I know of a $60k condo (+$90/mth condo fee) in a small town in BC. And, I'd like to buy it, rent it out to a tenant whenever possible, and use it as a vacation condo when its vacant.
Is CMHC only for personal residence? Is it possible to get this condo CMHC approved? Do I have to tell the bank that its going to be a personal residence? Is there any legal commitment that states that I can't turn it into rental property after the loan has been issued?
without CMHC aproval, can I use my equity in my Calgary house in leau of a large down payment?