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At Alquinn Homes, we know that it can be incredibly difficult for young home buyers looking to purchase their first home. Times are tough for everyone, but young families are having a particularly challenging time trying to afford purchasing a house.

If you’ve been crunching the numbers and need help to make your dream of buying a home a reality, you might want to consider getting a house with a mortgage helper. In recent years, the Canada Mortgage and Housing Corporation changed the rules around how much of the rental income can be declared when applying for a mortgage. This simple change can make it easier for young homebuyers to enter the housing market. All you need to do is buy a home with a mortgage helper suite!


What is a Mortgage Helper?


A mortgage helper is a rental suite within a home that can help bring in additional income for the homeowner. These suites must be self-contained and include their own separate entrance, a kitchen, bathroom and living area.


What are the Benefits of a Mortgage Helper?


There are a number of benefits to buying a home with a mortgage helper, including:

  • The rental income from the mortgage helper suite will allow you to pay off your mortgage faster.
  • Once you’ve finished paying off your mortgage, any income generated from the rental suite is extra money in your pocket!
  • You can use the income you’ll make from the rental suite to apply for a larger mortgage. This will allow you to purchase a larger home or one in a more desirable neighborhood.

Essentially a mortgage helper suite can help give young home buyers more flexibility when it comes to their finances. The extra income reduces the financial burden of a mortgage and gives you more options and increased borrowing capacity.

There are a number of things to consider when deciding if a secondary rental suite is a good option for you, but the financial benefits to paying off your mortgage quickly are undeniable.

Are There Drawbacks to a Mortgage Helper?


While a secondary rental suite can be a financial boon and help you apply for a larger mortgage, there are some potential drawbacks to keep in mind.

As the homeowner, you’re the one responsible for things like maintenance and dealing with any issues with your tenant. For example, it will be up to you to deal with any plumbing or electrical problems that might crop up while the suite is being rented. You’ll need to either fix the problem or pay for the repair service if you don’t have the knowledge or skills to deal with it yourself. Being a landlord is a big responsibility. Carefully consider if it’s a role you want to take on before proceeding.

Another thing to keep in mind when considering adding a mortgage helper to your home is that there are a number of rules and regulations surrounding these kinds of rental suites that you’ll need to comply with. For example, your home will need to be zoned for a secondary rental suite.


This is where having the experts at Alquinn Homes in your corner comes in handy. If you build with us, we can ensure that your secondary rental suite is in compliance with all relevant regulations. We care about building space for life and will ensure that your new home is a place that can accommodate your needs.

A mortgage helper could make closing the gap between your dream of owning a home and actually being handed the keys to your new house that much smaller. Let’s make your dream a reality together! Contact us today to discuss your options for building a home with a mortgage helper. Call 780-962-1046.


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