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Browne Mortgage Team
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June 14, 2024
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Updated October 2026: BC’s Secondary Suite Incentive Program stopped accepting applications after March 30, 2025 (BC Gov News, March 19, 2025). BC Housing is still working with applicants it already approved. The program details below describe how it worked. If you are planning a suite now, financing is still possible: since January 15, 2025, an insured mortgage refinance can cover up to 90% of your home’s post-renovation value, up to $2 million, to add a secondary suite (Department of Finance Canada). BC also pointed homeowners to the federal Canada Secondary Suite Loan Program, so check whether it is taking applications before you count on it.
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) was a BC pilot that helped homeowners start an investment while supporting the community with affordable housing. Homeowners who qualified could receive up to 50% of the cost of renovation (maximum of $40,000) as a forgivable loan. If the terms of the program were followed, the loan did 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.
The loan was forgiven if the new unit was on the same property where you live and was 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.
