Program offers $40K to build more secondary suites

Secondary suites have long played an invaluable role in our economy, offering affordable housing for many workers who are vital to keeping our economy vibrant.

The Chamber applauds Monday’s announcement that will see less red tape for homeowners who want to add secondary suites — which also creates income that helps with the cost of living. As well, an incentive administered by BC Housing will provide a forgivable loan to qualified homeowners of up to $40,000 to add a secondary suite. The unit must be on the property where the homeowner lives and rent for less than market rates.

The province has prepared the Home Suite Home guide to provide more info on programs that incentivize the creation of new rental housing.