Posted on Friday, January 17th, 2025

The Canadian government has expanded the Secondary Suite Loan Program, allowing eligible homeowners to access loans of up to $80,000 at an interest rate of 2% over a repayment period of 15 years. This program is designed to help homeowners build or renovate secondary suites, such as basement apartments or laneway housing, to address housing shortages and increase the supply of affordable rental units.

Key Features of the Expanded Program:

  1. Loan Amount: Increased to a maximum of $80,000.
  2. Interest Rate: Fixed at 2%, ensuring affordability.
  3. Repayment Period: Extended to 15 years.
  4. Eligibility: Homeowners must meet specific requirements, including zoning and building code compliance for their secondary suite.
  5. Purpose:
    • To create affordable housing options.
    • To support multi-generational living or provide rental income for homeowners.

This expansion reflects the government's commitment to tackling the housing crisis by incentivizing private homeowners to contribute to the rental market. The program also aligns with Canada's broader goals of sustainable urban development.

Would you like details on eligibility criteria or how to apply?

VISION STATEMENT

To provide the best customer experience through innovation and consistent adaptation; to develop quality, environmentally-friendly homes while positively impacting our communities through supporting and giving back locally, one home at a time.

Locations

Salmon Arm, BC
1190 51 Street NE
Salmon Arm, BC
250-833-4728

Kamloops, BC
7510 Dallas Drive
Kamloops, BC
250-573-2278

Cranbrook, BC
2232 Cranbrook Street N.
Cranbrook, BC
250-489-1230

Castlegar, BC
4430 Minto Road,
Castlegar, BC
250-365-2121