BC Housing Offers $40,000 to Add a Secondary Suite to Your Home
By Sofia Ogden
Creative Director of Marketing
An Investment in the Future of Your Home
If you’re a homeowner with extra space, then you’ve probably already considered it. Adding a secondary suite to your home comes with numerous advantages including financial benefits, increased functionality, increased resale value and even improved community dynamics.
Adding a secondary suite is of course beneficial for a variety of reasons. It’s an opportunity for generating additional income through rental or short-term leasing, helping to offset mortgage costs. This addition can also increase the properties resale value.
Beyond financial gains, a secondary suite also allows for multigenerational living. Additionally, in times of housing shortages, adding another suite can contribute positively to the community by increasing housing availability.
This is what BC housing is trying to incentivise. “We are in a huge housing crisis”, Scotti says. There are more people and families than affordable housing. BC housing is trying to create an incentive for people to open up their homes to create more living space.
BC Housing Announces:
The Province has announced a pilot, three-year financial incentive program to help interested homeowners turn a portion of their home into a secondary or basement suite for the rental market.
Beginning in early 2024, homeowners will be able to access a forgivable loan of 50% of the cost of renovations, up to a maximum of $40,000 over five years.
Over time, the loan can be forgiven if the homeowner meets all conditions laid out in the program, including renting their unit out at below market rates for a minimum of five years.
The pilot program is expected to be open to at least 3,000 homeowners for the first three years and will quickly help create new rental housing units within the existing housing supply, for much less than the cost to build a large-scale, multi-unit housing development.
More details on program criteria will be available well before the program is officially launched in April 2024, so potential applicants can do the appropriate planning.
For more information visit, https://www.bchousing.org/housing-assistance/secondary-suites
How Much Does it Cost to Build a Secondary Suite?
On average, building a nice secondary suit can cost anywhere between $80,000 and $100,000. If the government is willing to give a forgivable loan, then this could kickstart the whole housing market to start renovating.
Start the Process Now
Scotti explains that this does take time. If you are interested in taking advantage of this grant, now is the time to start thinking about it and planning for the renovations.
When this program releases in 2024, you want to be ahead of the game. The preparation process can take anywhere between 3-6 months. This process includes necessary actions such as architectural drawings and approval by engineers.
That’s not All
There are plenty of grants available for people who want to upgrade their current homes. Scotti suggests working with a Contractor or Builder who knows the ins and outs of the industry. If you want more information on what BC housing has to offer, about other grants or you want to start your renovation, please contact us.
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