Freeland announces new rules for homeowners with secondary suites

On Tuesday Minister of Finance Chrystia Freeland announced new rules regarding secondary suites, set to come into force on January 15th. “We’re going to allow refinancing of insured mortgages to build a secondary suite in your home,” she said, adding, “You will be able to amortize your refinanced mortgage for up to 30 years. The limit for insured mortgages if you are building a secondary suite will be $2 million.”