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Mixed messages here? Thought the Feds wanted to curb the Real Estate market

Andy Schildhorn • Jul 28, 2015

Renting out property to get easier as CMHC changes rules Home Market Update by Steve Randall  The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing. The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit […] The post Mixed messages here? Thought the Feds wanted to curb the Real Estate market appeared first on Andy Schildhorn, PREC.

Renting out property to get easier as CMHC changes rules

by Steve Randall 
The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing.

The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.

That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure.

Qualifying units must have sustainable income, proven by two years of rental rent payments. These payments will be averaged to assess the unit’s income. Applicants will also need a credit rating of at least 680.

Properties with more than a single rental unit will have slightly different rules and this change is most positive for homeowners with one rental unit.

🏡 Discover Fort Langley with Andy Schildhorn! 🌟

By Andy Schildhorn • 17 May, 2024
🌟 Hi there, it's Andy Schildhorn from Macdonald Realty! For over 30 years, I've proudly called Fort Langley my home—where history and vibrant culture blend seamlessly. 🏛️ Explore iconic landmarks like the Community Hall, CN Rail Station, and the Old Fort. 🍽️ Don't miss a visit to Ancestor Café, showcasing indigenous foods. 🎷🎨 Our village buzzes with festivals year-round, including the Jazz and Arts Festival. Enjoy outdoor activities along the Fraser River, scenic trails, and top-notch cycling routes. 🚴‍♀️🌳 🍰🍝 Stroll down Glover Road, our charming main street, with its friendly shop owners and delightful spots like Wendels' Cafe and Giulia's Mangia e Scappa. 🏡🌲 Discover diverse real estate options, from quaint backyards to riverside condos and expansive acreages. 📅 Join our thriving community—click the link below to schedule a chat. 👍🔔 Thanks for watching! Don’t forget to subscribe, and I look forward to hearing from you soon. 📞 778.835.8957 - https://calendly.com/andyschildhorn 🌐 www.AndytheRealtor.com Your Langley and Fraser Valley Realtor.

🌾🍎 Celebrate 102 years of May Day in the Village 📍🌻

By Andy Schildhorn • 15 May, 2024
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🤗 Sometimes we need to smile.

By Andy Schildhorn • 14 May, 2024
📣 "Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful." - Albert Schweitzer
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