RBC is simplifying the process for
homeowners to build, retrofit, and renovate their property, helping
add to Canada's housing
stock
TORONTO, July 3, 2024
/CNW/ - Royal Bank of Canada (RBC)
is offering more financing options to support Canadian homeowners
who wish to leverage the potential of their property. As of
June 28, homeowners can access RBC's
enhanced residential construction mortgage program to finance the
addition of laneway homes, garden suites, modular units, and other
auxiliary dwelling units on their property, or to redevelop their
single-family home into duplexes, triplexes, or multiplexes
(subject to municipal zoning).
Many homeowners want to provide family members with a supportive
housing option, while others may be looking to supplement their
income with a rental property. This update to RBC's residential
construction mortgage program increases the possibility for
homeowners and home builders to work together to adapt a property
for these kinds of needs. Interested homeowners should speak to an
RBC Mortgage Specialist to determine if this new capability is
right for their situation.
"In the past, homeowners have had limited access to financing
that could help them redevelop their home or property in meaningful
ways," said Leah Robinson, vice
president, Home Equity Policy and Regulatory Management. "Through
the enhanced residential construction mortgage program, RBC is
unlocking a new capability for homeowners to change their property
to better suit their needs and help create more housing units for
Canadians who need them."
Secondary suites and multi-unit properties have become
increasingly popular as homeowners look to add value to their
properties and municipalities across Canada have amended zoning bylaws to allow for
this kind of development. The federal government has also shown its
support with the recent federal budget, which included plans to
launch the Canada Secondary Suite Loan Program that will allow
homeowners to access up to $40,000 in
low interest loans for building secondary suites.
RBC's enhanced residential construction mortgage program also
provides a unique opportunity for Canadian home builders to provide
their expertise and advice to interested homeowners.
"We're excited to support clients who decide to embark on this
journey," said Robinson. "It's a new frontier for many of them, and
ensuring they have the financial support and advice they need to
achieve a successful outcome is a key part of our role as a trusted
advisor and stakeholder in the future of Canadian communities."
Today's news follows through on RBC's commitment to provide
additional retail lending support to assist homeowners to redevelop
single-family homes into multi-family homes, as part of the
acquisition of the former HSBC Canada.
To learn more about the RBC construction mortgage, visit the RBC
Construction Mortgage web page.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 98,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank and one of the largest in the world, based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our more
than 18 million clients in Canada,
the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank