Canadian Secondary Suite Incentive Programs
Various government levels have implemented secondary suite incentive programs to boost affordable rental housing. These initiatives encourage homeowners to convert existing spaces into rentable units or create new ones for long-term rentals.
Budget 2024: Canada Secondary Suite Loan Program
The Canadian government introduced the Canada Secondary Suite Loan Program, offering homeowners up to $40,000 in low-interest loans to create additional rental units. This program aims to ease financial barriers and increase rental market contributions, especially in urban areas.
Provincial Programs
British Columbia
The Secondary Suite Incentive Program (SSIP) provides up to $40,000 in forgivable loans for creating new secondary or garden suites, provided they are rented at below-market rates for at least five years.
Saskatchewan
The Saskatchewan Secondary Suite Incentive (SSI) Grant Program offers homeowners up to 35% of the construction costs for new secondary suites, with a maximum grant of $35,000. This grant ties in with the Provincial Sales Tax (PST) Rebate for New Home Construction.
Nova Scotia
The Secondary and Backyard Suite Incentive Program offers loans covering up to 50% of eligible project costs, capped at $40,000. Additional funding may be available for multiple suites, subject to municipal approval.
Newfoundland and Labrador
The Secondary and Basement Suite Incentive Program provides up to 50% of renovation costs, capped at $40,000, as a forgivable loan. The suite must be rented at below-market rates for at least five years.
Alberta
- Calgary: The City of Calgary's Secondary Suite Incentive Program offers eligible homeowners up to $10,000 to create and register a secondary suite, supporting the development of safe and affordable housing in Calgary.
- Edmonton: Provides grants of up to $20,000 for creating or upgrading secondary suites.
- Cold Lake: Offers a $5,000 incentive for developing new secondary suites or legalizing existing ones without permits.
These programs are subject to change, so staying updated on new introductions or discontinuations is important.
