝐞𝐬, 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.
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐡𝐨𝐦𝐞 𝐩𝐫𝐢𝐜𝐞 𝐥𝐢𝐦𝐢𝐭 𝐭𝐨 $𝟐 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐡𝐨𝐬𝐞 𝐫𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐚 𝐬𝐞𝐜𝐨𝐧𝐝𝐚𝐫𝐲 𝐬𝐮𝐢𝐭𝐞, to ensure homeowners can access this refinancing in all housing markets across the country.
