Introducing the BC Housing Secondary Suite Incentive Program (SSIP)

Update: Canada Secondary Suite Loan Program (12/10/24)

The 2024 Fall Economic Statement introduced an expanded Canada Secondary Suite Loan Program, which will launch in early 2025.

Key highlights:

  • Loan Limit Increase: The program now offers double up to $80,000 in low-interest loans (2% over 15 years), making it easier to convert basements or garages into rental units.

  • Mortgage Refinancing Option: Starting January 15, 2025, insured mortgage refinancing will cover up to 90% of a home’s post-renovation value, helping homeowners fund secondary suites.

Additionally, the government announced mortgage reforms to improve homeownership accessibility, including reduced downpayment requirements and expanded 30-year amortization for first-time buyers and new builds.

During Fall last year, BC Housing announced the launch of the Secondary Suite Incentive Program, set to start accepting applications in April 2024 - which we shared in our bi-monthly newsletter - The Blueprint (feel free to subscribe if you haven’t yet!) 

This initiative aims to financially assist homeowners with building a self-contained, secondary suite on their property with the goal of creating more affordable rental housing in BC communities.


How will the Secondary Suite Incentive Program (SSIP) work?

Upon completion of the secondary suites, the suites will be rented out for below-market value, thereby providing more cost-effective rental opportunities for non-homeowners.


Key Program Details

  • Homeowners who adhere to the terms of the program will receive funding in the form of a forgivable loan, covering up to 50% of the renovation costs.

  • The maximum funding available is $40,000.

  • To qualify, the property must serve as the homeowner's primary residence, and they must commit to the terms as outlined by BC Housing (one of which is renting the secondary suite out for below market rate) for a minimum of five years.


Interested in learning more?

If the Secondary Suite Initiative Program has piqued your interest and you're considering adding a self-contained secondary suite to your property, we're here to help! Our team is ready to discuss your options and guide you through the process. We have plenty of experience with building suites (e.g. Avalon & Bayford Cottage) and would love to help you navigate this.

In addition to providing additional lower cost housing in your community, a secondary suite can add value to your home, as well as creating additional future living options for your family. A secondary suite can provide an excellent solution for multi-generational living and aging in place.

Reach out today to learn more about the BC Housing Secondary Suite Incentive Program and connect with a Lincoln Construction Project Manager. 

Find more information about the Secondary Suite Incentive Program here: BC Housing SSIP

Building a suite on the Sunshine Coast? Looking for a custom home builder? Contact us.

Patricia Morris