15 Oct New Federal Program Empowers Ontario Homeowners to Add Rental Suites and Boost Income
Posted at 02:13h
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The federal government is launching a new mortgage refinancing program in January 2025 for homeowners in Ontario and across Canada. This initiative will help create additional living spaces, like basement apartments or converted garages, to address the housing shortage and provide financial relief from rising mortgage costs.
Key Program Details:
- Eligibility: Homeowners must already reside in their property or have a close relative living in one of the existing units. The goal is to create new rental spaces, which could include basement suites or laneway homes.