Feds to double maximum amount offered by new loan program for secondary suites

Homeowners will soon be able to access larger low-cost loans to build secondary suites on their properties, Finance Minister Chrystia Freeland announced on Tuesday, in a preview of one of the measures in next week’s fall economic statement.

Freeland said the government would be double the maximum loan amount under a yet-to-be launched federal program for secondary suite construction to $80,000 starting in early 2025.

“This is about increasing housing supply. This is about gentle density,” Freeland said.