$HRAL Hear At Last guiding clients towards Federal
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Posted On: 03/10/2025 9:07:43 AM
$HRAL Hear At Last guiding clients towards Federal loan programs and other Government Incentives
https://www.newsfilecorp.com/release/243861
From the Government of Canada 2024 Fall Economic Statement: Making it easier for homeowners to build secondary suites
https://www.canada.ca/en/department-finance/n...uites.html Department of Finance Canada
Toronto, Ontario--(Newsfile Corp. - March 10, 2025) - In recent months, Hear At Last Holdings (OTC Pink: HRAL) has been following the changes at the Federal, Provincial and Municipal levels, all working with their own separate programs, but all with the same goal - to facilitate the construction of garden suites and secondary suites in Canada, offering attractive and alternative financing options for homeowners.
Here are some notable developments:
Canadian Banks
In August 2024, some of the Canadian banks started to offer Laneway House Mortgages, a construction loan designed to help Canadian homeowners finance the building of laneway homes or garden suites on their properties. This product allows homeowners to expand their living space or generate additional rental income, contributing to increased housing density in urban areas. Initially available in the Greater Toronto Area, Greater Vancouver Area, and Calgary, the mortgage offers a solution for homeowners seeking to adapt their properties to evolving housing needs.
Federal Government's Secondary Suite Loan Program
In December 2024, the Federal Government announced plans to support homeowners in adding secondary suites by doubling the loan limit for the Canada Secondary Suite Loan Program from $40,000 to $80,000. This initiative aims to make it easier for homeowners to convert unused spaces, such as basements or garages, into rental units. The program offers financing with 15-year loan terms at a rate of 2%.
Simcoe County's Secondary Suites Program
Simcoe County offers the Secondary Suites Program, providing funding of up to $30,000 per unit for the creation of secondary or garden suites. This program is part of the county's efforts to address affordable housing supply and demand, offering financial assistance to homeowners looking to add rental units to their properties.
Toronto's Expansion of Garden Suites Permissions
In February 2022, Toronto City Council expanded permissions to allow residents to build garden suites on residential properties. Garden suites are detached housing units located in the backyard of an existing house. This policy change aims to increase the supply and variety of housing options in Toronto, providing homeowners with the opportunity to add rental units to their properties.
These initiatives reflect a growing recognition of the need for alternative financing and policy measures to support the development of garden suites and secondary suites, thereby enhancing housing options and affordability in urban centers across Canada.
https://www.newsfilecorp.com/release/243861
From the Government of Canada 2024 Fall Economic Statement: Making it easier for homeowners to build secondary suites
https://www.canada.ca/en/department-finance/n...uites.html Department of Finance Canada
Toronto, Ontario--(Newsfile Corp. - March 10, 2025) - In recent months, Hear At Last Holdings (OTC Pink: HRAL) has been following the changes at the Federal, Provincial and Municipal levels, all working with their own separate programs, but all with the same goal - to facilitate the construction of garden suites and secondary suites in Canada, offering attractive and alternative financing options for homeowners.
Here are some notable developments:
Canadian Banks
In August 2024, some of the Canadian banks started to offer Laneway House Mortgages, a construction loan designed to help Canadian homeowners finance the building of laneway homes or garden suites on their properties. This product allows homeowners to expand their living space or generate additional rental income, contributing to increased housing density in urban areas. Initially available in the Greater Toronto Area, Greater Vancouver Area, and Calgary, the mortgage offers a solution for homeowners seeking to adapt their properties to evolving housing needs.
Federal Government's Secondary Suite Loan Program
In December 2024, the Federal Government announced plans to support homeowners in adding secondary suites by doubling the loan limit for the Canada Secondary Suite Loan Program from $40,000 to $80,000. This initiative aims to make it easier for homeowners to convert unused spaces, such as basements or garages, into rental units. The program offers financing with 15-year loan terms at a rate of 2%.
Simcoe County's Secondary Suites Program
Simcoe County offers the Secondary Suites Program, providing funding of up to $30,000 per unit for the creation of secondary or garden suites. This program is part of the county's efforts to address affordable housing supply and demand, offering financial assistance to homeowners looking to add rental units to their properties.
Toronto's Expansion of Garden Suites Permissions
In February 2022, Toronto City Council expanded permissions to allow residents to build garden suites on residential properties. Garden suites are detached housing units located in the backyard of an existing house. This policy change aims to increase the supply and variety of housing options in Toronto, providing homeowners with the opportunity to add rental units to their properties.
These initiatives reflect a growing recognition of the need for alternative financing and policy measures to support the development of garden suites and secondary suites, thereby enhancing housing options and affordability in urban centers across Canada.
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