Secondary and basement suites incentive pilot program

Making it easier and more affordable for people to rent out secondary/basement suites.

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The Province has announced a pilot, three-year financial incentive program to help interested  homeowners turn a portion of their home into a secondary or basement suite for the rental market. 

Beginning in early 2024, homeowners will be able to access a forgivable loan of 50% of the cost of renovations, up to a maximum of $40,000 over five years.  

Over time, the loan can be forgiven if the homeowner meets all conditions laid out in the program, including renting their unit out at below market rates for a minimum of five years. 

The pilot program is expected to be open to at least 3,000 homeowners for the first three years and will quickly help create new rental housing units within the existing housing supply, for much less than the cost to build a large-scale, multi-unit housing development. 

More details on program criteria will be available well before the program is officially launched in April 2024, so potential applicants can do the appropriate planning. If you would like to receive an email update once the program criteria are developed, please sign up with the subscribe feature.