Is it possible to buy 3rd, 4th+ primary residences with 5% down?

[Andrew DeB]

Ok so i purchased my first SFH 2 years ago as my primary residence, put 5% down. Lived in it for 8 months and it's been a rental since. I purchased my 2nd SFH last year as a secondary primary residence, put 5% down and rented it out since day 1. I went through the pre approval process with my mortgage broker and she pre approved me to buy another property with 5% down. She told me because my current properties are rentals i can buy a primary residence again as long as i live in it (yeah right lol). My first house does have 20% equity because of appreciation. Is my broker wrong or are we allowed to keep buying primary residences for 5% down and turn them into rentals? I live in Alberta.

Thanks!

[Wayne Brooks]

Well Andrew, since you're not worried about mtg fraud, I suggest you just buy 3 or 4 at the same time, using owner occupied financing for all of them.  Let us know how that works out for you.  And your defense will be "but I told everybody I was lying on the application, they didn't stop me, so it's okay!".