The Canadian government’s 2024 Fall Economic Statement brings exciting news for homeowners considering the addition of secondary suites, such as garden or laneway homes. By doubling the loan limit for the Canada Secondary Suite Loan Program to $80,000, this initiative aims to make it easier for families to convert underutilized spaces into rental apartments or additional living areas. This policy, combined with low-interest financing options and updated mortgage rules, paves the way for homeowners to address housing challenges in innovative ways.

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What the Canada Secondary Suite Loan Program Means for Homeowners

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Starting in early 2025, the expanded program will offer 15-year loans at a low 2% interest rate, helping homeowners afford secondary suite construction. The changes address a key financial barrier for many families, making it feasible to transform basements, garages, or other structures into fully functional living spaces.

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Additionally, mortgage insurance rules are set to evolve in January 2025, allowing refinancing of up to 90% of a property’s post-renovation value to cover construction costs. These updates reflect a commitment to increasing housing supply while empowering property owners to leverage their investments.

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How Secondary Suites Solve Canada’s Housing Challenges

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The addition of secondary suites supports multi-generational living, creates rental income opportunities, and maximizes existing urban spaces. In cities like Toronto, where housing affordability is a growing concern, secondary suites offer a sustainable way to increase housing density. They align perfectly with Canada’s ambitious housing plan to build 4 million new homes by offering scalable, family-friendly solutions.

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Atella’s Role in Supporting Secondary Suite Growth

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At Atella, we’re proud to provide end-to-end solutions for homeowners looking to build high-quality secondary suites. From property surveys and permits to fully turnkey units, we ensure every step of the process is seamless. With our expertise in garden suites, homeowners can take full advantage of government programs to create modern, affordable living spaces in record time.

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Why Now is the Time to Invest in Secondary Suites

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With enhanced loan limits, low-interest financing, and new mortgage rules, there’s never been a better time to consider a secondary suite. Whether you’re looking to house family members, earn rental income, or add value to your property, Atella is here to help you make the most of these opportunities.

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