The Federal Government has just unveiled exciting updates to make building secondary suites easier and more affordable for Canadian homeowners. If you've been considering turning your basement, garage, or laneway into an income-generating rental unit, now is the perfect time to take action.
Let’s explore how the 2024 Fall Economic Statement is paving the way for homeowners to maximize their property’s potential.
What’s New?
The Canada Secondary Suite Loan Program is now even more accessible, thanks to these changes:
- Increased Loan Limits: Homeowners can now access up to $80,000 in low-interest loans (previously $40,000) to finance the construction of secondary suites.
- Affordable Financing: The loans come with a 15-year repayment term at an attractive 2% interest rate, making it cheaper to complete your renovation.
- Refinancing Options: Starting January 15, 2025, homeowners can refinance up to 90% of their home’s post-renovation value, with insured mortgages offering 30-year amortization periods.
Why Build a Secondary Suite?
Adding a secondary suite to your property is more than just a renovation—it’s an investment in your future. Here’s why it makes sense:
- Generate Rental Income: Offset your mortgage or create a steady income stream.
- Increase Property Value: A well-designed, legal secondary suite can significantly boost your home’s market value.
- Contribute to Affordable Housing: Help alleviate Canada’s housing shortage while making your community more accessible.
How The Duplex Dudes Can Help
At The Duplex Dudes, we specialize in designing and building legal secondary suites that comply with all municipal regulations. Our team of experts handles every aspect of your project:
- Design: Custom layouts that maximize space and functionality.
- Permits: Navigating municipal requirements to ensure compliance.
- Construction: High-quality finishes that add value to your home.
With these new government programs, there’s never been a better time to take the next step in creating a secondary suite. Ready to Get Started?
If you're ready to turn your unused space into an income-generating asset, contact The Duplex Dudes today for a free consultation. Together, we can bring your vision to life and help you take advantage of these fantastic new opportunities.
📞 416-400-8634
📧 info@theduplexdudes.com
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Maximize the value of your home and make a difference in your community—let’s build something amazing together!
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