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CMHC is now allowing buyers purchasing homes with secondary suites to count up to 100% of rental revenue in order to qualify for a mortgage. It was previously 50%. 

 

Some rules that apply:

  • The income must have been sustained over at least two years.
  • The income amount must not exceed the average of the past two years, to address income fluctuations, smooth out cyclical trends and unexpected events such as vacancies.
  • Up to 100 per cent of gross rental income may be used only where prospective borrowers can demonstrate a strong history of managing credit generally considered to be a minimum credit score of 680.

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