The Province of British Columbia will introduce the Secondary Suite Incentive Program (SSIP) in April of 2024 through BC Housing.
This three-year pilot program will provide conditional financial assistance to homeowners who wish to construct long-term, affordable rental units, including secondary suites.
- Registered owner(s) of the property
- Canadian citizens or permanent residents
- Live in the property as their primary home
- Combined gross annual income of all homeowners on title of less than $209,420 (in the previous tax year)
Qualified homeowners will be eligible for a forgivable loan covering 50 per cent of construction costs for installing a new secondary suite or attached/detached unit up to $40,000.
The loan will rebate costs to the owner after the construction is complete and an occupancy permit is issued. If the homeowner meets certain conditions, including renting the unit at below-market rates for a minimum of five years, the loan will be forgiven.
- Secondary Suite Incentive Program Info & Email Updates | BC Housing
- Secondary Suites | The Province of British Columbia
- District of Sicamous Secondary Dwelling Units Webpage