The City of Edmonton is offering incentives towards the development of secondary suites in older neighbourhoods to increase the number of affordable rental units in the city.
Cornerstones Plan offers grants to upgrade existing suites, and create new legal suites that are in compliance with building codes. This will discourage or eliminate illegal suites that may not be meeting current safety codes.
The original five year plan that ran from 2006-2011 created and upgraded 553 secondary suites, and created over 3300 safe and affordable homes.
A second phase running 2012-2016 has received a $3 million funding commitment and is meant to create another 450 secondary suites.
Rental units are a great way to build equity in a home and pay down the mortgage principle quickly.
Contact me today for more information on the Cornerstones Plan, or to search for a property within the designated zones.