Department of Finance Canada said the 2024 Fall Economic Statement included measures to make secondary suites easier to build.
Department of Finance Canada announced the 2024 Fall Economic Statement will double the loan limit for the Canada Secondary Suite Loan Program to $80,000, and launch the program in early 2025.
Budget 2024 provided $409.6 million over four years to the Canada Mortgage and Housing Corporation to launch the Canada Secondary Suite Loan Program, enabling homeowners to access low-interest loans to add secondary suites to their homes.
By doubling the loan limit from $40,000 to $80,000, more homeowners will be able to access the low-interest financing they need to add a secondary suite to their home.
Increase the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, to ensure homeowners can access this refinancing in all housing markets across the country.
This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
For renters and municipalities, public funding and financing can affect how quickly affordable or purpose-built rental homes are added.