Tag Archives: kelowna house rentals

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 🙂


Tired of your local rental market?

11407279_1599081857013927_4284585288058845517_n                 Done with this?

I was recently sent a really lovely “thank you” card from family of four that I really care about 🙂 The card was to say a simple thanks for helping them into their first house. It had been 1 year since they moved in and their excitement was still buzzing. I must say it made my day & the joy that first time home buyers have is truly contagious! Their deal was not (what we call in the biz) a “slam dunk”…… They didn’t really have much for a down payment, hardly any credit history the other fairly poor. The only asset they had was their car & decent paying jobs, they were just like any normal family with two kids, just working to pay the rent. Even with all my years of experience I knew I had my work cut out for me. All I knew as a certainty, was that they were truly tired of paying 1600 bucks a month in rent and THIS was my drive!!!! So off to work I went, mortgage rates are good right now & our market is strong, if you feel the same… simply fed up with paying high rents give me a call , just like this family, you may be more mortgage ready than you think!

Dave – That Mortgage Man 🙂

PS they now only pay 1350 and they are in their own home!