Ottawa Announces Secondary Suite Incentive Program for Homeowners

In a bid to “unlock new housing supply,” Ottawa is including a program in Budget 2024 that allows homeowners to access up to $40,000 in low-interest loans to add a secondary suite to their homes. Dubbed the Canada Secondary Suite Loan Program, the initiative will be administered by the Canada Mortgage and Housing Corporation, the federal government announced April 14. “Many Canadians, such as retirees who own their homes, or younger families who want their parents to move in to live close by, might want to add a unit to their home,” Finance Minister ​​Chrystia Freeland said in a statement. “Through our Housing Accelerator Fund, we’ve already reformed zoning to make this possible, and today, we’re announcing homeowners will soon be able to access up to $40,000 in low-cost loans to make it easier to add secondary suites.”...