Homes with rental suites will be in even higher demand! As of this morning CMHC has released an amazing change for those house hunting & mortgage shopping…
100% of income from rental suites will now be factored into your mortgage!
Starting Sept. 28th, CMHC will start allowing 100% of rental income from legal suites to be applied when qualifying for a mortgage. Currently, CMHC only allows 50% of rental income to be used.
What does this all mean?
This is a mortgage market change that will leave you smiling 🙂 This will increase your mortgage qualification in the vicinity of $50,000. If you’re looking at a place of $400,000, now being able to bump that up to $450,000 is HUGE!
But dont just take my word for it….. Read more here.
As always, never hesitate to get in touch if you have questions 🙂