This is despite the federal government’s promise that the new refinancing measures, allowing homeowners to refinance up to 90% of their home’s value to add a secondary suite for rental purposes, would be available for mortgage insurance applications submitted by January 15.

Homeowners interested in the program have also been left in the dark, uncertain of where to turn for information or how to access the program. The Canada Mortgage and Housing Corporation (CMHC), which is overseeing the initiative, previously told us that homeowners should contact their lender or mortgage provider for guidance.

To recap, the program, which was announced in December and launched on January 15, allows homeowners to refinance up to 90% of their property’s value (capped at $2 million) to add up to four rental units—such as basement apartments, in-law suites, or laneway homes.

However, as we’ve reported, many brokers are still waiting for more details on how the program will be managed before offering it to clients. This seems to be the case for many lenders as well, resulting in a patchwork of options for homeowners hoping to access the program in its early stages.

BMO, RBC and National Bank among the few offering support for secondary suite refinancing

Canadian Mortgage Trends reached out to Canada’s major banks—Scotiabank, TD, RBC, National Bank, BMO, and CIBC—to confirm whether they are currently accepting applications for the program.

Of those, only BMO, RBC and National Bank confirmed that they are currently able to assist customers interested in pursuing the refinancing option. For clients with these banks, contacting a mortgage specialist is all that’s needed to inquire about the program, assess its suitability, and begin the application process.

For other banks, the launch of the program is either under review or on hold until CMHC releases further guidance.

Applications may be available through smaller lenders

For those considering smaller lenders to access the program, there are some options available.

For example, Coast Capital, a British Columbia-based credit union, has confirmed that they are currently offering the program. Homeowners interested in applying can simply reach out to their mortgage specialist for more information.

CMT will continue to monitor the rollout of the program, but brokers and homeowners are encouraged to contact their lender directly to confirm availability.

This article has been updated. A previous version included a quote from RBC stating that it isn’t yet accepting applications for the secondary suite refinancing program. However, the bank clarified that it was referring to the Secondary Suite Loan Program.

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Last modified: January 31, 2025