Thanks to new policy changes by Canada Mortgage Housing Corporation (CMHC), buyers of new homes with legal secondary suites will get extra help qualifying and paying down their mortgage.
CMHC has announced it will consider up to 100% of gross rental income from a home with a secondary suite when deciding to insure a mortgage. Previously, only 50% of the rental income was considered.
These revisions will take effect September 28, 2015 in an effort to align CMHC’s policies with the evolving financial needs of the affordable housing marketplace.
The policy modification will apply to new homes which meet certain updated criteria; these criteria are all met by the homes with secondary suites at McCormick Meadows by Keycorp:
- The property must be owner-occupied.
- The property can only have two units.
- The suite must be recognized as legal by the City.
- The suite must be self-contained with its own entrance.
Property taxes and the cost of heat will now be factored into the borrower’s debt rations (which was not previously the case), and CMHC will accept a market rental appraisal for new homes, provided the appropriate vacancy rate has been applied to the estimated rental income.
At McCormick Meadows, a number of new homes are being built that include legal secondary suites – check out the pages for the Alberni, the Boundry, and the Sechelt to see floor plans and more details about these beautiful new family homes with designer-selected interior design schemes.
The Alberni is a three-bedroom, two-and-a-half bathroom family home featuring an open concept living room, master bedroom with a stunning ensuite, and a separate one bedroom, one bath suite on the upper floor, accessible from a separate outside entrance.
The Boundry is a spacious, three-level family home with three bedrooms and two-and-a-half baths. The double French doors off the living room give you access to your large front deck, and a one bedroom, one bathroom suite is located on the lower floor with it’s own outside entrance, alongside your double garage and crawlspace access.
The Sechelt features all your family living on one level, with a full three bedroom, two bathroom home on the main floor accessible from the ground floor indoor foyer. The open main living area features a dining room, living room, and beautiful kitchen with an island and access to the laundry room and rear patio. On the lower floor, a separate entry leads to a two bedroom, one bathroom suite, which can be accessed from the main foyer, or locked at the owner’s preference.
Furnished showhomes at McCormick Meadows are open daily from 12pm to 4pm – or visit McCormickMeadows.com to request an information package and receive email updates on the project.
(Source: Facilitating Affordable Housing Choice for Canadians)