The Canadian Mortgage and Housing Corporation (CMHC) recently announced that in order to facilitate affordable housing choices for Canadians, it would be making some policy revisions on how they consider income derived from secondary suites. Considering the last 4 years have been nothing but tightening of rules, making it harder for Canadians to secure mortgage financing, this news is certainly welcome.
Instead of using just 50% of the income derived from a secondary suite, CMHC will now factor in 100% of rents paid, with some conditions of course!
So what does this mean for you?
If you have been on the fence about getting into the housing market, this recent announcement highlights an option you may have not already considered. What about buying a property with a legal secondary suite to use the income to help pay your mortgage? CMHC has just made it a little more affordable to qualify for buying properties like this - certainly worth a look!
If you would like to discuss how much mortgage you qualify for and look at different scenarios of qualifying with a secondary suite rental income, we would love to have an in depth look at your finances and provide you with mortgage options! Let's talk!
Original article from: https://dominionlending.ca/news