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