Secondary Suites: A breakdown of the budget

Feb 27

The cost of Model D.2 using BC’s Secondary Suite Incentive Program

We've been talking about the benefits of BC's Secondary Suite Incentive program, but we wanted to break down what this incentive would actually look like if you were to use it to build our Carriage House Model D.2., the Bachelor Suite and Garage in Revelstoke.

The Breakdown

Using current Revelstoke rates for this example, we've listed below the cost to build our Model D.2 using BC's incentive program.

Project Details

448 sq. ft. gross built area
448 sq. ft. garage
169 sq. ft. covered deck
Combined kitchen/living space/bedroom
Full bathroom
Fully separate unit
Fits BC's guidelines of Secondary Suite

Budget

$266,000 for base model D.2

+$26,800 for earthwork & foundation*

=$292,880 for the completed build

-$40,000 Secondary Suite Rebate

=$252,880 paid

Benefits

$825/month** income from tenants
Enclosed garage space
Increased property value

* Price is assuming a slab on grade with ICF foundation, in Revelstoke at current prices; $60/SF.

**Monthly rental income is based on the Rent Affordability Limit for the Revelstoke area and is based on the Bachelor Suite rate. This dollar amount changes by area and number of bedrooms. Explore the Rent Affordability Limit for your area here.

If you're interested in exploring more details on how to add or manage a Secondary Suite in BC, the government has pulled together a document, "Home Suite Home," outlining the relevant processes, FAQs and resources:

Check to see if your Secondary Suite builds would be in one of the eligible Municipalities or Regional Districts here.