by The province has announced an incentive program it says will encourage the building of more affordable housing.
The Secondary and Backyard Suite Incentive Program will provide up to $25,000 in forgivable loans to eligible homeowners who create an affordable secondary or backyard suite in their home or on their property.
To qualify, homeowners have to offer housing at a maximum rental rate that’s 80 per cent of the average market rent in their area for at least five years.
They also can’t make suites available for short-term rentals while homeowners have an active loan under the program.
The province says it’s spending $8 million over three years on the program that’s expected to see the building of over 300 secondary or backyard suites.