Canada's Secondary Suite Loan Program (CSSLP)?

By William Srenk:

With the Canadian government's recent announcement to double the loan limit for the Canada Secondary Suite Loan Program, now is the perfect time to build a secondary suite on your property. Whether you’re looking to add a basement suite, laneway house, or garage suite, Elliam Contracting is the right choice for homeowners in Simcoe Region, York Region, Peel Region, and surrounding areas like New Tecumseth, Barrie, Newmarket, Orangeville, Caledon, Aurora, and Bolton. Here’s why:

What is the Canada Secondary Suite Loan Program?

In 2024, the Federal Government introduced a significant expansion to the CSSLP, which now offers up to $80,000 in funding for homeowners to create additional rental units on their properties. This program is part of the government’s strategy to address Ontario’s housing challenges by increasing affordable housing options and reducing the demand on overburdened rental markets in cities and communities across the province. With low interest

rates and flexible terms, this initiative makes it easier than ever to add secondary suites like basements, laneway homes, and garage suites, contributing to a solution for Ontario’s housing challenges.

Why Should You Build a Secondary Suite?

Adding a secondary suite to your property offers numerous benefits, including:

1. Additional Income 

   Renting out a secondary suite can help offset your mortgage, property taxes, or other living expenses, providing a consistent income stream. In high-demand areas like Newmarket, Barrie, Aurora and New Tecumseth, secondary suites are highly sought after by renters looking for affordable housing.

2. Affordable Housing Solutions

   With rental prices rising across the Simcoe Region, York Region, and Peel Region, secondary suites provide affordable housing options. The demand for rental properties in Caledon and Bolton is also high, and building a secondary suite can help meet that need while providing you with extra income.

3. Increased Property Value

   A secondary suite can increase your home’s market value. Buyers in communities like New Tecumseth, Orangeville, and Barrie are increasingly looking for homes with income-generating potential. Adding a well-designed suite can make your property more attractive to potential buyers and investors.

4. Energy Efficiency and Sustainability

   Repurposing existing spaces like basements or garages reduces environmental impact and minimizes urban sprawl. For example, in York and Simcoe Region, converting unused spaces into secondary suites allows homeowners to make the most of their properties while reducing the need for further development.

How the Canada Secondary Suite Loan Program Can Benefit You

Taking advantage of the CSSLP can benefit in many ways, including:

1. Higher Loan Limits

   With the loan amount now doubled to $80,000, it’s easier than ever to fund your secondary suite project in communities like York Region, Peel Region, and Simcoe Region. Whether it’s for a basement suite in Barrie or a laneway home in Aurora, this program can help you cover significant costs.

2. Lower Interest Rates

   The program offers a 2% interest rate with a 15-year loan term, making it an affordable financing option for homeowners in cities like New Tecumseth, Newmarket, and Caledon.

3. Flexible Mortgage Refinancing

   In addition to the secondary suite loan, homeowners can refinance their mortgages to access up to 90% of their home's post-renovation value, allowing them to use home equity to fund the project. This is an excellent option for homeowners in Bolton, Orangeville, and Simcoe who want to leverage their home’s value to finance their suite construction.

Ready to Build Your Secondary Suite?

Building a secondary suite is a great way to increase your property’s value, create affordable housing, and secure additional income. Let Elliam Contracting be your trusted partner in navigating the Canada Secondary Suite Loan Program. We specialize in helping homeowners in Simcoe Region, York Region, Peel Region, and nearby cities like New Tecumseth, Barrie, and Orangeville to build the perfect secondary suite.

Contact Us Today

Are you ready to take the next step? Reach out to Elliam Contracting for a consultation and to learn how we can help you with your secondary suite project. Let’s work together to create more housing options in Ontario and achieve your goals, whether you're in Aurora, Bolton, or beyond.