Make the Most of Your Home with an Income Suite

Have you considered developing an Income Suite for your new home?

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.

Let renters pay your mortgage

Average current rent for a 2 bedroom income suite in Edmonton is $1200,00/month. 
Cost of Home: $529,000
Mortgage Payments Before Income Suite: 2,263.53/month
Mortgage Payments After Income Suite: $1161.53/month (with rent being applied to your mortage payments)

Is an Income Suite right for you?

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.

Want to learn more about income suites?