Broker Resources

Approved! Refinance
using boarder income

We utilized boarder income to approve this refinance in Victoria, BC for debt consolidation.


  • 30-year amortization
  • Boarder Income
  • Approved at 43.50% LTV
  • 2-year closed
  • Victoria, BC



Our client is a recently divorced parent with a 7-year tenure as a full-time editor. She is seeking to refinance her owner-occupied property in Victoria, BC – a home she has lived in with her family for over 17 years.

Her daughter moved out of province for university, leaving a vacant bedroom in the home which she now rents to a local student.


Refinance their one-and-a-half-storey owner-occupied home to remove the ex-spouse from the title and consolidate the first mortgage and debts.


We used confirmable full-time employment income, $500 a month of boarder income from a tenant renting a spare room in the home, and a marketable property in a major urban centre to approve this file.


The refinance successfully consolidated the first mortgage and all debts and provided a cash-out of over $40,000 for closing fees and a new vehicle.


On Trend

In 2023, the average rate for single-room rentals was $834 (and more than $1,000 in Toronto and Vancouver!) Popularity of single-room renting has increased along with rising rental costs combined with higher cost of living causing homeowners to make use of extra space in their empty nests.

Renting a spare room or sections of a home is a smart way for clients to offset mortgage payments, cover property costs and utilize the additional income to qualify for their mortgage.

MCAN uses Boarder Income (income derived from a non-family member residing in the subject property for at least 6 months) to qualify clients. Boarder income is capped at a maximum of 2 boarders with $500 per month per boarder.

Get complete Alternative Income guidelines here.

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