Secondary suite program aims to add 3,000 homes

Business and industry groups have been calling for policy changes to address the housing shortage facing Greater Victoria. And while many regions in the world are facing a similar challenge, we need solutions that work for Canada and BC.

Last week, the province revealed its three-year pilot to encourage homeowners to add secondary suites to their properties.

BC Housing will administer the program, which offers forgivable loans of as much as 50% of the total cost of renovations — up to a maximum of $40,000 — to add a secondary suite or accessory dwelling unit such as a garden suite, laneway house or carriage home. If the new unit is rented at below market rates for at least five years, the loan will be forgiven.

The province estimates the program will add 3,000 new rental units at below-market rates.

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).