Discover the Suite Advantage

What is our Suite Advantage?

We are one of the only areas in Cranbrook zoned for secondary suites. This means that if you need a mortgage for the purchase of your home you can use your rental income to help qualify. Our example below shows you how buying a $549,000 house in River’s Crossing actually costs you less per month than buying a $437,000 house without a suite somewhere else and requires the same income to qualify for financing. You can also use the extra income to pay off your mortgage 10 years faster than if you did not have a suite. 

Even if you do not require financing there are many other benefits of having a suite. You may want parents or adult children to live with you but in a separate space. You may want the security of having someone in your home if you are gone for long periods or use it as a vacation home. You may want to use your home as an investment property that cashflows. Talk to us today about our suite advantage.

 

5% Down Example

  House + Suite Equivalent House
(without Suite)
House Price $549,000 $437,000
Down Payment (%) 5% 5%
Down Payment ($) $27,450 $21,850
Mortgage Amount $521,550 $415,150
Mortgage Insurance Fee $14,343 $11,417
Mortgage + Insurance Fee $535,893 $426,567
     
Mortgage Rate 2.69% 2.69%
Mortgage Payment $2,452 $1,951
Estimated Property Taxes, Strata Fees, Heat $395 $395
Estimated Monthly Rental Income -$1000 $0
Estimated Total Monthly Expense $1,847 $2,346
     
Estimated Annual Gross income Required $87,998 $87,993

 

 

 

 

 

 

 

 

 

20% Down Example

   House + Suite  Equivalent House
(without Suite)
House Price $549,000 $437,000
Down Payment (%) 20% 20%
Down Payment ($) $109,800 $87,400
Mortgage Amount $439,200 $349,600
Mortgage Insurance Fee - -
Mortgage + Insurance Fee $439,200 $349,600
     
Mortgage Rate 2.69% 2.69%
Mortgage Payment $2,009 $1,599
Estimated Property Taxes, Strata Fees, Heat $395 $395
Estimated Monthly Rental Income $1000 $0
Estimated Total Monthly Expense $1,404 $1,994
     
Estimated Annual Gross income Required $71,410 $74,789

 

 

 

 

 

 

 

 

 

 

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