Financing information

We're a renovation company, not a lender, and this page is general information, not financial advice. Here is one federal change that may help you pay for a suite.

Insured refinancing to add a suite

Since January 15, 2025, the federal government's mortgage insurance rules allow insured refinancing to add a secondary suite. Under the rules announced by the Department of Finance:

• Homeowners can borrow up to 90% of the property's value, including the value the new suite adds.
• The property's value after the suite is added must be under $2 million.
• The home can have up to 4 units, including the main home.

Other conditions apply, such as the owner or a close relative living in one of the units, and the new unit not being used as a short-term rental. Lenders and insurers also have their own criteria.

Talk to your lender or mortgage broker about whether this fits your situation, how much you could qualify for, and what they need from you. A written quote for the suite is usually part of that conversation, and we can provide one after a free on-site assessment.

Source

• Department of Finance Canada: Mortgage insurance rule changes to enable homeowners to add secondary suites