Enhanced Mortgage Program
The Royal Bank of Canada (RBC) is introducing innovative financing options for Canadian homeowners, aiming to transform the housing market and empower property owners. Beginning on June 28, RBC is launching an enhanced residential construction mortgage program. This program offers homeowners the opportunity to finance the construction of laneway homes, garden suites, modular units, and other auxiliary dwelling units. It also supports the conversion of single-family homes into duplexes, triplexes, or multiplexes, in compliance with municipal zoning regulations.
Empowering Homeowners
RBC's updated mortgage program enables homeowners and builders to collaborate on property adaptations, facilitating the creation of supportive housing or generating additional rental income. Also, homeowners interested in exploring these opportunities are encouraged to consult with an RBC Mortgage Specialist to learn more about the possibilities offered by this new capability.
"In the past, homeowners have had limited access to financing that could help them redevelop their home or property in meaningful ways. Through the enhanced residential construction mortgage program, RBC is unlocking a new capability for homeowners to change their property to better suit their needs and help create more housing units for Canadians who need them."
Leah Robinson, vice president, Home Equity Policy and Regulatory Management.
There is a growing trend towards the development of secondary suites and multi-unit properties as homeowners look to increase the value of their properties. Municipalities across Canada are adjusting zoning bylaws to support such developments, and the federal government has introduced the Canada Secondary Suite Loan Program in the recent federal budget, providing homeowners with up to $40,000 in low-interest loans for building secondary suites.
How Norseman Can Help
Norseman is well-versed in the intricacies and potential of property redevelopment. With expertise in home construction and development, coupled with an understanding of current market trends, Norseman is positioned as an ideal partner for homeowners in this journey. Whether homeowners are considering adding a laneway home, garden suite, or converting their property into a multi-unit dwelling, our team can offer the expertise and guidance required.
To learn more about how we can assist with your next construction project, please contact us and explore our blogs for further insights and updates on the latest in construction and development.
Let’s work together to build the future of Canadian housing.
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