Have you considered developing an Income Suite for your new home?

What is an Income Suite you ask? An Income Suite is a separate dwelling inside a single detached house with separate cooking, sleeping and bathroom facilities.

Is an Income Suite right for you?

An Income Suite can be very advantageous to people looking to purchase a new home. Did you know that secondary income suites can help supplement your monthly mortgage through rental income payments? This makes owning a home or building a new home much more attainable, as the CMHC allows 100% of rental income to be applied when qualifying for a mortgage. 

As the CMHC states, secondary suites are an excellent source of affordable rental housing as they can also provide the needed extra income to first-time buyers for whom that additional income makes housing affordable in high-cost areas.

Better yet, the City of Edmonton Cornerstones II Program grants up to $20,000 to be eligible homeowners developing an income suite. Give us a shout today to learn more about the details of this program. 

Let renters pay your mortgage

 
Average current rent for a 2 bedroom income suite in Edmonton is $1200,00/month. 
Cost of Home: $529,000
Mortgage Payments Before Income Suite: 2,263.53/month
Mortgage Payments After Income Suite: $1161.53/month (with rent being applied to your mortage payments)

Give us a shout today to learn more about the details of this program. 

 

Want to learn more about income suites?