FLEXOCONNECT
Our prefabricated homes are designed to cater to your unique needs and preferences, with an emphasis on durability, energy efficiency, and contemporary aesthetics. Our news and noteworthy stories page offers a plethora of information about our recent projects, innovations, and partnerships, as well as news and stories about the home-building industry. Whether you're a first-time homebuyer, an investor, or simply curious about prefabricated homes, our page has something to offer.
By The Globe and Mail, Posted Oct 24th, 2024
The Bank of Canada's governing council lowered the benchmark interest rate to 3.75 per cent from 4.25 per cent. This is the fourth consecutive cut since June and follows three quarter-point moves. The bank’s new forecast, also published this morning, sees economic growth picking up through the last quarter of the year and into next year. Read more
By Daniel Pascoe, Chief Commercial Officer, FlexoBuild Inc
Posted October 9th, 2024
The initiative aims to make it easier and more affordable for Canadians to create additional living spaces for family or rental purposes, supporting housing needs in high-demand areas like Toronto. CMHC's involvement ensures that these mortgages are insured, providing greater flexibility for lenders to offer this option.
Deputy Prime Minister and Minister of Finance Chrystia Freeland unveiled the product during a recent press conference. She explained that eligible homeowners would be able to amortize their refinanced mortgages for up to 30 years, with the maximum property value capped at $2 million. “That latter figure,” Freeland noted, “is a recognition of conditions in the Greater Toronto Area.”
Further eligibility criteria were also outlined, with a key requirement being that the secondary suite must be occupied by the borrower or a “close relative.” While no details were provided on how this condition would be enforced, the initiative is expected to boost secondary suite construction, including options such as basement flats, garden suites, and laneway housing.“
The idea here is to make it easier for people to build a secondary suite in your home, for someone to build a basement flat, a garden flat, laneway housing,” Freeland said. “This is all about gentle density — creating more homes for Canadians to live in. It builds on the Secondary Suite Loan Program, which was announced in the Budget.”
This program is designed to help homeowners create additional living spaces like accessory dwelling units (ADUs) and garden suites, supporting the growing demand for multi-generational living and rental accommodations.
SUMMARY
In basic terms....this new mortgage refinancing product suggests that homeowners can access funds based on the future value of their property, including the value added by the secondary suite (like an ADU). This means you can refinance your mortgage before actually building the ADU in your backyard. The program allows homeowners to borrow against the projected increased value of the property after the ADU is built, helping fund its construction. Essentially, it enables you to finance the building of the ADU by refinancing based on the anticipated boost in property value once the suite is completed.
Therefore, if your property is currently worth $1,000,000, you can borrow up to $900,000 (90% of the property value). After adding an ADU that increases the property’s value by $350,000, bringing the total property value to $1,350,000, you would be able to borrow up to $1,215,000 (including all existing and new mortgages and loans). This gives you an additional borrowing potential of $315,000 to help cover the costs of building the ADU. Speak with your mortgage advisor and get ready to build your new FlexoBuild home!
By St Catharines Standard, Posted August 27th, 2024
By-law 2024-103 has the following effects:
Revises the value of the ADU grant to a maximum of $40,000, for the construction of interior accessory dwelling unit(s), and to a maximum of $80,000, for the construction of exterior accessory dwelling unit(s), subject to available funding through the Housing Accelerator Fund.
