A Government Loan To Build A Rental Suite

Today we're going to talk about an exciting new incentive the government of British Columbia has announced to help you build a suite in your home. The government has recently announced that they are going to provide a forgivable loan for you to add a secondary dwelling to your property.

In BC, a secondary dwelling can be a basement suite, a carriage house, or a laneway house, and the government will provide you a loan of up to 50% of the cost to add the suite, up to a maximum of $40,000, as long as you rent the property out below market value for the next five years. If that is done over the five year period, then 50% of the cost of your renovation and the full loan the government has provided you does not need to be repaid.

This is a really great way to get the costs of the renovations paid for, or a portion of them paid for or, to keep your monthly costs more affordable by having rental income and to help Canadians to have more affordable housing.

If you have more questions, please reach out to our team. We're always here to help.

Have a beautiful day.