I'm not used to hearing good news or loosening of guidelines with CMHC, but here it is!
"CMHC announces new rules to make it easier for homeowners to rent out property"
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Under the new rules, CMHC will consider up to 100 per cent of gross rental income from a two-unit owner-occupied property that is the subject of a loan application submitted for insurance. The annual principal, interest, municipal tax and heat for the property including the secondary suite must be used when calculating the debt service ratios.
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CMHC said when 100 per cent gross rental income is the income, it must have been sustained over at least two years and the income amount must not exceed the average of the past two years. This is to make sure it addresses income fluctuations, cyclical trends and deals with unexpected events such as vacancies.
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http://www.edmontonjournal.com/busin...ml?id=11246806