Dreaming of More Space or a Profitable Upgrade?
A finished basement can be a game-changer for homewowners, offering a wealth of possibilities.
Did you know?
Canada Secondary Suite Loan Program
The Canada Secondary Suite Loan Program can help you add an extra private retreat, generate rental income or add a separate unit for a family or friend.
Basements, extensions, garden suites and laneway homes all qualify under the Secondary Suite Loan Program.
Does your home qualify?
A Rental Can Change Everything
Whether you’re looking to add extra living space, create a private retreat or generate rental income, a basement suite can transform an underutilized area into a valuable asset.
Not only does it increase functionality of your home, but it can also boost its overall value. Plus, with the right design, a basement apartment can offer privacy and comfort for tenants, making it an attractive living option.
DOES YOUR HOME QUALIFY?
Qualifying Checklist
As a baseline, these are the preliminary guidelines to help determine whether your space can qualify as a secondary suite or if additional design considerations need to be made.
A Secondary Suite Can Change Everything
The Canada Secondary Suite Loan Program , offers homeowners up to $80,000 to create or renovate a secondary suite (such as a basement apartment or rental unit) on their property, with a low 2% interest rate and a 15-year repayment term.
Available to homeowners across Canada, the loan can fund new builds, major renovations, or smaller projects, helping with extra income or space. The program provides guidance on zoning, building codes, and best practices, ensuring your project meets local regulations.
In addition to the Secondary Suite Loan Program, homeowners will also be able to refinance with insured mortgages to help cover the cost of adding a secondary suite, starting January 15, 2025. Specifically, lenders and insurers will begin allowing mortgage refinancing of up to 90 per cent of the post-renovation value of their home up to $2 million, amortized over a period of up to 30 years. Homeowners will be able to make use of both the loan program and mortgage financing to help cover the cost of adding a secondary suite.
How the Canadian Government is Making it Easier
On October 8, 2024, the government announced mortgage insurance rule changes to enable homeowners to add secondary suites. Specifically, these changes, coming into effect on January 15, 2025, will:
Allow refinancing with insured mortgages for secondary suites, to let homeowners access the equity in their homes to finance the construction of secondary suites. Borrowers will be able to access financing of up to 90 per cent of the home value, including the value added by the secondary suite(s), and amortize the refinanced mortgage over a period of up to 30 years.
Increase the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, to ensure homeowners can access this refinancing in all housing markets across the country.
Many homeowners have extra space they could convert into rental suites, such as an unused basement, or a garage that could be converted into a laneway home. Historically, the cost of renovating, combined with municipal red tape, has made this both difficult and costly.
Recent municipal zoning reforms in Canada’s major cities, including reforms through Housing Accelerator Fund agreements, are creating new opportunities for homeowners to add additional suites to their properties in support of densification. New rental suites would provide more homes for Canadians and could provide an important source of income for seniors, who would be able to afford continuing to age at home. New suites can also be purpose-built to be barrier-free, to accommodate physical impairments of an aging family member or a child with a disability.
The government is taking action to make it easier for homeowners to increase Canada’s supply of housing by adding additional suites to their home.
Our Feasibility Assessment Package
We’re here to help you navigate the process with ease.
Our Assessment Package is designed to take the guesswork out of qualifying for a basement unit. We’ll evaluate your property, review local zoning regulations, and assess the potential for your secondary suite project. This comprehensive assessment ensures you have a clear understanding of the approval process and addresses any concerns or questions you might have.
Let us guide you every step of the way, so you can move forward with confidence.
$1599
Approximately 2-3 Weeks For Assessment Completion.
Maximize the potential of your basement by transforming it into a profitable rental property or secondary suite with our all-inclusive renovation services. Whether you’re looking to create a modern studio, a comfortable one-bedroom, or a spacious two-bedroom suite, we’ve got you covered from start to finish.
Our team offers expert design and planning, ensures all necessary permits are in place, and manages the complete build process. Below you’ll find three pre-designed, fully priced renovation packages, each including quality cabinetry, premium materials, and full labor costs—so you can easily envision the upgrade and potential return on investment.
Let us help you turn your basement into a thriving rental property!
From professional estimators, project managers to highly skilled tradesmen, top quality is our goal. Our tradesmen are all highly experienced in their respected fields.
We will oversee your project from beginning to end and work with you to ensure quality workmanship. We take care of the design, project management, material management and full build.
Case Study
MR and Mrs. Johnson had a unfinished basement for the past 10 years. They wanted a way to use the space and make some extra income.
Their basement was 800 sf and they wanted to covert it into a 1 bedroom unit.
Cost of Remodel –
Step 1 – Initial Feasibility Assessment
Step 2 – Secure any financing – Opportunities include the $80,000 Canada Secondary Suite t loan, Provincial Remodel loans. Financing
Total investment $120,000 ($80,000 Government Loan/ $40,000 Financing)
Cost of loan per month – (CSSL) $577.77/month – Based on 2% Loan
Financing – $40,000 – $504.80/month – Based on 12.99%
Monthly rent income $2,500.00
Total Profit $1,417.43 / Month
Studio Unit
APPROX. 700 SQ FT.
STARTING AT
$95,000
PLUS TAX
1 bedroom Unit
APPROX. 800 SQ FT.
STARTING AT
$105,000
PLUS TAX
2 Bedroom Unit
APPROX. 1200 SQ FT.
STARTING AT
$155,000
PLUS TAX
Talk To The Experts
Our professional team of designers are here to help you each step of the way. Empowered with the knowledge of the latest trends and styles – our designers work with your aesthetic and elevate it to your homes full potential. Details make the design and we understand the importance of choosing every detail. How can you help your reader?
Let’s do the thing…
Planning a Renovation?
Renovating in 2025 is about style, sustainability, and smart choices. Our free Wynwood Renovations Guide covers budgeting, timelines, material selection, and energy-efficient upgrades. Get expert insights on trends, smart home tech, and eco-friendly practices to create a beautiful, functional home.
At Wynwood Renovations, we help you design spaces that reflect your style and add lasting value. Learn how to choose the right contractors, maximize natural light, and integrate timeless design. Download the guide today and start your renovation with confidence!
