New Federal Actions to Increase Housing Supply in Canada:
The Canadian government is taking steps to address the housing crisis by unlocking and encouraging homeowners to create secondary suites. Here’s a simplified breakdown of the announcement:
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Secondary Suites Support: Starting January 2025, homeowners can refinance their mortgages to build secondary suites (like basement apartments or laneway homes). This helps increase rental options and allows families to live closer together. Key changes include:
- Homeowners can refinance up to 90% of their home's value.
- Mortgage insurance price limit increased to $2 million to cover these renovations.
These measures aim to improve housing affordability and availability by using existing resources more effectively.
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