Big news for homeowners with secondary suites

A big announcement came from CMHC this week, that will reap big rewards for a lot of homeowners or those looking to buy. Effective in September, CMHC will allow 100% of rental income from legal secondary suites to be used when qualifying for a mortgage, this is up from the current 50% it allows. CMHC is Canada’s largest default insurer, and says this change will facilitate affordable housing options for more Canadians. The new rule takes effect September 28, 2015, and it is a big deal for current homeowners, investors or those moving into the homebuying market. “This is definitely good news for anyone who…