The Canadian government has announced a new program to help homeowners create affordable housing options. The Canada Secondary Suite Loan Program will offer low-interest loans of up to $40,000 to homeowners who wish to add secondary suites to their properties. These suites can provide rental income for homeowners, or housing for aging relatives or younger family members.
The program is designed to increase housing density and make better use of existing space. The government will also be making changes to mortgage rules to facilitate the addition of secondary units.
Finance Minister Chrystia Freeland stated, “This new loan program is part of our commitment to making affordable housing accessible to all Canadians. Creating more secondary suites is just one way in which we are working to build more homes.”
