If you're considering adding a legal secondary suite to your home or future home, we have news for you! The City of Calgary is working hard to combat the housing crisis and provide more housing for Calgarians, both veterans and newcomers, by offering an incentive to encourage and assist homeowners in building legal secondary suites. The Secondary Suite Incentive Program will provide qualifying homeowners with up to $10,000 to build and register a secondary suite.
As always, this isn't a free-for-all, and there are some limitations and qualifiers. Let's review:
• The incentive only applies to suites built within the main dwelling - which means it does not apply for backyard or detached suites.
• Applications are limited to one per person, and you must own the property through the entire process.
• Qualifying homeowners can apply for the program if they have an active building permit for a secondary suite.
• The program will not fully fund construction of a secondary suite.
--> You can get a building permit at apply.calgary.ca.
Approved applicants will qualify for reimbursement for the cost of installing all required safety elements that aren't in the space when you apply. The qualifying safety elements are outlined in the table below. More information about safety elements, i.e. egress windows, smoke alarms, exits etc., can be found at calgary.ca.
Approved applicants will qualify for reimbursement for the cost of installing all required safety elements that aren't in the space when you apply. The qualifying safety elements are outlined in the table below. More information about safety elements, i.e. egress windows, smoke alarms, exits etc., can be found at calgary.ca.
* Maximum eligibility for safety items is $10,000 per home.
There is also additional funding available for accessibility and energy efficiency. You can get up to an additional $1,250 for ENERGY STAR certified egress window and split heat/separate air equipment and an additional $5,000 for accessible spaces to those with common mobility issues.
This incentive program is LIVE and now accepting applications! If you have an active building permit for a secondary suite, you are invited to apply for the program here.
If you would like to learn more about secondary suites in Calgary, you can also review some other blogs of ours here:
TOP REASONS TO INVEST IN A LEGAL SUITE
STRONG RENTAL INCOME
Demand for rental housing in Calgary is sky-high. Legal suites, especially newly constructed or renovated ones, are renting these days for anywhere from $1,000 to $2,500/month, depending on location and features.
OFFSET RISING MORTGAGE COSTS
An extra $1,500 - $2,500 a month in income can make a huge difference to a homeowner facing higher-than-expected monthly payments, especially on mortgage renewal.
BETTER RESALE VALUE
Generally speaking, homes with legal suites sell at a higher price than those with illegal or no suites.
As always, we are happy to chat anytime about your home or investment property, and whether adding a legal suite would be the right move to make from a return on investment standpoint! Feel free to Contact Us anytime!
Source: calgary.ca