By St Catharines Standard, Posted August 27th, 2024
Property Brothers Jonathan and Drew Scott make a surprise appearance during St. Catharines city council’s Monday night meeting via a pre-recorded video to praise the city’s accessory dwelling unit grant program. Read More
By Pelham Niagara, Posted August 8th, 2024
Pelham, ON – The Town of Pelham was pleased to welcome the Minister of Municipal Affairs and Housing Paul Calandra, Associate Minister of Housing Vijay Thanigasalam, and MPP Sam Oosterhoff to tour a standalone secondary dwelling unit in Fonthill on August 6, 2024. Read More
By The Standard, St Catharines, Posted August 6th, 2024
St. Catharines wants public feedback as it considers quadrupling grant money for people who create apartments in their homes or granny suites on their properties.The proposed increase would bump up grants to a maximum of $80,000, from the current $20,000, and would be funded from federal money the city received to get more housing units built. Read More
By Uday Rana Global News Posted March 13, 2024 2:35 pm Updated March 14, 2024 3:16 pm 4 min read
With mortgage rates causing stress for many Canadians and rents across the country on the rise, many are looking for creative solutions for the housing crisis. Depending on your needs, some experts say additional dwelling units (ADU) may be the answer. Read More
By Uday Rana Global News Posted March 13, 2024 2:35 pm Updated March 14, 2024 3:16 pm 4 min read
“We’re expanding the secondary suite program as part of our Homes for People action plan to support the supply of affordable long-term rentals in even more areas of the province so more people can access below-market housing in urban and rural areas alike,” said Ravi Kahlon, Minister of Housing. “We’re using innovative solutions to make it easier for homeowners and communities to build homes faster, so people can live and work in the communities they love.” Read More
Posted on Tuesday February 14, 2023
Monday evening, City Council approved a Zoning Bylaw Amendment that permits additional residential units (ARUs) in urban areas, allowing for an increase in more efficient and affordable housing in Owen Sound. The Zoning Amendment will permit up to two additional residential units (for a total of three units) in any single detached, semi-detached or townhouse dwelling, subject to meeting certain criteria, including providing parking and obtaining a Building Permit. This means residents can add rental income apartments within their houses or create ‘in-law suites’ to house multi-generational families within one home. Read More
November 27th. 2023
The Ford government asked the Housing Taskforce to write a report with suggestions on how to fix the province’s housing issues in early 2022. It made 74 recommendations, including setting a goal of 1.5 million homes, a promise the Progressive Conservative Party made as part of its election platform and has become a central policy for its second term. Read More
Sept 14th. 2023
LONDON, Ont. — Prime Minister Justin Trudeau will announce Thursday that Ottawa is removing the GST on construction of new rental apartment buildings, according to a senior government source. Read More
Sept 1st. 2023
June 13th. 2023
"Bill 23, the More Homes, Built Faster Act allows for up to three as-of-right units on each lot in a serviced urban boundary: the team at FlexoBuild are leading the way building innovative, efficient, and affordable secondary and tertiary units!"
MPP Oosterhoff visited the FlexoBuild show home in the Niagara region to meet with our team. Want to know more or make an appointment to visit? Contact us today!
March 16th. 2023
"Is this pic Canadian enough for anyone Had a great time speaking about interior/exterior design at the Cottage Fest show in Ancaster last weekend. (Plus I tried out some of my new jokes.) #plaidfordad #homeshow #canada #cottagelife @timberlite.ca @flexobuild @metalsignscanada @sjmir786 @daytimelori @curveyourdeck"
November 29th. 2022
Niagara West MPP says plan will address housing crisis, while AMO warns local taxpayers will take a hit.
Oosterhoff said “freezing fees, reducing planning red tape and waiving development charges for affordable housing units will help address Ontario’s housing crisis.”
October 25th. 2022
The Ontario government announced sweeping housing changes on Tuesday that will override municipal zoning laws in some situations and allow for the construction of up to three units on each residential lot.Ford said “There’s no time to waste,” he said. “Previous governments saw the problem coming, but they totally ignored it.”
October 20th. 2022
The Ontario government wants to “remove rules that prevent missing middle” housing — multi-dwelling units curbed by local zoning laws favoring single-family homes.
July 7th 2022
City says its bylaw allowing the backyard homes on residential properties is in effect, now a tribunal dismissed appeals by residents’ associations. The City of Toronto says its bylaw allowing garden suites, or backyard homes on residential properties, is “in full force,” now that the Ontario Land Tribunal has dismissed appeals by several residents’ associations Thursday. Read More
