16 Sep

CMHC announces new rules to make it easier for homeowners to rent out property

General

Posted by: Eileen Crosbie

CMHC announces new rules to make it easier for homeowners to rent out propertyDid you know that on September 28th (in less than two weeks) the Canada Mortgage and Housing Corp (CMHC) are changing the rules surrounding income suites…for the better?!

Effective Sept. 28, CMHC will consider up to 100%, up from 50%, of gross rental income from two-unit, owner-occupied properties on loan applications submitted for insurance.

“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,” said CMHC in a statement.

Read more about this in the Calgary Sun or Financial Post.