Mortgage rules are changing again, but this one will make you smile!

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 🙂