Edmonton Secondary, Garage and Garden Suite Grants

Did you know the City of Edmonton offers grants to build secondary suites? The city will match up to $20,000 in money spent upgrading and creating new Secondary Suites in compliance with health and safety standards. This is an excellent incentive for those interested in becoming landlords in Edmonton. There are of course some restrictions:

  1. The principal residence must be owner occupied
  2. The suite must meet City zoning and Alberta Building Code requirements to permit a secondary, garage or garden suite
  3. You must agree to rent the suite out to individuals within certain income brackets (exact requirements can be found on the City of Edmonton website) for five years.
  4. If you sell the property in less than five years you must pay the complete grant back to the city.

Complete details on the program are found at the City of Edmonton link above. This is an excellent opportunity for those looking to have a “mortgage helper” and rent their basement out to tenants, or build a garage with a suite above, as long as you’re intending to live in the property for at least 5 years.

Credit / Source: EdmontonRealEstateBlog.com 

 

Tags