No longer looking shared a link to this story in the Vancouver Sun over the weekend – The Bank of Montreal has just discovered the secret to affordable real estate in Vancouver: secondary suites. Simply rent out parts of your home to others to help cover the mortgage. You may have to wait to use the bathroom, but you’ll have enough money left over at the end of the month to buy some groceries!
Heaney said that on a $580,000 mortgage, which is fairly typical for Vancouver, a buyer would need a family income of around $100,000 a year to carry the payments.
However, throw in rental income of about $1,500 for a suite, and Heaney said the employment income a family would need to support that mortgage would drop below $60,000.
Ulsterman asks the obvious question:
BOM will lend almost 6 times family income? Is this normal?