cited from a CTV Article 

Federal Government Introduces New Housing Measures to Boost Affordability and Supply

The Canadian government has unveiled a series of housing-focused initiatives aimed at increasing home availability and affordability. These measures are designed to support homeowners, encourage the use of vacant land, and repurpose underutilized federal properties for housing.

1. Incentives for Adding Secondary Suites

Homeowners looking to create rental units, such as basement or garage suites, can now refinance their mortgage more easily. This program allows borrowers to access up to 90% of their home's value, including the value of the planned secondary suite. The refinanced mortgage can be amortized over 30 years, making it more affordable to finance these additions.

Additionally, the mortgage insurance home price limit has been increased to $2 million for such refinances, ensuring accessibility across Canada’s diverse housing markets.

2. Consultations on Taxing Vacant Land

The government is initiating consultations on implementing taxes for vacant land. The aim is to encourage landowners to develop properties rather than leaving them idle, contributing to increased housing supply. This measure invites feedback from provincial, territorial, and municipal governments to ensure its effectiveness.

3. Unlocking Federal Properties for Housing

Fourteen underused federal properties in cities like Ottawa, Quebec City, Cape Breton, and St. John’s have been added to the Canada Public Land Bank. This initiative now includes 70 properties in total, aligned with the Public Lands for Homes Plan. The goal is to transform these spaces into housing, helping to meet the country's growing demand for affordable options.

Why It Matters

These initiatives reflect the federal government’s commitment to tackling the housing crisis. By empowering homeowners to create rental units, discouraging underutilized land, and repurposing federal spaces, these measures aim to make housing more accessible and affordable for Canadians.

As Finance Minister Chrystia Freeland stated, “We must use every possible tool to build more homes and make housing affordable for every generation of Canadians.”

This multi-pronged approach holds promise for creating stronger communities and expanding the housing supply at a crucial time.

Hunter Crowther

CTVNews.ca National Digital Producer

CTV POST

taken from Canadianmortgagetrends.com

Key details of the refinancing program:

• Maximum loan-to-value (LTV): The LTV ratio can be up to 90% of the “as improved” property value, with the total property value capped at $2 million.

• Amortization period: The maximum amortization for this refinancing is 30 years, allowing borrowers to spread payments over a longer term.

• Number of units: Homeowners can add up to four units on their property, including the existing one.

• Self-contained units: Each secondary suite must be a fully self-contained unit, meaning it has separate living facilities, such as a private entrance, kitchen, and bathroom. This ensures compliance with municipal zoning requirements.

• No short-term rentals: The additional units must be long-term rentals and cannot be used for short-term rental purposes (e.g., Airbnb).

Federal Government Reintroduces Mortgage Refinancing for Secondary Suites

Starting January 15, 2025, Canadian homeowners will have access to default-insured mortgage refinancing of up to 90% of their home’s value to build secondary suites, such as basement apartments or laneway homes. This initiative revives a similar program discontinued in 2016, reflecting the government’s focus on addressing the housing crisis and boosting rental supply in high-demand areas. Homeowners can take advantage of a 30-year amortization period to make these projects more affordable.

The program aims to create more rental options, support seniors aging at home, and help offset rising mortgage costs for homeowners. Alongside these changes, Canada’s banking regulator (OSFI) is planning to eliminate the stress test requirement for uninsured mortgage switches, making it easier for borrowers to switch lenders.

The government also announced consultations on taxing vacant land to incentivize development and added 14 underused federal properties to the Canada Public Land Bank, now totaling 70 sites available for housing projects. These measures reflect a comprehensive strategy to address housing affordability and increase supply across the country.

Stay tuned for updates as these programs roll out and transform housing opportunities in Canada.

canadian Mortgage trends

taken from gov Canada 

Mortgage Insurance Rule Changes to Help Homeowners Add Secondary Suites

The Canadian government is introducing new mortgage insurance measures to help homeowners turn unused spaces, like basements or garages, into rental units. Effective January 15, 2025, these changes aim to increase housing supply and provide homeowners with new income opportunities, particularly seniors who wish to age at home.

The New Refinancing Program

Under the updated rules, homeowners can refinance their properties with insured mortgages to fund the construction of secondary suites. Borrowers can access up to 90% of their property’s value, including the value added by the new units, with a maximum amortization of 30 years. This makes it more affordable for homeowners to create fully self-contained units, such as basement apartments or laneway homes, provided they meet local zoning requirements.

Key Eligibility Requirements

• The homeowner or a close relative must occupy one of the existing units.

• The property’s total value, including improvements, must be under $2 million.

• Additional financing must not exceed project costs.

• The new units cannot be used as short-term rentals.

• The property must have no more than four total units after improvements.

Broader Impact

These measures align with municipal zoning reforms supported by the Housing Accelerator Fund, which aim to increase density and address Canada’s housing affordability crisis. By streamlining processes and reducing financial barriers, the government hopes to unlock the potential of underutilized spaces while offering more affordable housing options for Canadians.

