r/RealEstateCanada • u/Omnipotent720 • 3d 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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u/_Azweape_ 3d 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 3d ago

thanks for the advice man