Secondary Suite Program Launches, Creating Thousands Of More Affordable Homes

The Province has launched its three-year pilot of the new Secondary Suite Incentive Program.

“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.”

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.

The Province says about 1,000 homeowners each year will receive forgivable loans, which will add 3,000 new rental units at below-market rates.

To see the full release, visit Government of British Columbia.