News & Notices

Since 2018, The Municipality of Tweed has been making it easier for homeowners to build secondary dwelling units on their property.

A recent announcement from the 2024 Fall Economic Statement has provided Ontario families with further hope of owning a home and building in their community. The announcement stated that the loan limit for Canada Secondary Suite Loan Program will be doubled to $80,000 with the program launching in early 2025. By doubling the loan limit from $40,000 to $80,000, more homeowners will be able to access the low interest financing they need to add a secondary suite to their home. This will make it cheaper for homeowners to do so through 15-year loan terms at a low-interest rate of just 2 per cent. The goal is to make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase density in our communities.

Additional income, housing flexibility for family members, affordability for family or friends and using underused spaces are all options for a resident looking to add an additional unit. By making it easier for homeowners to add secondary suites to their existing homes, residents can build homes that Tweed needs to make housing more affordable for every generation.