Starting January 2025, a new federal mortgage refinancing program will help you add rental suites like basement apartments or garage conversions. This is big if you’re looking to ease mortgage costs and even generate extra income using your property.
The program, similar to one that ended in 2016, is designed to address Canada’s housing shortage by encouraging homeowners to create more rental spaces.
Key Details To Be Aware Of:
- Must live on the property or have a close relative living there.
- You can refinance up to 90% of your home’s value to fund the project. This one has received some controversy, so maybe you don’t want to borrow more than you can actually afford here.
- New units must be self-contained and follow local zoning rules (sorry, no Airbnbs!).
- Up to 4 units allowed on the property.