Mortgage Blog
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Secondary Suite Incentive Program BC
May 3, 2024 | Posted by: Andrew Wade
Hello EVERYONE
Great news for May for anyone looking to put in a suite into their home.
The BC Government has officially launched the Secondary Suite Incentive Program (SSIP) as of yesterday May 2nd 2024!
For all your clients who either have an existing home or are in the process of buying a property, this program opens up some awesome possibilities. Whether they're considering adding a new legal self-contained suite or dreaming of a charming laneway home/garden suite, this is the perfect opportunity to make those dreams a reality! This is amazing information to also share with your realtor partners!
Don't forget about the incredible potential of incorporating Purchase Plus Improvements for these renovations which a buyer can add in a secondary suite into a home that doesn't have one and potentially use the income warranted from that renovation to help qualify.
Some highlights from the BC Government Secondary Suite Income Program:
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Must be a Canadian citizen or Permanent Resident, and be the registered owner of the property and using the property as their primary residence
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Homeowners who qualify will receive a forgivable loan of up to 50% of the cost of renovations, up to $40,000. Recipients will receive their rebate in the form of a forgivable loan registered on title.
- Combined gross annual income of all homeowners on title cannot exceed $209,420 (in the previous tax year)
- House must have an assessed value below $2.15m
- Be on the list of approved municipalities
- Must be rented out at an affordable market rent (refer to 2024/2025 Rent Affordability Limits)
- When program requirements are met, the loan can be forgiven 20% per year over five years
This is only a few of the eligibility requirements – full details can be found here: https://www.bchousing.org/housing-assistance/secondary-suite or via the factsheet or eligibility tool.
I have also attached a copy of the fact sheet.
I hope this email finds you all in high spirits as we dive into the weekend!
Sincerely
Andrew Wade
