My Home Second Unit Renovation Program

Dated: November 1 2020

Views: 22

Starting October 19, 2020
The region of Peel is launching a new and improved program to help eligible homeowners renovate an existing second unit in their home to create more affordable rental housing.
 
The My Home Second Unit Renovation Program provides up to a maximum of $20,000 by way of a forgivable loan to eligible homeowners, and an additional $10,000 to homeowners who rent to a tenant referred by the Region of Peel.
 
A second unit is described as a separate, contained unit that includes a kitchen, bathroom and living space within an existing home that can be used for rental purposes. The unit must be registered or licensed by the local municipality as a legal secondary unit, meeting all Building and Fire code requirements as well as other requirements that the municipality may require in order to ensure that the unit is legal for its use.
Learn More HERE
Blog author image

Melody Sitchon

Melody Sitchon, ABR, SRES and Broker. She is an active Broker of Record, representing buyers and sellers on a day-to-day basis, and considers education for her clients an important part of her role as....

Latest Blog Posts

The federal government will pay up to $5,000 to make your home more energy efficient

The federal government will pay up to $5,000 to make your home more energy efficient     **Starting today, May 27-2021, Canadians will be able to apply online for $5000

Read More

NEW CHAGES TO STRESS TEST

NEW stress test changes effective June 1, 2021To my valued clients & friends,Despite previous announcements OSFI (banking regulators) have announced that the new benchmark stress test rate will

Read More

Renovations That Pay Off on Resale

If you’re planning to do some home renovations that pay off on the resale market, you’re not alone. Renovations are the premise behind many successful house-flipping careers,

Read More

OFSI Announcement and What it Means for You as a Buyer

The OSFI announced today they are re-opening the discussions around the qualification rates for the stress test in Canada. Right now the qualification rate for best interest rates used for the

Read More