Quote:
Originally Posted by tvp2003
Check with your mortgage broker, but you may not be only be allowed to go 10% down (i.e. borrow 90%) on your new primary residence (Nunavut) unless you have 20% equity in what is now the rental property (Nfld).
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Yeah, this makes the most sense.
It will likely depend how much equity is in the current place, otherwise people could just buy all properties at 5% down, and pretend they are the primary residence at the time, then shift it into an investment property.