- New mortgage product finances construction of laneway homes
and garden suites on existing properties, allowing for expansion of
living space or securing rental income
- Secondary suites help increase density in urban centres,
improving access to housing in communities while providing
homeowners with a new option to maximize properties
TORONTO, Aug. 21,
2024 /PRNewswire/ - Equitable Bank, Canada's Challenger Bank™, is pleased to
introduce the Laneway House Mortgage, an innovative construction
loan to help Canadian homeowners finance the building of laneway
homes or garden suites on their property. The loan product,
initially available in the Greater
Toronto Area, Greater Vancouver
Area and Calgary, allows
homeowners to expand their living space or gain an additional
source of rental income, while also bringing much-needed housing
density to urban centres.
Major cities across Canada face
critical housing shortages, reflected in high rental costs and home
prices, while the country's evolving cultural fabric has made
multigenerational housing more popular. Recognizing this need for
increased space within existing properties and urban centres, the
Laneway House Mortgage provides homeowners with a new solution to
adapt their homes and make the most of their properties.
"Making efficient use of space in cities as Canadians' housing
needs evolve is more important than ever. The Laneway House
Mortgage provides a critical solution that can help support urban
densification and create additional income streams amid
affordability challenges, while also allowing homeowners to stay in
place," said Mahima Poddar, SVP and
group head of personal banking, Equitable Bank. "Canadians work
hard, and they deserve a good home to come back to at the end of
the day – one that's within the communities they love. Equitable
Bank is proud to continue playing a lead role in financing projects
that support housing accessibility in Canadian cities."
The Laneway House Mortgage aims to help Canadians in various
life stages adapt their homes to better suit their needs and can
offer many benefits, such as:
- Increasing the value of homeowners' properties;
- Providing multigenerational households with a solution to build
additional living space for family members;
- Offering homeowners an additional stream of rental income;
- Improving housing availability and access in urban centres;
and
- Offering a way to downsize and remain in their communities
without having to relocate.
The Laneway House Mortgage is offered on properties that are
free and clear, or in combination with new or existing mortgages
where Equitable Bank holds, or will hold, the first position. This
construction loan will be available to homeowners through Equitable
Bank's mortgage broker partners to ensure the Laneway House
Mortgage solution best fits borrower requirements.
Equitable Bank has long advocated for densifying urban centres
and endeavored to support affordable housing in Canada through targeted lending. The Laneway
House Mortgage is the latest addition to the Bank's array of
efforts that support housing densification, including lending
towards the development and renovation of multi-unit residential
projects such as apartments, condominiums, student housing and
other types of multi-unit housing in major cities. In 2023 alone,
Equitable Bank funded $3.4 billion in
loans for multi-unit residential properties that help address
Canada's housing shortage through
the Canada Mortgage Housing Corporation's MLI Select Insurance
program.
To learn more about Equitable Bank's Laneway House Mortgage,
visit equitablebank.ca/mortgage-products. To learn more about
Equitable Bank's commitment to lending to improve housing access
and affordability, visit eqb.com/responsibility-overview.
About Equitable Bank
Equitable Bank has a clear mission to drive change in Canadian
banking to enrich people's lives. As Canada's Challenger
Bank™ and seventh largest bank by assets, it leverages technology
to deliver exceptional personal and commercial banking experiences
and services to over 639,000 customers and more than six million
credit union members through its businesses. It is a wholly owned
subsidiary of EQB Inc. (TSX: EQB and EQB.PR.C), a leading digital
financial services company with $123 billion in combined
assets under management and administration (as at April 30,
2024). Through its digital EQ Bank platform (eqbank.ca), its
customers have named it one of the top banks in Canada on
the Forbes World's Best Banks list since 2021.
To learn more, please
visit eqb.investorroom.com or connect with us
on LinkedIn.
Media contact:
Maggie Hall
Director, PR & Communications
maggie.hall@eqbank.ca
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SOURCE Equitable Bank
