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Major Banks Now Offering Secondary Suite Refinancing to Help Canadian Homeowners Unlock Rental Income Opportunities
Estimated reading time: 6 minutes Key Takeaways Refinancing Potential: Canadian homeowners can refinance up to 90% of their property’s value, with a cap of $2 million. Rental Expansion: The program supports the conversion or addition of up to four rental units including basement apartments, in-law suites, or laneway homes. Major Lender Participation: Leading banks like…
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Everything You Need to Know About Adding a Secondary Suite to Your Canadian Home
Estimated reading time: 8 minutes Key Takeaways Enhance Property Value and Income: A secondary suite is a great way to add value and create flexible living spaces. Meet Regulations: Zoning by-laws, permits, and fire & safety standards are essential for a legal and safe suite. Thoughtful Design: Adequate planning around layout, privacy, and durability can…
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Peachland Council Updates Secondary Suite Policy with New Flex Units and Community Input
Estimated reading time: 4 minutes Key Takeaways Balanced Approach: The council is thoughtfully evaluating proposals to introduce flex units while considering the challenges of existing suites. Resident-Centric Focus: Emphasis remains on delivering clarity and fairness for homeowners with pre-2017 secondary suites. Innovative Housing Solutions: Proposed flex suites are a forward-thinking concept aimed at expanding local…
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CMHC Refinance Guide: How Homeowners Can Finance Secondary Suites and Unlock Flexible Mortgage Options
Estimated reading time: 7 minutes Key Takeaways Eligibility Requirements: Homeowners and close relatives can access this refinance option provided at least one unit is owner-occupied without rent. Secondary Suite Standards: The new suite must be fully self-contained, comply with local bylaws, and is not intended for short-term rental. Flexible Financing: With LTV ratios up to…
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Surrey Now Allows Secondary Suites in Townhouses to Boost Affordable, Transit-Friendly Housing Options
Estimated reading time: 6 minutes Key Takeaways New Housing Options: Secondary suites are now permitted in townhouses, increasing housing diversity. Transit-Oriented: The changes focus on transit-oriented neighbourhoods, enhancing accessibility. Economic Benefits: Homeowners can generate extra income, easing mortgage burdens. Affordable Rentals: This initiative contributes to more affordable and flexible rental options. Table of contents Overview…
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Calgary Marks One Year of Success with Secondary Suite Incentive Program: Over 2,500 Suites Completed and Major Community Benefits
Estimated reading time: 5 minutes Key Takeaways Over 5,703 applications received, with 2,522 secondary suites completed, demonstrate strong community interest. Incentive benefits include up to $10,000 for safety upgrades, $1,900 for energy efficiency, and $7,500 to enhance accessibility. Registry growth by over 60 per cent highlights a transparent and expanding housing market. Processing times dropped…
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St. Catharines Boosts Housing Innovation with Increased Grants and Streamlined Accessory Dwelling Unit Programs
Estimated reading time: 7 minutes Key Takeaways The federal Housing Accelerator Fund is backing local innovation with increased ADU grants. Interior ADUs now receive up to $40,000 and exterior ADUs up to $80,000. Over 41 new ADUs received grants in just six months, with more than $2 million allocated. ADUs represent 50% of the city’s…
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Erin Community Reviews Proposed Large Multi-Generational Home and ADU with Zoning Change and Environmental Concerns
Estimated reading time: 6 minutes Key Takeaways A visionary developer has proposed a large single-detached home on a 60-acre property in Erin. The plan includes converting the existing home into an accessory dwelling unit (ADU) for multi-generational living. The new primary residence will be approximately 645.47 square metres (7,000 square feet) and 7.7 metres tall,…
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How CMHC’s New Low-Rise Housing Designs Are Making Affordable Homes More Accessible Across Canada
Estimated reading time: 6 minutes Key Takeaways CMHC has unveiled a catalogue of 50 low-rise housing designs, including seven tailored for Alberta. Inspiration is drawn from postwar strategies that rapidly expanded housing supply. The designs focus on practicality, affordability, and efficiency, eliminating non-essential features for cost savings. Standardized blueprints are set to reduce design timelines…
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Erin Residents Discuss Innovative Home Proposal Balancing Modern Living with Rural Charm
Estimated reading time: 7 minutes Key Takeaways Innovative Housing Proposal: A rezoning application for a 60-acre lot in Erin aims to combine a spacious primary residence with a detached accessory dwelling unit (ADU). Community Engagement: Residents have actively participated in discussions regarding the balance between modern development and Erin’s rural character. Concerns include the potential…
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Belleville Launches $5,000 Rebate Programs to Encourage Accessory Dwelling Units and Expand Housing Options
Estimated reading time: 4 minutes Key Takeaways Innovative Incentives: Belleville introduces two rebate programs to promote the construction of accessory dwelling units (ADUs). $5,000 Rebate: Both new and existing housing projects offering ADUs are eligible for a $5,000 rebate per unit. First-Come, First-Served: Rebates are allocated on a first-come, first-served basis for qualified applicants. Community…
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How Okotoks Homeowners Can Access Up to $10,000 for Secondary Suite and Accessory Dwelling Unit Projects
Estimated reading time: 5 minutes Key Takeaways Up to $10,000 available for building new secondary suites and $5,000 for renovations. Grants cover essential expenses such as permit fees, professional plans, construction labour, and materials. The program is available on a first-come, first-served basis with funding subject to availability. This initiative promotes safer, compliant, and more…
