Renting out property to get easier as CMHC changes rules

for-rent-couple

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.

For the full article click here

Have a great cool day!

Live Life better,

Marvin

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