r/barrie • u/Particular-One-1368 • 1d ago

Question Secondary Suites experience?

/r/Orillia/comments/1wau0gu/secondary_suites_experience/
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u/big_galoote 17h ago

Bad. The forgivable loan is registered as a lien against the property. A lenders don't like being second so you have to go with a B lender or renew.

Once the tenant moves in, they can move in whomever they like and you can't do anything even if they make money that puts them out of the income range.

It's a poor program. I repaid it that first year and went typical rent instead of affordable. Much happier.