BC homeowners now have the chance to receive money in order to create a secondary suite in their homes as new rental units.
The Province says their goal is to create thousands of affordable homes with this three-year pilot program.
The program officially launched on Thursday, May 2nd and homeowners can now apply if eligible online.
According to BC, this program will give forgivable loans of up to 50% of renovation cost, up to a maximum of $40,000.
“There is an urgent need for more homes British Columbians can actually afford, and many homeowners want to be part of the solution to the housing crisis,” said Premier David Eby.
“This new incentive program makes it possible for homeowners to add a rental suite to their home, creating thousands of affordable rentals. This is a win for homeowners, a win for renters and a win for communities throughout our province.”
This money is to be used to add a secondary suite on the property of their primary residence which could be a garden suite, laneway house, carriage home or another form of approved secondary suite.
The Province says that the loan can be forgiven if the new unit is rented at below market rates for at least five years.
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These loans will go to around 1,000 applicant homeowners per year, which after the three-year pilot has concluded, will have created approximately 3,000 new affordable homes.
The “affordable home” rates for bachelor, one-bedroom, two-bedroom and three-bedroom-plus units have been set based on the 2024 to 2025 market.
Eligibility
To help homeowners navigate this program and whether they might be eligible, the Province has launched a guide entitled Home Suite Home, which is available online.
According to BC, to be eligible for this, the homeowners must:
- Get a building and occupancy permit from their local government
- Have a combined gross annual income of less than $209,420
- Have a BC Assessment value on their property below the “homeowner grant threshold” which is $2.15 million for 2024
BC says that applicants will receive loans on a first-come, first-served basis by BC Housing who will be administering the loans.
