It has been a long-standing practice on the lower mainland to build rental basement suites in detached single-family homes or duplexes, allowing homeowners to subsidize their mortgage payments with rental income from the suites. On the other hand, zoning restrictions in most municipalities prohibit the construction of such suites in condominium units or townhouses, so condominium and townhouse owners do not have that advantage. This may very soon no longer be the case. Real estate experts say apartments with built-in rental suites point to the future for families looking for new ways to pay off their mortgage. Increases in real estate prices in recent years have created a need to allow this new type of attached housing in condominiums and townhouses so that homeowners who are now locked out of the single-family housing market can still have the advantage of a ‘mortgage helper’. ‘. ‘ after.

The Coalition of Progressive Electors or COPE council is working on amendments to the City of Vancouver’s charter and regulations to allow new condominium and townhome developments to have “mortgage aid” sub-suites. An example of a “mortgage help” secondary suite would be a two or three bedroom condo with one of the bedrooms designed as a separate bachelor suite with its own kitchen, bathroom, and a separate entrance from the hallway. The detached bachelor suite would have to meet existing minimum size requirements and building code standards. The owner could occupy the master suite and rent out the self-contained bachelor suite. Tenants get privacy and live separately from apartment owners. Now, that’s a “mortgage helper in the sky” that could help provide affordable housing. This type of development was recently built at Simon Fraser University (SFU) and students who had been living around campus in basement suites, bought the units.

So if you’ve been locked out of the real estate market due to rising prices, a “mortgage helper in the sky” could be the answer to your prayers. This model could help solve the housing affordability crisis in Lower Mainland BC, where home prices are among the highest in the country. It will give people more options to enter the market.

This article tells you about the statutes and regulations that allow new condominiums and townhomes to have a mortgage assistant who provides you with some financing options that can reduce the total cost of your home and the time it takes to pay it off. We have many similar reports available at no cost to you.