Equitable Bank has announced a new construction loan to assist Canadians finance building laneway homes or garden suites. The loan product, Laneway Mortgage, will initially be available in the Greater Toronto Area, Greater Vancouver Area and Calgary.
The move comes as a response to major cities in Canada facing housing shortages that led to high rental costs and home prices.
“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.