As your Trusted real estate partner in Saskatoon, I am committed to finding the perfect place to call home. Laddie is passionate about real estate, and I aim to exceed your expectations. In my latest article, I share news about a new government initiative to support rental suites.
Residents in Saskatchewan who choose to add a rental suite to their homes may be eligible to receive up to $35,000 from the provincial government through a program designed to alleviate the financial burden on homeowners facing rising costs while simultaneously augmenting the supply of rental units. This initiative is named the Secondary Suite Incentive (SSI) grant program.
In addition to the SSI grant program, the province has disclosed details about the PST rebate for new homes, as announced during the throne speech on October 25. According to the province, the PST rebate offers a reimbursement of up to 42 percent of the PST paid on purchasing a newly constructed home.
To qualify for the PST rebate, the province stipulates that new homes must be occupied by April 1, 2026, with rebate applications received no later than March 31 of the subsequent year. Eligibility is limited to homes with a cost of $550,000 or less before taxes, surpassing the value of the land and exceeding the price of any furniture, furnishings, and appliances. The province also notes that the maximum allowable rebate amount will be reduced for homes priced above $450,000, although specific details about the reduction were not provided in the news release.
Regarding the SSI grant program, the province outlines criteria for qualification. A secondary suite must be situated on the property of a single-family home. It must include a separate entrance, full kitchen, and full bathroom and comply with all national, provincial, and municipal bylaws, codes, and standards for use as a rental unit. Renovation costs for existing secondary suites or the primary residence are not deemed eligible, as clarified in the news release.
Saskatchewan Finance Minister Donna Harpauer emphasized the importance of addressing the housing needs in the rapidly growing province. Harpauer stated,
“Saskatchewan is growing at its fastest pace in more than a century, and we need housing stock across a wide range of communities and price ranges. A secondary suite can help homeowners with the mortgage cost while providing affordable options for renters.”
Responding to criticisms from the opposition NDP regarding the lack of affordability measures for residents, Harpauer assured that details on a housing program, including affordability measures, would be unveiled the following week. She mentioned that the program would address housing affordability and feature a secondary suite program to assist families impacted by recent mortgage rate increases with their mortgage payments directly.
More details surrounding the SSI grant program can be read here
Whether you’re a first-time homebuyer or a seasoned investor, Laddie James is the REALTOR® you can trust!- Contact Laddie to chat about your real estate needs today.
Source article: https://beta.ctvnews.ca/local/regina/2023/10/30/1_6623105.amp.html