Posted On Oct 09, 2024

New zoning changes through the Housing Accelerator Fund makes it easier for homeowners to add rental suites, which helps create more homes and provide extra income, especially for seniors.

Starting January 15, 2025, the government will offer a new insured mortgage refinancing product to help with this.

Key details:

  • Homeowners can refinance their home to build more units.
  • Must live in or have a relative living in the home.
  • Units can't be short-term rentals.
  • The property value must be under $2 million, and the loan can cover up to 90% of the home's value (including the new unit).

«