Toronto-headquartered Equitable Bank is rolling out the Laneway House Mortgage, a construction loan designed to help Canadian homeowners finance the building of laneway homes or garden suites on their property.
The new loan product will initially be available in the Greater Toronto Area, Greater Vancouver Area and Calgary. According to Equitable Bank, the loan will enable homeowners to expand their living space or gain an additional source of rental income while bringing housing density to urban centers.
The Laneway House Mortgage will be offered to both properties that have paid off previous mortgages and those with new or existing mortgages where Equitable Bank has the first position. This construction loan will be available to homeowners through Equitable Bank’s mortgage broker partners.
“Making efficient use of space in cities as Canadians’ housing needs evolve is more important than ever,” said Mahima Poddar, senior vice president and group head of personal banking at Equitable Bank. “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. 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.”
Photo courtesy Equitable Bank