Having a home with a secondary suite has become common place with many people turning to alternative methods to qualify for housing as house prices increase. Recently CMHC has announced that they will be changing the rules to allow more homeowners to rent out their properties.
Currently, 50% of the rental income from legal suites are able to be qualified towards the homeowner’s total income. On Sept 28th, the rules will change and allow for 100% of rental income to be considered. This will help those looking to buy additional rental properties that may not be able to otherwise qualify as well as those starting out that may need that boost of additional income to qualify for more of a home.
But what are the current rental rates? Recently rentseeker.ca showcases the average rental costs for studios, 1 bedroom, 2 bedroom, and 3 bedroom suites across Canada.
According to the website, on average, studios in Saskatoon rent for $700, 1 bedrooms for $910, 2 bedrooms for $1112, and 3 bedrooms for $1184. Compare that to Regina at $699, $915, $1095, and $1269 respectively.
The highest monthly rents for a studio are found in areas around the GTA, including Ajax ($1,253), Richmond Hill ($1,136), Oakville ($1,105), Markham ($1,057) and Vaughn ($1,040). On the west coast we see Vancouver ay $930 with Burnaby at $887 and $869 in Surrey.
The lowest rents for studios can be found in Quebec City at $544, Windsor at $538, Abbotsford at $584, and Winnipeg at also at $584.
If you are thinking about purchasing a property with income potential, contact me and I can help guide you to make an informed and educated decision on what will allow you to net the most income.
Saskatoon real estate agent
Century 21 Fusion