Status: Currently Taking Applications
BC Housing Secondary Suite Incentive Program (SSIP)
Since early 2024 this innovative program has offered homeowners a forgivable loan to build a legal suite in (or on) their own property. The aim of SSIP is to create more affordable rental housing in participating municipalities.
Program Overview
Loan Applicant Guidelines
Loan Applicant Guidelines
Loan Applicant Guidelines
Basic guidelines call for applicants who own/occupy their own home, are Canadian Citizen or PRs and earn <$209,420 annually, combined. The SSIP tenant must not be an immediate family member of homeowner.
Affordability by Area
Loan Applicant Guidelines
Loan Applicant Guidelines
Rent affordability guidelines for new suites are published for each municipality in BC for 1, 2 & 3 bedrooms. Charged rent cannot exceed applicable limit in order to qualify for loan forgiveness.
Loan Details
Loan Applicant Guidelines
Loan Details
Up to 50% of renovation costs, max $40,000, as a forgivable loan. The loan is forgiven over a 5 year period as long as the affordability criteria is met. Project cost must be greater than $20,000 (minimum $10,000 loan)
Process
Property Eligibility
Loan Details
First-come, first-served basis; Online applications opened May 2, 2024 and are ongoing until at least 3,000 loans have been approved.
Property Eligibility
Property Eligibility
Property Eligibility
Properties must be located in an approved municipality and be occupied by the applicant. New suite construction only (no renovations) and max value of existing property must be under $2,150,000.
Forms
Property Eligibility
Property Eligibility
Get the General Program Guide, Rent Affordability Guidelines, Application Checklist and SSIP Municipality List below.
Frequently Asked Questions
Please reach us at info@ratedesk.ca if you cannot find an answer to your question.
There are many potential ways to fund the other half of your project - among them: cash/investments on hand, unsecured borrowing, HELOC, mortgage refinance OR using funds from other government suite lending programs. We'd be happy to discuss your options during an initial consultation.
This will depend on your lender's rules around property use and secondary financing. One of the requirements of the program is a Homeowner Declaration must be signed by all homeowners confirming that the mortgage holder’s consent was obtained.
There is an online SSIP intake that requires upfront documentation around incomes, property info, construction budgeting, municipal permits and financial approval. We can help you coordinate the various professionals involved at each step.
The remaining SSIP loan (plus accrued interest) becomes payable when the program requirements are not met within the 5 year timeframe.
This program is designed to fund the construction of an additional single suite, but depending on circumstances and municipal zoning additional units may be possible. Please contact us for more info.
We don't have enough CMHC guidance on the new suite lending programs coming in early 2025, but we'll update as more information becomes available.
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MA Mortgage Architects Inc. 2600, 595 Burrard Street,
Vancouver, BC V7X 1L3
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