Business
RBC financing innovation creates new options for Canada's homeowners and housing market
RBC financing innovation creates new options for Canada's homeowners and housing market ...
About this update from Royal Bank Of Canada
[{"type":"text","content":"\n \n \n \n RBC financing innovation creates new options for Canada's homeowners and housing market\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n RBC is simplifying the process for homeowners to build, retrofit, and renovate their property, helping add to\n \n Canada's\n \n housing stock\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 3, 2024\n \n \n /CNW/ - Royal Bank of\n \n Canada\n \n (RBC) is offering more financing options to support Canadian homeowners who wish to leverage the potential of their property. As of\n \n June 28\n \n , 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).\n \n \n \n \n \n \n \n \n \n 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.\n \n \n \"In the past, homeowners have had limited access to financing that could help them redevelop their home or property in meaningful ways,\" said\n \n Leah Robinson\n \n , 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.\"\n \n \n Secondary suites and multi-unit properties have become increasingly popular as homeowners look to add value to their properties and municipalities across\n \n Canada\n \n ha...