Red Key Realty

If you want some good advice or recommendations for buying or selling your home call me! FREE MARKET EVALUATION 403-350-9878

Stunning private acreage close proximity to Lacombe, Ponoka and Rimbey. The Shop is HUGE at 80 x 100 and the House is incredible with 5 bedrooms,. open design, sunroom with hot tub, theatre room, air conditioning, wood stove and SO MUCH MORE! Offered at $984,999.00. Call for your private viewing today.
NITA JENSEN - Realtor,
Red Key Realty.
⁨(403) 350-9878⁩
www.reddeerrealestaterocks.com
MLS A2242739

BIG NEWS for homeowners: new federal program for adding rental suites


The federal government has just unveiled a new mortgage refinancing program to help homeowners build additional living spaces, such as basement apartments or converted garages.

Starting in January 2025, this insured refinancing option will make it easier to create rental units and, in turn, help homeowners manage rising mortgage costs. A similar program was available until 2016 but was phased out to cool the housing market. Now, with housing in short supply, it’s back – giving homeowners a chance to add rental opportunities and even generate extra income.

As the government stated, "New rental suites would provide more homes for Canadians and could provide an important source of income for seniors continuing to age at home."

Key program details:
Eligibility: You must already own your home, live in one of the current units (or have a close relative living there), and plan to add new units.
Refinancing: You can access insured refinancing to fund the creation of additional units.
Unit requirements: The new units must be self-contained, like basement suites or laneway homes, and follow local zoning rules. Short-term rentals like Airbnb are not allowed.
Number of units: You can have up to four units on your property, including your existing home.
Property value: The "as improved" property value must be under $2 million.
Loan-to-value (LTV): You can refinance up to 90% of your property's value, including the new units.
Amortization: Up to 30 years.
Project costs: Financing must not exceed the total cost of the project.
This program could be a good option if you're considering adding a rental unit or creating more space for family.

However, it's important to understand the costs and how refinancing might impact your finances. If you'd like to see if this program makes sense for you, feel free to reach out. I can help you walk through the details and explore your options.







© 2024 TMG The Mortgage Group. FSRA #10315. SK Brokerage #315872. TMG The Mortgage Group (Atlantic) Inc. License #2021-3000031. All rights reserved. This email is provided as a service to mortgage brokers, agents, associates, customers and or contacts registered to receive email communications from TMG The Mortgage Group Inc., TMG The Mortgage Group Canada Inc. TMG The Mortgage Group (Atlantic) Inc. or any of its affiliated co-brokerage partners. For general inquires please visit www.mortgagegroup.
© 2024 TMG The Mortgage Group. FSRA #10315. SK Brokerage #315872. TMG The Mortgage Group (Atlantic) Inc. License #2021-3000031. Tous droits réservés. Le présent courriel est diffusé à titre de service aux courtiers hypothécaires, aux clients ou aux destinataires inscrits à la liste de distribution de TMG The Mortgage Group Inc., TMG The Mortgage Group Canada Inc. ou TMG The Mortgage Group Atlantic Inc. Pour toute demande d’information, visite

TMG The Mortgage Group – Think outside the branch TMG The Mortgage Group, the largest Canadian independent mortgage brokerage, continues to help hundreds-of-thousands of Canadians get the right mortgage solutions to suit their financial needs.