Direct 519-328-4963 Julie@EXITSarnia.com


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New CMHC rules for homes with rental suites

Updated Thursday, September 10, 2015
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CMHC has announced it will allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows 50%.

Rental suites are a source of affordable housing with rents often lower than a traditional rental unit. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods while providing extra income to the home owner.

The new rules will start on September 28th. If you are considering a home with a rental suite you need to do your homework. Check with the municipality to be sure that it is a legal rental suite and that it is eligible for the new rules.

More details will become available from CMHC closer to the new rules taking affect.

Julie Jenkins

Sales Representative EXIT Realty Twin Bridges Brokerage

 

   

 

 

If you have questions about Sarnia Real Estate please call, text or email anytime.
Julie Jenkins
Sales Representative
EXIT Realty Twin Bridges Brokerage
Direct: 519-328-4963 or Julie@ExitSarnia.com

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Julie Jenkins

Julie Jenkins

519-328-4963