Coach House Costs
Coach Houses (lane way houses, secondary suites, mini homes) have seen a boom in Ottawa and Ontario in the last few years (partly due to Bill 23).
They provide a variety of benefits, including increasing property value, creating additional income opportunities, enhancing family living arrangements, and supporting urban sustainability.
New Financial Assistance by the Government
Today's mortgage reforms are designed to make it easier for homeowners to add secondary suites—such as basement apartments, in-law suites, and laneway homes—building on the federal government’s recent announcement of the most significant mortgage reforms in decades. These reforms are aimed at unlocking homeownership opportunities for Canadians of all generations.
Starting December 15, 2024, Canadians will be able to apply for reformed mortgages, resulting in lower monthly payments.
Key changes include:
1. Raising the Insured Mortgage Cap:
The $1 million price cap for insured mortgages will be increased to $1.5 million to reflect the current housing market and enable more Canadians to qualify for mortgages with a down payment of less than 20%. This cap, which has remained unchanged since 2012, will allow more Canadians to purchase homes within their financial reach.
2. Expanding 30-Year Mortgage Amortizations:
The eligibility for 30-year mortgage amortizations will be extended to all first-time homebuyers and those purchasing new builds, reducing monthly payments and helping more Canadians afford homeownership. This expansion includes both new construction and condominiums.
The move is designed to incentivize the building of more homes and address the ongoing housing shortage, in line with the Budget 2024 commitment, which also allows first-time homebuyers purchasing new builds to access 30-year amortizations starting August 1, 2024.
These reforms aim to help more Canadians secure affordable homes while also encouraging the construction of additional / secondary dwelling units, which can provide much-needed rental options and support multi-generational living.
Ontario's Secondary Suite Incentive Program is an initiative designed to encourage the creation of secondary suites (also known as accessory apartments or in-law suites) within existing homes.
The program is aimed at increasing the availability of affordable rental housing in the province by making it easier for homeowners to build or convert basements, garages, or other spaces into legal secondary units.
"Through our Housing Accelerator Fund, we’ve already reformed zoning to make this possible, and today, we’re announcing homeowners will soon be able to access up to $40,000 in low-cost loans to make it easier add secondary suites."
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance