The 2024 Fall Economic Statement aims to boost Canada’s housing supply by doubling the Canada Secondary Suite Loan Program limit to $80,000. Starting in early 2025, homeowners can borrow at a low 2% interest rate, repayable over 15 years, making it cheaper to convert basements or garages into rental units.
Additionally, homeowners will soon be able to refinance insured mortgages up to 90% of their home’s post-renovation value, further easing renovation costs.
On December 15, 2024, the government will also lower downpayment requirements for homes priced between $1 million and $1.5 million and expand 30-year amortizations for first-time buyers and purchasers of new builds.
These bold moves aim to increase housing options, cut monthly costs, and potentially pave the way toward more accessible homeownership. Will these strategies reshape Canada’s housing market for the better—or are more changes needed?
