Should You Buy A Home with a Suite in it?

[@mark3xZod]

Great video. Covers many options and angles of suited properties. Taking the time to break down and not just regurgitate stats is much appreciated.

[@ChamberlainGroup]

You’re welcome! Thank you for taking time to comment and watch. If we can help any further let’s connect www.chamberlaingroup.ca/contact/

[@KB-----2023]

Now with the RCG and RG zoning, as per the City you are allowed a basement suite and garage suite at the same time on the same property. I'm curious how that will affect qualifying income with both and how many will choose that lifestyle? Also is it possible to access your calculator to try it out?

[@ChamberlainGroup]

I too wonder how it will play out. For the calculator that’s something we use internally for our clients. If you’d like to connect here we can work with you and we can utilize this for you www.chamberlaingroup.ca/contact/

[@CanadianRealEstateChannel]

Thanks for sharing your perspective!

[@ChamberlainGroup]

What’s your perspective? Would love to hear.

[@mikechou2411]

Where do you get the map showing legal and illegal suites?

[@ChamberlainGroup]

Thanks for the comment. It’s a map I made from the sale data. Not something publicly available, sorry. Are you looking to buy a suited home? Let’s chat here www.chamberlaingroup.ca/contact/

[@CrankingAllDay]

Legal suites are all real suites. A large portion of the illegal suites are just developed basements. Another large portion are illgal suites that cannot be legalized, or build post 2018, so it will cost the same as building a new suite

[@kylefordinvest]

Awesome episode!

[@ChamberlainGroup]

Appreciate that.

[@ajoynambiar]

How much does the property tax increase with say a 1 bedroom suite? I bought a detached home with illegal suite and considering to use city incentive to legalize existing suite

[@ChamberlainGroup]

Great question. Would be best to connect with the city on that as I’m not sure of the exact value.

[@NeRvOusNoOb]

What about the income tax on the rental income? If the suite rental income is 1400, wouldn't approx 350 of that be taxable?

[@ChamberlainGroup]

You could have some income tax on your income on rentals. We aren’t tax advisors so it’s best to get the exact numbers from your accountant for your situation, however, even if it was $350 you would be in a better place for a lower cost on your mortgage if that was your goal. Thoughts?

[@tylergraham8744]

What makes a suite illegal vs legal?

[@ChamberlainGroup]

A legal suite must be registered with the City and comply with local zoning and bylaws to be considered “legal.”

[@zahrad1026]

I added legal suite to my main residence and my rentals in last 3 years. I'm happy I did it.

[@ChamberlainGroup]

Brilliant. What has been the best results of this?

[@jozefciszewski2074]

What the heck is Spotify? Do guy like me really needs Spotify? Neh.😂

[@NeRvOusNoOb]

Yes, guys like you & me need Spotify 😬

[@ChamberlainGroup]

Trust me. It’s great! We are pushing our content out there as more of a podcast but the same content. No need to add it if you love KZbin!

[@OTPLAYLIST]

Are we sure the bank would actually consider 100 percent of the rental income as your income for mortgage qualification ? I thought they only consider 50 percent of the rental income for mortgage qualification.

[@ChamberlainGroup]

I am sure. If you want to get it and see if it works for your situation let’s chat here www.chamberlaingroup.ca/contact/

[@seasun100]

Doesn't matter now. Everting will be double in the next 3 years after election.

[@ChamberlainGroup]

That’s optimistic. 😬

[@seasun100]

@@ChamberlainGroup Trudeau anti energy policy ruined AB and Canada, In history, ON and BC never ever double and triple the price than AB, The price in Calgary will be inevitable over pass ON and BC after Conservative take over Fed.