CTV News ~ October 9th, 2024
The federal government introduced a number of measures related to housing on Tuesday, which include measures for homeowners wanting to add a secondary suite, taxing vacant land and building homes in place of underused federal properties.
The first action is changes to how lenders and insurance companies can offer mortgage refinancing for homeowners looking to convert an unused basement or garage into a rental suite.
Homeowners can now refinance their current mortgage and construct a secondary suite, with borrowers able to access up to 90 per cent of the home’s value, including the value of the extra suite. The borrower will be able to amortize the refinanced mortgage over a period of 30 years.
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