I want to buy an income property

Buying a property to rent out can be a great investment. Not only could it appreciate in value over the years, but it can give you a steady monthly income in the meantime.

In April 2010, the federal government introduced some changes that affect anyone who’s thinking of purchasing a second property as an investment. Under the new rules, you’re required to have a down payment of at least 20% for any non-owner-occupied residential rental property.

BMO offers home financing solutions that can help you start collecting income from your property sooner. You may even be able to use the equity you’ve built up in your home to finance your purchase.

How we can help

If you’re thinking of purchasing an income property, we can help. Speak with a BMO Mortgage Representative in-branch or meet with a BMO mobile Mortgage Specialist when and where it is convenient for you. Or, you can begin the pre-approval process online now.