Unlock $80,000 in Funding: Build Your Secondary Suite with Mezza Studio and Save Big!

Basement Apartment

The Canadian government has announced a significant enhancement to the Canada Secondary Suite Loan Program, aiming to address the nation's housing shortage and provide homeowners with new opportunities. Starting in early 2025, the program will:

• Increased Loan Limit: The maximum loan amount will double from $40,000 to $80,000, enabling more comprehensive renovations or constructions of secondary suites such as basement apartments or laneway homes.

  
  

• Low-Interest Rate: Loans will be offered at a fixed interest rate of 2% over a 15-year term, making financing more affordable for homeowners.

  
  

In addition to the loan program, new mortgage refinancing options will be available starting January 15, 2025:

• Refinancing Cap: Homeowners can refinance up to 90% of their home's post-renovation value, with a maximum limit of $2 million.

  
  

• Extended Amortization: The refinanced mortgage can be amortized over a period of up to 30 years, reducing monthly payments and easing financial planning.

  
  

These initiatives are designed to increase housing density and provide affordable rental options across Canada. By facilitating the creation of secondary suites, the government aims to address the projected housing gap of 658,000 homes by 2030.

Canadian Mortgage Trends

At Mezza Studio, we specialize in designing and building custom secondary suites that maximize your property's potential. With over 15 years of experience, our in-house team of architects, engineers, and licensed tradespeople ensures seamless integration of all aspects of your project, from concept to completion.

Why Choose Mezza Studio?

• Integrated Design Approach: Our holistic 3D modeling process ensures no conflicts between structural, HVAC, plumbing, and electrical components, saving you time and money.

  
  

• Value Engineering: We provide cost-effective solutions that enhance the functionality and aesthetics of your secondary suite, while ensuring the alterations stay within the express permit parameters of your municipality.

  
  

• Stress-Free Execution: Our meticulous planning and intercommunication between our team of experts eliminates unexpected surprises and costly revisions, ensuring a smooth and efficient build.

  
  

With the upcoming expansion of the Secondary Suite Loan Program, now is the perfect time to consider adding a secondary suite to your property. Let Mezza Studio guide you through the process, leveraging these new financial opportunities to create a valuable addition to your home.

Contact Us Today

Ready to explore the possibilities? Reach out to Mezza Studio to discuss your project and learn how we can help you take advantage of the enhanced Secondary Suite Loan Program.