The Laneway House Mortgage

The Laneway House Mortgage is offered on properties that are free and clear, or in combination with new or existing mortgages where Equitable Bank holds, or will hold, the first position.

This construction loan will be available to homeowners through the bank’s mortgage broker partners to ensure the solution best fits the borrower’s requirements. Its website includes an extensive list of appraisers.

Naturally, the borrower also has to be self-employed or salaried.

Some of the potential benefits of the mortgage the bank listed include:

  • Increasing the value of homeowners' properties
  • Providing multigenerational households with a solution to build additional living space for family members
  • Offering homeowners an additional stream of rental income
  • Improving housing availability and access in urban centres
  • Offering a way to downsize and remain in their communities without having to relocate.

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Equitable Bank

In 2023 alone, Equitable Bank funded $3.4 billion in loans for multi-unit residential properties to aid in addressing Canada’s housing shortage through the Canada Mortgage Housing Corporation's MLI Select Insurance program.

As Canada’s seventh largest bank, it provides services to over 639,000 customers and more than six million credit union members through its businesses. Founded in 1970, the Toronto-based bank is a wholly owned subsidiary of EQB Inc., a digital financial services company with $123 billion in combined assets under management and administration as of the end of April.

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Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

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