Thursday May 2, 2024 | VICTORIA, BC [Updated May 4, 2024]
by Mary P Brooke | Island Social Trends
Outdoors today at the noon hour, Premier David Eby got out of his official entourage van and took a moment to take off his suit jacket and roll up the sleeves of his white business shirt. Ready for the lumber yard!
Today’s announcement at the Castle Building Centre lumber yard on Bay Street in Vic West was quick and simple, to note today being the launch-date of the forgivable loan program for homeowners to build secondary suites in their existing homes.
The incentive to homeowners is available first-come, first-served said Housing Minister Ravi Kahlon at the podium. About 1,000 homeowners each year will receive forgivable loans of up to $40,000 –some loans will be $10,000 or $20,000 or other amounts, Kahlon said today.
Over the year-year pilot of the new Secondary Suite Incentive Program that will see 3,000 new rental units added to the housing stock in BC communities.
Rents of the new rental units must have rents set at below-market rates for at least five years.
The Province has established the Rent Affordability Rates for 2024-25 for one-bedroom, two-bedroom and three-bedroom-plus units (effective April 1, 2024).
For example, in Victoria the rent affordability limit is set at $1,400 for a one-bedroom unit, $17,60 for two bedrooms, and $2,035 for three bedrooms. In Vancouver the rates are higher: $1,640 for one-bedroom, $2,100 for two bedrooms, and $2,200 for three bedrooms.
Homeowner eligibility:
To be eligible, homeowners must:
- Obtain a building and occupancy permit rom their local government
- Have a combined gross annual income of homeowners on title of less than $209,430
- Have a BC Assessment value on their property below the homeowner grant threshold ($2.15 million in 2024).
Excitement about housing supply boost:
Today’s emcee was local MLA Grace Lore, Minister of Children and Family Development.
A post-secondary student was also given a few minutes to speak at the podium to say how affordable rents are appreciated by post-secondary students.
Secondary suites work well in communities:
One of the first municipalities in the Greater Victoria area to legalize secondary suites was the Town of View Royal.
In Langford in the west shore, the Westhills development has since 2008 built hundreds of homes with secondary suites as well as carriage houses.
“Secondary suites are an important source of long-term rental housing across British Columbia. This initiative by the Province will encourage homeowners with under-utilized space to create additional units of badly needed rental housing,” said David Hutniak, CEO, LandlordBC, in a news release from the Ministry of Housing today.
The Canadian Home Builders’ Association of BC also supports secondary suites. “Across the province, many of our members are working with homeowners who see the value in adding a secondary suite to their home,” said Neil Moody, CEO, Canadian Home Builders’ Association of BC in today’s news release. Moody says the Secondary Suite Incentive Program will help to alleviate some of the financial burden on homeowners when they take on a project of this scope. “It will help ensure the construction is completed safely and with the proper permitting and approvals,” he said.
How to apply:
To sign up for updates and check eligibility, visit the Secondary Suite Incentive Program website.
===== RELATED:
Housing Minister Ravi Kahlon running again in Delta North in October 2024 election (May 4, 2024)
===== ABOUT THE WRITER:
Island Social Trends Editor Mary P Brooke has been covering news of the south Vancouver Island region of BC since 2008, branching out to provincial and federal news analysis in 2017 (based out of Langford, BC).
Ms Brooke is the founder, editor and publisher of a series of publications that have served attentive readers since 2008: MapleLine Magazine (2008-2010), Sooke Voice News (2011-2013), West Shore Voice News (2014-2020), and Island Social Trends (2020 to present at IslandSocialTrends.ca).
Mary P Brooke, B.Sc. (health science) reported daily on COVID news at the provincial level during 2020-2022. She has reported alongside the BC Legislative Press Gallery since then.
Mother to now four grown children, Mary P Brooke ran for school trustee in 2022 (SD62 /west shore) to highlight how parents and families are less well served by BC education than they could be.
In 2023 Ms Brooke was nominated for a Jack Webster Foundation award that recognizes a woman journalist who contributes to her community through journalism.
In 2024, Ms Brooke launched the Urban Food Resilience Initiatives Society (UFRIS) to further contribute to her community around emergency preparedness aspects of urban living.