Introduction

Homeowners in British Columbia have a unique opportunity to improve their financial situation and help address the housing crisis by creating and renting out secondary suites. The “Home Suite Home” document serves as a comprehensive guide, covering all aspects of the process, from planning and permitting to construction and rental management.

Key Aspects of Creating Secondary Suites

Planning and Zoning

Before starting construction, ensure your property meets all local zoning requirements and that you have obtained all necessary permits. Consulting with local authorities early on can help avoid unexpected obstacles.

Financing and Budgeting

Determine the cost of the project and discuss financing options with your lender. Ensure you have sufficient funds to cover all expenses, including potential delays and additional costs.

Obtaining Permits

Obtaining all necessary building permits is a mandatory step for legally constructing a secondary suite. These permits confirm that your project complies with all building codes and safety standards.

Construction

At this stage, it is important to follow the approved plan and schedule. Hire qualified and licensed contractors to carry out all the work to ensure the quality and safety of your project.

Inspections

Throughout the construction process, conduct necessary inspections to verify compliance with building codes. This includes checking the frame, electrical and plumbing systems, and a final inspection before occupancy.

Rental and Management

After construction is complete, prepare the suite for rental. Sign a lease agreement that complies with the Residential Tenancy Act and regularly maintain the property to keep it in good condition.

Secondary Suite Incentive Program (SSIP)

Starting in April 2024, British Columbia is offering the Secondary Suite Incentive Program (SSIP), which provides forgivable loans up to $40,000 to cover up to 50% of the construction costs for new rental units. This initiative aims to increase the availability of affordable housing in the region and support homeowners.

• Be a registered property owner and reside in the property.
• Have a combined annual income of all owners less than $209,420.
• The property assessment value must be below the homeowner grant threshold ($2.15 million in 2024).

Using the Interactive Infographic

To make an informed decision about building a secondary suite, we recommend using our interactive infographic “Is Building a Rental Suite Right for You?”. It will help you determine whether you are suitable for this project by answering a series of questions.

Conclusion

Creating and managing secondary suites requires careful planning and compliance with all regulations. The “Home Suite Home” guide provides comprehensive information and supporting resources for a successful project. Use the interactive infographic to assess your readiness and start the process of creating a new rental unit, contributing to the solution of the housing crisis and improving your financial situation.