Enhance Your Nanaimo Property Value: BC's Secondary Suite Incentive Program

Did you know you can receive up to $40,000 toward building a new affordable rental suite on your Nanaimo property? The Secondary Suite Incentive Program (SSIP) offers a unique opportunity for homeowners to expand their living space while contributing to affordable housing in the community.

Understanding the Secondary Suite Incentive Program

The SSIP is designed to support homeowners across British Columbia, including Nanaimo, in constructing new secondary suites. This program provides financial assistance of up to 50% of renovation costs, capped at a maximum of $40,000. The funding is offered as a forgivable loan, meaning it does not require repayment if homeowners comply with program requirements.

Benefits for Homeowners

By adding a secondary suite, homeowners can increase their property's market value and generate additional rental income. The SSIP helps offset renovation expenses, making it financially feasible to enhance your home's versatility and functionality. Renting out the suite at below-market rates, as stipulated by the program, contributes to meeting the demand for affordable housing in Nanaimo.

Steps to Participate

1. Eligibility: Ensure your property is located within approved municipalities or regional districts in British Columbia and has a BC Assessment value below the homeowner grant threshold ($2.15 million in 2024). Secondary Suite Program Eligbility Tool: https://secondarysuite-eligibility.bchousing.org/

2. Construction Criteria: Construct a new, legal self-contained unit with a kitchen and full bathroom. Laneway homes and garden suites are also eligible if they received municipal building permits on or after April 1, 2023.

3. Application Process: Apply online through the SSIP portal, providing necessary documents like proof of residence and income, along with your municipal building permit.

4. Completion and Compliance: Upon approval, proceed with construction, obtain an occupancy permit, and submit proof of construction costs to finalize the loan forgiveness process. Rent out the suite at below-market rates for a minimum of five years to qualify for loan forgiveness.

Learn More Here: https://www.bchousing.org/housing-assistance/secondary-suite

Why Choose Maegan Morton?

Maegan Morton is a dedicated real estate professional in Nanaimo, specializing in farms, acreages, and residential properties. With her extensive local knowledge and commitment to client satisfaction, Maegan guides homeowners through every step of the SSIP application process. Whether you're looking to create additional rental income or enhance your property's value, Maegan offers personalized advice and expertise to help you achieve your goals.

Unlock Your Property's Potential

Explore the benefits of the Secondary Suite Incentive Program with Maegan Morton. Contact Maegan today to learn more about how this initiative can enhance your Nanaimo property and contribute to the community's affordable housing solutions.