Mortgage Changes for Homes with Basement Suite Income

moneyCMHC has announced that it will allow 100 per cent of basement suite rental income to be used when qualifying for a mortgage, up from 50 per cent. This change, which takes effect on September 28, 2015, is good news for anyone who is looking to buy a home and subsidize the cost with a renter. In order to qualify, the rental suite must be “legal” according to the municipal by-laws of the area. Get more details here.

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