[bcedhk]

I am in the process of purchasing my first condo. Therefore, I am planning to take advantage of the first time buyer grant.

I know there is a rule that I must be the primary residence for at least a year before I can fully rent the condo out... But i am wondering if I can let my house be an Airbnb listing in order to offset my monthly mortgage cost? Technically, I will still be living there, just renting the living room out..

Any insight to this would be great.

[tiger_handheld]

Yup - just make sure your mail is sent there. I highly doubt you will be able to make your mortgage payments over 12 months using airbnb alone. Read up on it or talk to some people who are in the 'biz'. There are slow seasons just like hotels.

[bcedhk]

Oh ya I am not intending to fulfill my mortgage only with airbnb but it would help if I could offset some cost to it.

Thanks for your info though
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[d1gbick]

if this is your primary residence this is 100% fine.

[tiger_handheld]

also for what it's worth , don't tell the bank you plan to 'short term' rent. this would mean you will be treated as a 'investor' and not a principal resident. investors have diff set of qualification criteria (ie. need to show more assets).

[tastic]

Is the first time buyers grant still available? If so I have a bone to pick with an agent who said it expired in april 2013.