This program reflects the federal government’s commitment to using innovative solutions to address housing shortages. If you're a homeowner considering adding a rental suite, now might be the time to explore how these changes could benefit you. Stay tuned for more updates as this program rolls out in early 2025.

gov canada

The last few weeks have seen a plethora of housing and mortgage initiatives aimed at improving the overall landscape for Canadians. 


To those looking to refinance a single family dwelling the government is allowing Insured Refinances to 90% and with higher limits (eg. to $1.5M). 

In addition the federal government has announced even higher financing limits (for insurable mortgages) to those wanting to fund secondary & multiplex units

The federal government also said it is increasing the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, saying this will ensure homeowners can access their refinancing in all housing markets across Canada.

• On most residential properties a proponent can add a garden suite or laneway house, at a cost of about $500 per square foot for the build (less than half the price of a new Toronto condo).

• Most houses can be converted to a 2, 3 or 4-plex - as of right with no development cost charges.

• Most lots can support a tear-down and new build with up to 5 units (4-plex plus garden suite or laneway house).

• The FSI (floor space index) and many height/storey rules do not apply to 2, 3 and 4-plex conversions and new builds, so in many cases they can contain twice - or even more - square footage than a regular SFD.  For example, a lot that might only support a single 2,600 square foot 2-storey house can now have maybe 5,400 square feet over 4 units, and be 3+ floors in height.  

• Properties on "major streets" (or even backing onto them) like Pape, Runnymede, Royal York, Warden, Sheppard etc. qualify for townhouse or apartment builds up to 6 storeys tall and containing up to 60 units.

Laneway housing 

this information was taken from close my home legal insights

Switching a property from long-term residential use to short-term rentals, like Airbnb, can lead to significant GST/HST liabilities upon sale due to the change-in-use rule under the Excise Tax Act. If over 90% of the property's use involves short-term stays (less than 28 days), it may be deemed taxable.

For example, in 1351231 Ontario Inc. v. The King, brief short-term rental use triggered an $80,000 HST reassessment.

To avoid unexpected costs, property owners should understand the timing rules, consult tax experts, and consider strategies to reduce liabilities while staying compliant.

please click here to learn more closemyhome

A home inspection is a critical step in the real estate process, providing valuable insights into the condition of a property. Whether you’re buying or selling, understanding what an inspection entails can help you navigate the transaction with confidence. Here’s what you need to know:

What Is a Home Inspection?

A home inspection is a professional evaluation of a property’s condition, conducted by a certified home inspector. The purpose is to identify potential problems that could impact a buyer's decision or the home's marketability.

For buyers, an inspection helps uncover any major issues before finalizing a purchase. Sellers can use inspections to proactively address problems, making their property more attractive to potential buyers.

How Does an Inspection Differ from an Appraisal?

While both inspections and appraisals are part of many real estate transactions, they serve different purposes.

• Appraisal: Estimates the property’s value, often required by mortgage lenders.

• Inspection: Focuses on the property’s physical condition, identifying structural, mechanical, or safety issues.

Inspections aren’t mandatory but are highly recommended, as they provide critical information for both parties.

What Do Inspectors Examine?

A home inspection is a visual assessment of the home’s major systems and structures, including:

• Mechanical systems: HVAC, plumbing, and electrical.

• Structure: Roof, foundation, walls, doors, and windows.

• Major appliances: To ensure they are in working order.

Cosmetic flaws are typically not a focus unless they pose a safety concern. 

Certain aspects, like pest infestations or sewer systems, may require specialized inspections.   And for rural properties, or these not fully integrated within city or a town's sewer and water systems, will require Septic and Well systems inspections that should be inspected by a Licensed technician.

The Inspection Report

After the inspection, you’ll receive a report detailing the findings. This may include a checklist or detailed paragraphs describing the issues. Even new homes often have minor issues listed in the report.  Some new home buyers even ask Home Inspectors to walk through the home for a second set of eyes prior to moving in.  

How an Inspection Can Impact the Sale

• For Buyers: If significant problems are uncovered, buyers can renegotiate the deal or walk away entirely. Buyers might ask sellers to make repairs or provide a credit for the buyer to handle the fixes themselves.

• For Sellers: A failed deal due to inspection findings can be a setback. If a pending sale falls through, it may discourage future buyers. Sellers can hire experts to verify or contest the inspector's findings.

Choosing the Right Inspector

Hiring a qualified home inspector is essential. Look for certifications from reputable organizations like the Canadian Association of Home Inspectors (ASHI) or the Ontario Association of Home Inspectors.   These professionals adhere to strict codes of ethics and undergo continuing education.

When selecting an inspector:

• Ask about their experience, particularly if the home has unique features like historic architecture.

• Request references from past clients.

• Expect to pay around $450 for a condo, or around $600 for an average sized home [under 2000sq ft].

A home inspection might seem like just another step in the buying or selling process, but it’s an investment in peace of mind. Whether you’re identifying repairs as a seller or avoiding costly surprises as a buyer, the right inspection can save time, money, and stress.

Thinking about buying or selling? Let’s chat about how to prepare for your home inspection and make your real estate journey smooth and successful.

for more information you can visit 

Home Buyers/Realtors - Ontario Association of Home InspectorsBuyers & Sellers - Canadian Association of Home & Property Inspectors

this information was taken from realty times realty times