B.C. rentals: Province launches secondary suite incentive [Video]

B.C.’s NDP government launched its latest measure to address the housing affordability crisis Thursday: a secondary suite program that gives homeowners up to $40,000 in forgivable loans to build a suite or laneway home on their primary property, if they agree to rent it out at below market rates for five years.

“One group of people who’ve come forward and really wanted to provide housing, wanted to provide additional housing units, are people who are already homeowners,” said Premier David Eby on Thursday when announcing the launch.

The rents are set by the province, based on the community. For example, in Vancouver, a two-bedroom suite is capped this year at $2,100 per month. In Kelowna, it’s just under $1,836, and in Victoria, it’s $1,760.

Although secondary suites have been greenlit by the NDP across B.C., the program still requires homeowners to get occupancy and building permits – red tape handled …