Refinance to add a suite
How much of the build an insured refinance (up to 90% of the as-improved value) or a conventional one (80% today) can fund.
The insured refinance covers the build$690,100New mortgage $690,100 incl. $20,100 CMHC premium (3.00%, estimate): 82.9% of the as-improved value.
This is where the 90% rule mattersAn 80% conventional refinance tops out at $574,800, $95,200 short of the $670,000 you need. The insured suite refinance allows up to $727,650.
- Insured suite refinance max
- $727,650
- 90% of as-improved value
- Conventional max
- $574,800
- 80% of today's value
- New monthly payment
- $3,329
- 30 years at 4.12%
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
New mortgage $670,000; shortfall $0.
Assumptions & sources
Assumptions
- Insured refinance to add a suite: up to 90% of the as-improved value, value under $2 million, up to 30 years, owner or close relative occupied, applications from January 15, 2025. Source: CMHC, Refinance to add a secondary suite (fact sheet): 90% of as-improved value, under $2M, 30 years, effective January 15, 2025. Checked . Source: Department of Finance Canada, Mortgage insurance rule changes to help homeowners add secondary suites, effective January 15, 2025. Checked .
- Conventional refinances are limited to 80% of value. Source: OSFI, Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .
- CMHC premium estimated from CMHC's standard premium table at the new loan-to-value (+0.20 points over 25 years); CMHC doesn't publish a separate suite-refinance premium, so confirm with the lender. Source: CMHC, Mortgage loan insurance cost (premium table). Checked .
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