By The Globe and Mail Staff The Province of British Columbia has announced it will offer up to $100,000 in cash incentives for seniors who can afford to rent out their homes for up to a year.
The money will be available for people who rent out two or more units in the province.
It will also be distributed to those who can’t afford to buy a home themselves.
Senior resident Bill Chinn said he’s seen people renting out their apartments for as long as two years without getting any cash out of it.
“It’s been a great opportunity for people to earn money,” said Chinn, a former resident of a condo building at 865 King Street.
“A lot of people just have to give it a go, just to see if it’s worth it, and if it is worth it it’s a great way to do that.” “
Bill Chinn said he has seen people in his condo building renting out a unit for as many as two to three years. “
A lot of people just have to give it a go, just to see if it’s worth it, and if it is worth it it’s a great way to do that.”
Bill Chinn said he has seen people in his condo building renting out a unit for as many as two to three years.
“They don’t even need to buy it, they just need to rent it out,” he said.
The government said it’s also providing cash to homeowners who are trying to rent their units out for up in three years or more.
The program will only be available to those living in the Greater Vancouver area.
Senior residents will receive a $250 monthly stipend for rent that they could not afford to pay for themselves.
They will also receive a one-time, $150 cash payment of $500 towards a down payment on a home that they will be able to use in their retirement.
The new cash incentives will also include a $500 cash grant for anyone who buys a home through the BC Retirement Pension Fund.
It is estimated that over a million seniors in B.C. have been impacted by the province’s housing crisis.
It was announced Tuesday that seniors who live in rental homes in the Lower Mainland will receive an additional $150 in monthly payments.
That is expected to help reduce the number of seniors who have to resort to cash to meet their mortgage payments.
“If you’re living in a rental home you can be the one to help the government save the day,” said senior resident David Zaremba.
“The government is giving seniors a chance to save for retirement.”
Zaremberg said the $150 payment will help them buy a place they can afford.
It’s important for seniors to buy their homes when they can, said Zarember.
“We want to save money for the future, and we want to live well,” he added.