I am in the process of buying my first investment property. At this timr I do not own any property and I was wondering if anybody knows whether you can buy an investment property with 5% down as your prime residence. I discussed it with my mortgage broker she said you can do that but she didnt seem so sure.
Yes, you certainly can with CMHC insurance and you plan on living in it as your primary residence. If your mortgage broker does not know this, move onto another one!
Even if I dont have any plans to live in it at all? Do they check to see if I am living in it or not after the purchase? I am buying this property for the purpose of investment so I am not going to live in it.