Garden suites (also called carriage homes, backyard homes, laneway homes) are popping up across mature neighbourhoods in Edmonton. They’re often built above a garage on an existing lot and can add significant value to your property while also providing rental income or multigenerational living space.

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Using Home Equity to Build a Garden Suite

The most straightforward way to finance a garden suite is through a refinance. If you have built enough equity in your home, you can borrow up to 80% of its current value. With strong equity, some homeowners are able to fund the entire project and pay the builder directly.

Construction Mortgages and Refinance Plus Improvements

Not every homeowner has enough equity to cover the build. In those cases, a construction mortgage (or refinance plus improvements) can help. These mortgages are based on the completed value of the property and funds are released in stages as the project progresses. While less common, they remain an option when equity alone isn’t enough.

Why Planning Matters for your Garden Suite

Building a garden suite is a big project, and the right financing approach depends on your equity, income, and timeline. Talking to a mortgage broker before you start will help you avoid delays and secure the funds you need with confidence.

Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.