Beginning Sept 28th, 100% of the income from a rental unit can be considered for new loan application submitted to it for mortgage insurance.
Meaning that less than a 20% downpayment towards the purchase of a house with a rental unit in it (less costs and property taxes) will allow the home purchaser a larger loan amount.
I guess this helps in the Toronto area, where a single-family detach home, 4 bedrooms in a good school zone is on average selling at $1.15MM, but we do like to know what the motivation is behind this recent change with the CMHC as there could be something else in the woodwork behind the scenes.
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