Follow up to 100% Rental Allowance

Here’s another update from CMHC! As they tried to make it easier for people to buy homes with a secondary rental suite, they actually made it harder and have since then amended the adjustment. Here’s the simple update:

Remember I said, “We also now have to include the heating costs and property taxes for the rental unit on the mortgage application, something we didn’t have to do before.” Well as it turns out when we do include these figures makes it harder to qualify with CMHC.

I am glad that this was caught before the launch, lets hope there isn’t any more major issues with the policy and the promises that CMHC have made will come to fruition. The rule change will take place on September 28, and I also hope that we will see more people considering a rental suite to get them through a rough time.

Thanks, I hope you all are well!!

Graeme.








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