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Equitable Bank launches new financing option to support homeowners and increase urban housing density
Equitable Bank launches new financing option to support homeowners and increase urban housing den...
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[{"type":"text","content":"\n\n\n\n Equitable Bank launches new financing option to support homeowners and increase urban housing density\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n New mortgage product finances construction of laneway homes and garden suites on existing properties, allowing for expansion of living space or securing rental income\n \n\n\n\n Secondary suites help increase density in urban centres, improving access to housing in communities while providing homeowners with a new option to maximize properties\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Aug. 21, 2024\n \n\n /CNW/ - Equitable Bank,\n \n\n Canada's\n \n Challenger Bank\n \n ™, is pleased to introduce the\n \n Laneway House Mortgage\n \n , 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\n \n Greater Toronto Area\n \n ,\n \n Greater Vancouver Area\n \n and\n \n Calgary\n \n , 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.\n \n\n\n\n\n\n\n\n\n Major cities across\n \n Canada\n \n 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.\n \n\n \"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\n \n Mahima Poddar\n \n , SVP and group head of personal banking, Equitable Bank. \"Canadians work hard, and they deserve a good home to come back to at t...