The British Columbia government has started a three-year pilot of the Secondary Suite Incentive Program (SSIP) to what it says will build more affordable rental homes. BC Premier David Eby said there “is an urgent need for more homes British Columbians can actually afford, and many homeowners want to be part of the solution to the housing crisis.”“This new incentive program makes it possible for homeowners to add a rental suite to their home, creating thousands of affordable rentals,” said Eby in a press release. “This is a win for homeowners, a win for renters and a win for communities throughout our province.”Effective Thursday, the BC government said homeowners in most municipalities and regional districts can apply to the SSIP through BC Housing’s secondary suite website. It added the SSIP will offer forgivable loans of as much as 50% of the total cost of renovations — up to a maximum of $40,000 — for successful applicants to add a secondary suite or accessory dwelling unit on the property of their primary residence.The loan can be forgiven if the new unit is rented at below-market rates for at least five years.“We’re making it easier and more affordable for homeowners to become part of the solution to the housing shortage,” said BC Housing Minister Ravi Kahlon.“This program will add thousands of long-term, below-market rental homes to urban and rural communities across BC and is one of many collaborative approaches we’re taking through our Homes for People action plan.”The BC government predicted about 1,000 homeowners each year will receive forgivable loans, which will add 3,000 new rental units at below-market rates. It said the rates for bachelor, one-bedroom, two-bedroom and three-bedroom-plus units have been set for 2024-2025. To help homeowners navigate the process for a secondary suite, the BC government released rental suite guide Home Suite Home. To be eligible, homeowners must 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 of $2.15 million in 2024. Homeowners who want to know if they are eligible for the SSIP can check BC Housing’s website. Eligible applications to it will be approved on a first-come, first-serve basis by BC Housing.In 2023, the BC government passed legislation centred on delivering thousands more homes for people where they are needed most. These actions included establishing new small-scale, multi-unit zoning requirements that permit secondary suites or accessory dwelling units in every community. The SSIP is part of the Homes for People action plan and a $19 billion housing allocation by the BC government. Since 2017, BC has about 78,000 homes delivered or underway.BC NDP MLA Grace Lore (Victoria-Beacon Hill) said affordable, attainable, and available rentals in all communities is essential. “Creative solutions like the Secondary Suite Incentive Program will create and support investments in the homes that people need,” said Lore. This announcement comes after the Canadian government said in December home construction in Canada would draw on a housing plan implemented in the Second World War as a solution to provide housing for the country’s rapidly growing population. READ MORE: Housing minister announces housing plan copied from WWII designed to speed up home constructionThe Canadian government has pushed mass immigration, bringing in about 500,000 people every year through approved channels and a large number of illegal immigrants, which have sent costs soaring and have led to a Canada-wide housing shortage. Housing Minister Sean Fraser said Wartime Housing Ltd. would be making another appearance.
The British Columbia government has started a three-year pilot of the Secondary Suite Incentive Program (SSIP) to what it says will build more affordable rental homes. BC Premier David Eby said there “is an urgent need for more homes British Columbians can actually afford, and many homeowners want to be part of the solution to the housing crisis.”“This new incentive program makes it possible for homeowners to add a rental suite to their home, creating thousands of affordable rentals,” said Eby in a press release. “This is a win for homeowners, a win for renters and a win for communities throughout our province.”Effective Thursday, the BC government said homeowners in most municipalities and regional districts can apply to the SSIP through BC Housing’s secondary suite website. It added the SSIP will offer forgivable loans of as much as 50% of the total cost of renovations — up to a maximum of $40,000 — for successful applicants to add a secondary suite or accessory dwelling unit on the property of their primary residence.The loan can be forgiven if the new unit is rented at below-market rates for at least five years.“We’re making it easier and more affordable for homeowners to become part of the solution to the housing shortage,” said BC Housing Minister Ravi Kahlon.“This program will add thousands of long-term, below-market rental homes to urban and rural communities across BC and is one of many collaborative approaches we’re taking through our Homes for People action plan.”The BC government predicted about 1,000 homeowners each year will receive forgivable loans, which will add 3,000 new rental units at below-market rates. It said the rates for bachelor, one-bedroom, two-bedroom and three-bedroom-plus units have been set for 2024-2025. To help homeowners navigate the process for a secondary suite, the BC government released rental suite guide Home Suite Home. To be eligible, homeowners must 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 of $2.15 million in 2024. Homeowners who want to know if they are eligible for the SSIP can check BC Housing’s website. Eligible applications to it will be approved on a first-come, first-serve basis by BC Housing.In 2023, the BC government passed legislation centred on delivering thousands more homes for people where they are needed most. These actions included establishing new small-scale, multi-unit zoning requirements that permit secondary suites or accessory dwelling units in every community. The SSIP is part of the Homes for People action plan and a $19 billion housing allocation by the BC government. Since 2017, BC has about 78,000 homes delivered or underway.BC NDP MLA Grace Lore (Victoria-Beacon Hill) said affordable, attainable, and available rentals in all communities is essential. “Creative solutions like the Secondary Suite Incentive Program will create and support investments in the homes that people need,” said Lore. This announcement comes after the Canadian government said in December home construction in Canada would draw on a housing plan implemented in the Second World War as a solution to provide housing for the country’s rapidly growing population. READ MORE: Housing minister announces housing plan copied from WWII designed to speed up home constructionThe Canadian government has pushed mass immigration, bringing in about 500,000 people every year through approved channels and a large number of illegal immigrants, which have sent costs soaring and have led to a Canada-wide housing shortage. Housing Minister Sean Fraser said Wartime Housing Ltd. would be making another appearance.
