News release
December 10, 2024 - Ottawa, Ontario - Department of Finance Canada
The Canadian government is taking steps to address the housing shortage and improve affordability through new measures announced in the 2024 Fall Economic Statement:
Canada Secondary Suite Loan Program:
The loan limit will double from $40,000 to $80,000, with low-interest rates of 2% over 15 years.
Launching in early 2025, the program will help homeowners convert basements or garages into rental units, boosting housing supply.
Refinancing with 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.
Additional Measures:
Investments in housing construction and financial supports like the Multigenerational Home Renovation Tax Credit (up to $7,500) for building suites for seniors or adults with disabilities.
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