Homeowners in British Columbia can receive up to $40,000 in the form of a forgivable loan to convert part of their property into a new secondary suite. This incentive covers up to 50% of the renovation costs and does not require repayment if the homeowner adheres to the program’s conditions, which include renting out the new suite at below-market rates for at least five years while continuing to reside in the main property.

Eligibility

To qualify for the program, homeowners must be Canadian citizens or permanent residents with a combined gross annual income of less than $209,420, living in the property as their primary residence. The property must be located within specific municipalities or regional districts in British Columbia and have a BC Assessment value below $2.15 million.

What Costs Are Covered?

The incentive covers costs related to creating a secondary suite, including architectural and design fees, structural modifications, electrical work, appliances, permits, and certifications. However, labour costs incurred by the homeowner and landscaping costs are not covered.

Steps to Apply

The application process starts on April 17, 2024. Homeowners need to confirm their eligibility, plan their projects, gather required documents, and apply online. Once approved and construction is completed, homeowners must rent out the suite at an affordable rate to qualify for loan forgiveness over five years.

The Secondary Suite Incentive Program by the Government of B.C. incentivizes homeowners to create secondary suites, helping to alleviate the housing shortage and offering a financially viable way to invest in properties and support communities.