How a Couple Transformed Their Home Thanks to Secondary Suites Refinancing Program

*Sophie and *Christopher, a young professional couple living on the South Shore of Montreal, had long been searching for a solution to maximize their home's space while generating additional income. When they heard about the new refinancing measures recently announced by the Canadian government, they decided to consult us to explore their options.

This fall, Sophie and Christopher met with us. We explained how they could refinance their insured mortgage up to 90% of their home's value, including the added value from renovations. Thanks to this program, they could amortize the loan over 30 years, making their project to convert their basement into a secondary suite unit much more affordable.

With our help, Sophie and Christopher obtained the necessary refinancing to transform their basement into a separate apartment with a private entrance. They also decided to build a second floor on their detached garage, creating another secondary suite rental unit. These two new dwellings would not only allow them to generate long-term rental income but also provide living space for a close relative.

We also explained to them that these new measures aimed to address the housing crisis while allowing homeowners to generate additional income. By converting their basement and adding a floor to their garage, Sophie and Christopher were able to create two new rental units, thus contributing to the housing supply in their community.

Of course, this ambitious project was not without challenges. Sophie and Christopher had to adapt to the presence of new neighbors and share certain spaces like the yard. Additionally, they had to comply with municipal regulations and density criteria to obtain the necessary permits.

Thanks to our support, Sophie and Christopher were able to navigate the various stages of refinancing and renovations. We helped them maximize the benefits of the new government measures and find the solution best suited to their needs.

If you too wish to take advantage of the opportunities for accessory dwelling unit refinancing, do not hesitate to consult us. We can guide you towards the best solution for your project and support you throughout the process.

Contact us today to learn more about secondary suites  refinancing and how we can help you realize your projects.

* fictitious names