Canada’s Secondary Suite Loan Program Expansion
The Canadian government is expanding its Secondary Suite Loan Program to address rental shortages and boost housing density. Here’s a quick overview:
Key Updates
Higher Loan Limit: Loans up to $80,000 (was $40,000), effective early 2025.
Low Interest: 2% interest rate over 15 years.
Target Purpose: Encourages basement apartments, garden suites, and other rental units.
How to Apply
Visit your local municipal office.
Provide proof of homeownership.
Submit detailed plans for your secondary suite.
Ensure compliance with zoning rules and commit to long-term rentals.
This program aims to alleviate rental shortages while benefiting homeowners with added property value and rental income. Applications open early 2025.
