In the Throne Speech, the provincial government announced new programs for affordable housing, and now they are providing the details.

The Provincial Sales Tax Rebate for New Home Construction and the Secondary Suite Incentive grant program were the two initiatives introduced by the provincial government on Monday.

The PST Rebate for New Home Construction provides a rebate of up to 42 per cent of the PST paid on the purchase of a newly constructed home. The new homes, with a total price of less than $550,000 before taxes and excluding the cost of the land and furniture, furnishings, and appliances, must be occupied by April 1, 2026, and rebate applications must be received by March 31 of 2027.

The new SSI grant program will provide 35 per cent of the cost to build a new secondary suite at an owner’s primary residence, to a maximum grant of $35,000 per qualifying property. The secondary suite must include a separate entrance, full kitchen and full bathroom to be used as a rental unit. Costs of renovating an existing secondary suite or the primary residence are not eligible. The SSI will be open to qualifying properties incurring eligible costs retroactive to April 1, 2023, to March 31, 2026. Final applications must be submitted by March 31, 2027.

If participants are eligible for both programs, they could provide homeowners with up to $46,340 in cost savings.