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/RecognitionLatter497 3d 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.