Launch Date: Starting January 15, 2025, Canadians can refinance up to 90% of their home's value with government-backed loans to build secondary suites. This reintroduced program, aimed at easing housing shortages, was last available in 2016.

Program Details:

• Loan-to-Value: Up to 90% of the improved property value, capped at $2 million.
• Amortization: Up to 30 years to help with affordability.
• Additional Units: Allows for up to four units on one property, all self-contained with private living facilities.
• Long-term Rentals: Units must be rented long-term, not short-term.

• Additional Measures:

  • Vacant Land Initiative: The government plans to tax vacant land to encourage development, with input from provinces and cities.
  • Public Land for Housing: Fourteen federal properties have been added to the Canada Public Land Bank, for a total of 70 sites now available for housing development.

This initiative is part of broader efforts to address Canada’s housing crisis by increasing rental supply and supporting homeowners.