CMHC Announces Changes to the Treatment of Rental Income for Borrower Qualification Purposes!!!

The market for houses with basement apartments may get a little hotter. 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%. The nation’s largest default insurer says the move is meant to “facilitate affordable housing choices for Canadians.” “Secondary rental suites are recognized as a source of affordable housing offered at a cost that is often lower than those for apartments in purpose built rental buildings,” it adds. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods. The new rule takes effect September 28, 2015....

Lots At LAKESTONE Are Selling Quickly!!

Don’t miss out on an amazing opportunity to build your next dream home at Lakestone! Come visit us today! Open daily from 10:30-3:30pm 1664 Lakestone Drive, Lake Country Check out what lots are left: Lakestone pricing...