With so few taking up grants to upgrade secondary suites, investors from outside of the area should be availing of this opportunity.
Edmonton city’s big plan to increase rental supply through offering monetary incentives is not really working according to plan, but one agent believes investors should jump at the handout.
Only 63 of a possible 225 grants for building and upgrading secondary suites have been approved, with many put off by the number of stipulations attached to the program.
However, Edmonton-based realtor, Jerry Aulenbach says investors would not be too restricted by the stipulations of the Cornerstones II program.
“Certain restrictions, like the unit has to be in a rental pool for five years, does not affect those investors that are looking for a buy and hold property here,” he says.
The maximum grant offered is $20,000, which can make up to 50 per cent of construction costs. Recipients must agree to a 10-year operating agreement for lower income tenants. And if the homeowner sells the property before 10 years are up, they must reimburse the grant cost to the city.
Speaking to CREW, Aulenbach adds that finding single-family homes with legal basement suites has is one of the biggest issues in Edmonton.
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