Increased Loan Limit for Secondary SuitesLaunching in early 2025, the Canada Secondary Suite Loan Program will raise its loan cap to $80,000, doubling the previous $40,000 limit. This expansion will make it easier for homeowners to secure low-interest financing for creating secondary suites, including:
- Converting basements into rental apartments.
- Transforming unused garages into laneway homes.
Key Program Features:
- 15-year loan terms with a low 2% interest rate, making suite construction more affordable.
- Homeowners can combine the program with new mortgage refinancing options to fund projects more effectively.
For more information, see Canada.ca.