Housing experts say home prices indeed need to fall before broad-based affordability returns to Canada. New single family houses billed as estate cottages and townhouses under construction are seen in an aerial view, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck
Housing experts say home prices indeed need to fall before broad-based affordability returns to Canada. New single family houses billed as estate cottages and townhouses under construction are seen in an aerial view, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck
DDVICTORIA - The British Columbia government says it is cancelling an incentive program meant to entice more homeowners to build secondary suites, saying the decision is "due to uncertain financial times."Â
The government says in a statement that the pilot program won't accept applications after March 30.Â
It says the federal government's commitment to implement a similar program was also a factor, and B.C. Housing Minister Ravi Kahlon says they didn't want to duplicate programs.Â
Qualified homeowners in the pilot would have received construction costs for a new suite to a maximum of $40,000 in the form of a forgivable loan, while the federal government program, when it’s launched, would allow for low-interest loans of up to $80,000.Â
Kahlon says the province faces "uncertain economic conditions and an unpredictable tariff situation with the United States," so they are making sure they deliver the best value for housing.Â
The government says applicants who have started the process in the incentive program and who have all necessary permits and cost estimates will be able to submit their application until the end of the month.Â
This report by °µÍø½ûÇø was first published March 19, 2025.Â
Note to readers:This is a corrected story. A previous version incorrectly said applications would be accepted until March 31, not March 30.
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