Are you feeling discouraged in your quest for home ownership with home prices expected to rise another 9% in 2016?
Don’t give up! Perhaps a house with a rental suite could be the right solution for qualifying for your mortgage and meeting your monthly payments. Did you know that 25% of detached houses in BC contain a rental suite? In the Lower Mainland, 40% of houses having rental suites.
This week over on REW.ca, Scott Allan shares how you can use rental offset rules to increase your mortgage from $255,000 to $400,000.
Typically, CMHC laws legislate that no more than 32% of your income can be used to pay your mortgage payment, property tax, strata fees, and home heating costs. Banks are able to add 50% of your potential rental income to your…