General rule of thumb: To qualify for rental property financing, a maximum of 50-80% of rental income may be used in your mortgage application. There may be exceptions so talk with a good mortgage planner. If it’s a CMHC-backed second home mortgage, however, no rental income can be used.
Only 0.26% of Canadian mortgages are in arrears according to CIBC World Markets. In the U.S. the percentage is triple that. For U.S. subprime mortgages the number is 13%!
Like news like this?
Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime.
Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.