Eligible applications to the program will be approved on a first-come, first-served basis by BC Housing
BRITISH COLUMBIA – The Province of B.C. has launched a three-year pilot of the new Secondary Suite Incentive Program.
As of May 2, 2024 homeowners in most B.C. municipalities and regional districts can apply to the program through BC Housing’s secondary suite website.
The program will offer forgivable loans of as much as 50% of the total cost of renovations, up to a maximum of $40,000, for successful applicants to add a secondary suite or accessory dwelling unit (garden suite, laneway house, carriage home, etc.) on the property of their primary residence.
The loan can be forgiven if the new unit is rented at below market rates for at least five years.
“Across the province, many of our members are working with homeowners who see the value in adding a secondary suite to their home. The Secondary Suite Incentive Program will help to alleviate some of the financial burden on homeowners when they take on a project of this scope. It will help ensure the construction is completed safely and with the proper permitting and approvals,” said Neil Moody, CEO, Canadian Home Builders’ Association of BC.
Approximately 1,000 homeowners each year will receive forgivable loans, which will add 3,000 new rental units at below-market rates. Those rates for bachelor, one-bedroom, two-bedroom and three-bedroom-plus units have been set for 2024-25.
To help homeowners navigate the process for a secondary suite, in September 2023,the Province released Home Suite Home, a comprehensive guide to build and manage a rental suite in B.C.
“Secondary suites are an important source of long-term rental housing across British Columbia. This initiative by the Province will encourage homeowners with under-utilized space to create additional units of badly needed rental housing,” said David Hutniak, CEO of LandlordBC.
To be eligible, homeowners must also:
- obtain a building and occupancy permit from their local government;
- have a combined gross annual income of homeowners on title of less than $209,420; and
- have a BC Assessment value on their property below the homeowner grant threshold ($2.15 million in 2024).
Homeowners who want to know if they’re eligible for the program can check BC Housing’s website. Eligible applications to the program will be approved on a first-come, first-served basis by BC Housing.
Business Examiner Staff