Why you need an income generating suite

The current trends have been showing that a rental suite is the most efficient use of a familys living space. We are in a marketplace driven by immigration and a shortage of housing vs the world population and demand. The price of new housing is raising at a record pace even in the face of global recession. If there was ever a time to maximize your investment return and minimize expenses and losses it would be to put to use the biggest capital investment you make in your lifetime.

Residential rental stock in the lower mainland remains at record lows. With a average of 2% vacancy rate holding for the past several years. That means if you have extra space you could be missing out in putting it to use as supplementary income for now, and adding value to your home appraisal for resale or remortgage.

80% of municipalities allow the development of secondary suites.The provincial government developed an informative document entitled " Secondary Suites: A guide for local Governments" (www.housing.gov.bc/housing/suites).

Most banks allow for additional mortgage funds based on income from potentially revenue generating suites, which adds to the purchasing power of regular consumers.

CMHC_(www.CMHC-schl.gc.ca/en/co/prfinas/prfinas_002.cfm) offers financial assistance for the creation of a secondary suite built as an inlaw suite built and rented to a low income senior or an adult with a disability.

Each municipality has its own guidelines but many maintain the same basic standards. Please check your local Cities webpage for their guidlines for further information.