First time Homebuyer

7 Replies

I’m buying a property in Kingston as an investment property. It will be solely an investment while I live with my parents. I understand I cannot receive first time buyer perks now but will I be able to once I buy another house and make it my primary residence?

Hi @Ethan Eddy

I'm not a lender, so it would be best to get a lender's expert advice here. But yes, the first time buyer programs are typically for owner occupants. Lenders see investors as riskier than owner occupants ( I know, it's weird ) so we get slightly higher interest rates and such. One thing you can do is buy a duplex when you're ready to move and live in one side as an owner occupant.

I hope you the best in your investment journey! Feel free to reach out if you have any questions.

If you put your second property that you purchase as your primary home, you will not receive the first time buyer perks because they always ask if you have already owned or currently own a home and this would disqualify you on the second round.

@Ethan Eddy

Have you thought about buying it as your primary residence first so that you can get a better interest rate and a lower down payment?

And then you can convert it to a rental property after you move out and buy another primary. 

Got any more questions?



@Jim Blackburn

Problem is, my work is 3 hours away from my house in Kingston. So would it be possible to have the Kingston house as my primary as I could live in the basement and rent out the upstairs during the weekend and then during the week live with my parents in Toronto?

Thanks for the input!

@Ethan Eddy . With all of the work from home that is going on - Kingston could be considered your home office.

Putting it as your primary home would make it much easier on rates, approval and downpayment and you collect the first time home buyer benefits.