BC Housing Funding for Secondary Suites in Around Town
Your Weekly Construction Briefing
BC’s Secondary Suite Incentive Program will start in April 2024. The program will provide a forgivable loan up to 50% of the cost of renovations to create a suite, up to $40,000.
For the loan to be forgiven, the unit must be new (not renovated), located on the same property where the homeowner lives, and be rented for below market rates for five years. The 2023 below market rates for a 2 bedroom unit in Courtenay is $1372, $1118 in Campbell River, $1010 in Port Alberni, and $962 in Powell River.
Eligible costs include (but are not limited to): Appliances (50% of actual cost to a maximum of $2,500); building and trade permit fees; costs to obtain certificates, drawings and specifications directly related to eligible scope of work; materials related to the approved construction; contractor labour (not including work done by Applicant or any member of the Household); and PST and GST.
Applications will be considered if the building permit was received on or after April 1, 2023. Applications will be approved on a first come, first served basis until annual funding is used up.
For more details – visit https://www.bchousing.org/housing-assistance/secondary-suite
Building Links Construction Reports and Statistics: The weekly #1 construction projects resource for 27 years. New and updated projects, permits, tenders, and industry connections for Vancouver Island – Central North, West Coast and Powell River. Helping you build connections so you can build communities! Where are you getting your information from? Support local trades – Subscribe Now!
