Why Secondary Suites?
There are many benefits to building a secondary suite, including:
- Increasing your affordability! CMHC allows 100% of the rental income from secondary suites to be used to qualify for a mortgage, meaning you can afford to buy a bigger home. Your mortgage specialist can provide additional details.
- Secondary suite developments are eligible for the City of Edmonton’s Cornerstone II Grant that funds up to $20,000, given that it does not exceed 50% of the total construction cost for the suite. Restrictions apply.
- Income generation from renting your suite means a lower monthly payment for you!
*These calculations are examples only and some assumptions were made.
Please contact your sales person and mortgage specialist for more information.