WHAT IS THE SECONDARY SUITE INCENTIVE PROGRAM?

Browne Mortgage Team Jun 14

Are you curious about how to increase the value of your property or generate extra income? Consider adding a secondary suite to your single-family home. A secondary suite is a self-contained living unit within your single-family home, often including a separate entrance, kitchen, bathroom, and living area. This unit offers multiple benefits, including the potential for extra income, increased property value, and flexible accommodations for extended family.

The Secondary Suite Incentive Program (SSIP) will help homeowners start an investment while supporting the community with affordable housing. If you are able to qualify for this program, you will receive up to 50% of the cost of renovation (Maximum of $40,000). This is a rebate as a forgivable loan if terms of the program are followed the loan will not need to be repaid.

If you’re concerned about financing a secondary suite, know that many mortgage products and refinancing options are available to help you make this investment financially feasible. We encourage you to explore renovation loans or refinance your mortgage to access your home’s equity.

This loan will be forgiven if the new unit is in the same property as where you reside and must be rented below market rates for at least five years. To learn more about how to be approved for adding a suite to your home on the Home Suite Information Page from the Province of British Columbia.

Adding a secondary suite can be a pivotal step towards achieving your financial goals, and Browne Mortgage is here to help you unlock the potential of your home investment. Browne Mortgage can guide you through each step of the mortgage process. Our team of experienced mortgage brokers can assess your financial situation, help you understand your borrowing options, and connect you with trusted professionals. Don’t hesitate to reach out to our team today.

WHAT IS THE SECONDARY SUITE INCENTIVE PROGRAM? (brownemortgage.com)