Exciting news for homeowners started January 15, 2025! A new program will allow refinancing up to 90% of your home’s value, that’s up from 80%—to create secondary suites like basement apartments or laneway homes, as long as they meet municipal zoning and are not used for short-term rentals.

This is a game-changer for adding fully self-contained, income-generating units or expanding your home.

With a maximum amortization of 30 years and property values capped at $2 million post-renovation, this program is perfect for homeowners or families looking to build long-term financial stability. Also, this will hopefully address Canada’s rental shortage.

Lenders themselves have yet to introduce the program publicly so stay tuned for further updates from Lotus Loans & Mortgages Corp. as more information becomes available.