The federal government has introduced a new mortgage refinancing initiative aimed at supporting homeowners in expanding their living spaces, such as converting basements or garages into rental units.
Scheduled to launch in January 2025, this insured refinancing option aims to facilitate the creation of rental properties, assisting homeowners in coping with increasing mortgage expenses. A previous version of this program was available until 2016 but was discontinued to stabilize the housing market. With housing shortages now a pressing issue, this initiative is being reinstated, offering homeowners opportunities to add rental accommodations and potentially augment their income.
To learn more, click here to see full article released from the Government of Canada.
Posted by Billy Peshke on
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