Canadian Secondary Suite Loan Program (CSSLP): How to Apply

Everything You Need to Know About the Canadian Secondary Suite Loan Program (CSSLP)

The Canadian Secondary Suite Loan Program (CSSLP) is a government initiative that aims to support homeowners in creating or renovating secondary suites such as basement suites, garden suites, and laneway homes. With recent changes, including an increased loan limit, this program offers a great opportunity for homeowners to generate rental income and help alleviate housing shortages.

Key Features of the CSSLP

1. Increased Loan Amount: The program now offers up to $80,000 in financing for creating or renovating secondary suites.

2. Low-Interest Rate: Loans are provided at an interest rate of just 2%, with flexible 15-year repayment terms.

3. Mortgage Refinancing: Starting in early 2025, homeowners can refinance their mortgages to cover up to 90% of their post-renovation home's value, with extended terms up to 30 years.
   

What Qualifies for the CSSLP?

To qualify, homeowners must meet the following criteria:

• Ownership: Must own the property where the secondary suite will be constructed or renovated.

• Zoning Compliance: The project must adhere to local zoning laws and building codes.

• Financial Capacity: Homeowners must be able to demonstrate their ability to repay the loan.
  

How Nar Homes Can Help

At Nar Homes, we assist homeowners every step of the way, from understanding eligibility to the application process and construction. Let us help you make the most of the CSSLP and create a secondary suite that suits your needs and generates income.