RBC is simplifying the process for homeowners to build, retrofit, and renovate their property, helping add to
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
Secondary suites and multi-unit properties have become increasingly popular as homeowners look to add value to their properties and municipalities across
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.
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