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.
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