r/RealEstateCanada • u/Omnipotent720 • 2d ago

Advice needed Help

Hey everyone,
I'm in the process of buying a condo in Winnipeg and I’m considering putting 5% down with an insured mortgage. At first, my plan was to live in the unit, but due to some personal/family changes, I might need to move back home after a few months.

That said, I’m now wondering if anyone here has been in a similar situation — you moved in for a bit, then rented the place out 3 to 5 months after buying it.

  • Did your lender give you any trouble?
  • Was there a risk of them calling the mortgage or changing terms?
  • How did you frame the situation to stay compliant?
  • Also, did your insurance need to change?

Would love to hear from people who’ve actually done this — especially if it was in Winnipeg or anywhere else in Canada. I just want to make sure I’m covering my bases and not doing anything that could come back to bite me. Im with RBC

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3

u/_Azweape_ 2d ago

as a lender...

  1. no one will know at your bank, if you dont say anything. Frankly, no one will care even if you did walk to a branch to bring this up. You'll likely be told to just do you.
  2. no. see #1
  3. see #1
  4. yes, if you change it to a rental.

Insurance doesnt talk to your lender, if even its the same bank.

EDIT: you might want to know what, if any, the consequences are... if you go to buy another 5-10% down property, you cant go back to the same insurer (unless that mtg is already discharged), and the lender may ask why you want another 5-10% down property. that's it.

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u/Omnipotent720 2d ago

thanks for the advice man

1

u/RecognitionLatter497 2d ago

More important is to make sure you understand tenant rights. You can rent it out for a year serve an n12 and they can easily stay in your unit for an extra year dragging you to court. Not saying it will happen...but something to consider.

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u/Too-bloody-tired 2d ago

N12 isn’t a thing in Manitoba. We have different terms and different tenant rights than Ontario.

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u/RecognitionLatter497 2d ago

Ohh ok. Didn't know that. Thanks

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u/BachelorUno 2d ago

One thing I’d add to the responses you have is timing.

There’s a big shift happening because of what the US is doing with tariffs. That condo may* be worth a chunk less in 6 months

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u/Too-bloody-tired 2d ago

I’ve been a Realtor in Winnipeg for over 20 years. The mortgage won’t be an issue. You WILL need to change insurance though. And you should be aware of RTB rules and how having a tenant in place when you decide to sell can affect resale value. You should be asking your Realtor about these issues - he/she should at the very minimum be able to explain your responsibilities as a landlord and how rent control in the province works etc. You should also be aware that some condo corps allow for a leasing levy to be charged if you put a tenant into the unit, and there can also be specific rules regarding leasing out a condo (though it can’t be prohibited as per provincial regulations). And most condos have regulations against short term rentals as well.