Mortgage Insurance Rule Changes Coming for Homeowners to Add Secondary Suites
Today, the government released details for lenders and insurers to offer this new insured mortgage refinancing product, effective January 15, 2025.
On October 8, 2024, the Canadian government announced reforms to mortgage insurance rules as part of its efforts to address the housing crisis. These reforms are designed to encourage densification, allowing homeowners to more easily add secondary units, such as basement suites. The changes aim to facilitate refinancing and adjust maximum loan amounts, making it simpler for homeowners to finance the addition of rental suites or living spaces for family members.
Ealier this year, the government introduced a Secondary Suite Loan Program, offering low-interest loans of up to $40,000.
These initiatives are part of the government's ongoing effort to address Canada's housing crisis and increase the availability of affordable rental spaces
We are monitoring these changes and how they will benifit Saskatoon Homeowners.
Ealier this year, the government introduced a Secondary Suite Loan Program, offering low-interest loans of up to $40,000.
These initiatives are part of the government's ongoing effort to address Canada's housing crisis and increase the availability of affordable rental spaces
We are monitoring these changes and how they will benifit Saskatoon Homeowners.
