Comments on: Pros and cons of the new federal secondary suite programs https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/ News on Canadian mortgages, mortgage brokers, and mortgage rates. Fri, 21 Feb 2025 16:00:44 +0000 hourly 1 https://wordpress.org/?v=6.7.2 By: CMT Team https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56664 Fri, 21 Feb 2025 16:00:44 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56664 In reply to OLUWASUNKANMI OLATOYE.

Hello, please see the following story for more information:
https://www.canadianmortgagetrends.com/2025/01/major-lenders-slow-to-roll-out-secondary-suite-refinancing-program-after-launch/

]]> By: OLUWASUNKANMI OLATOYE https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56642 Mon, 17 Feb 2025 17:52:13 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56642 Hello, please do you have any update on the Federal loan program (SSLP) and how to access the loan.

Thanks.

]]> By: CMT Team https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56608 Fri, 31 Jan 2025 17:41:45 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56608 In reply to Jyoti Grewal.

Hello, you can find more information in our latest article here:
https://www.canadianmortgagetrends.com/2025/01/major-lenders-slow-to-roll-out-secondary-suite-refinancing-program-after-launch/

]]> By: Jyoti Grewal https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56601 Tue, 28 Jan 2025 19:12:37 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56601 I’m interested in applying for this loan as I recently bought a new rental property and built a new 2 bedroom suite in basement and renovated the main floor. Can someone please share some more insight about how to apply for this program.

]]> By: Houda https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56549 Wed, 15 Jan 2025 16:13:02 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56549 How can I apply if I’m interested on the secondary suite federal program

]]> By: Chris Curry https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56509 Thu, 02 Jan 2025 16:10:29 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56509 In reply to Shelly Foster.

This specific program is available for creating living spaces for family or for creating a rental property. There aren’t any limitations on whom the unit will be for.
If you check with your local municipality, they may also have a program in place, for example, up to $80k in St. Catherines and up to $20k for London. These programs may have certain restrictions, such as in London where the rent must be at or below the average market rent during the 11-year program (0% interest; no payment in first year; loan paid back over 10-years).

]]> By: Chris Curry https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56508 Thu, 02 Jan 2025 16:05:24 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56508 In reply to Oscar Duran.

Details have not yet been released as to the start date of this program, other than to say it will begin in “Early 2025”.

]]> By: Oscar Duran https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56464 Thu, 12 Dec 2024 02:33:56 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56464 how do you apply if you are interest on the secondary suite federal program.

]]> By: Shelly Foster https://www.canadianmortgagetrends.com/2024/10/pros-and-cons-of-the-new-federal-secondary-suite-programs/#comment-56397 Mon, 28 Oct 2024 22:02:48 +0000 https://www.canadianmortgagetrends.com/?p=56166#comment-56397 “accommodate multi-generational living without breaking the bank” ? I thought the 40,000 grant can’t be used to house family.

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