Empowering Ontario homeowners to increase rental income and support housing supply
St. Catharines, Ontario – June 26, 2025 – Meridian Credit Union is proud to announce the launch of its new Secondary Suite Financing Program, set to begin July 14, 2025. This innovative offering is designed to support Members in building or upgrading secondary suites —such as basement flats, laneway homes, or garden suites—within existing residential properties.
“As Ontario’s largest credit union, we’re committed to helping Members address both their personal financial goals and the province’s housing challenges,” said Jay-Ann Gilfoy, President & CEO of Meridian. “By offering tailored financing for secondary suites, we’re enabling homeowners to generate rental income, increase housing density, and positively impact community affordability.”
Tailored Financing for Secondary Suite Projects
The Secondary Suite Financing Program offers:
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Loan amounts up to $80,000 to cover construction or renovation costs.
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Competitive fixed interest rates over flexible terms (15–20 years), making payments manageable for Members.
- Fast, streamlined approvals, leveraging Meridian’s upgraded digital mortgage and lending platform.
- Added support for eco-friendly upgrades—such as energy-efficient windows, insulation, and ventilation—allowing borrowers to future-proof their properties.
Responding to a Critical Need
Secondary suites provide significant benefits:
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Boosts rental supply: Adds much-needed rental units without major new construction.
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Increases homeowners’ income: Helps offset mortgage costs and creates financial stability.
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Supports sustainable densification: Aligns with urban housing strategies by maximizing current residential footprints.
These goals align with federal efforts such as the Canada Secondary Suite Loan Program, which will double limits to $80,000 starting early 2025.
Availability & How to Apply
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Launch Date: July 14, 2025
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Eligibility: Available to Meridian residential Members in good standing
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Application Process: Apply online, in-branch, or via broker once the program opens. Members can explore loan details, calculate estimates, and pre-qualify through Meridian’s online portal.
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More Information: Visit meridiancu.ca or contact your nearest Meridian advisor after July 14.
Meridian continues to invest in innovative programs supporting homeownership and sustainable community development. In 2024, the credit union launched the CMHC Multi-Unit Residential Program and the First Home Savings Account (FHSA). The Secondary Suite Financing Program builds on these efforts, reinforcing Meridian’s vision of enabling equitable and accessible housing.