[Bonka]

Are you working with a mortgage broker? Best case scenario would be to sit down and speak with one and see what options you have based on your situation. You will need to re-qualify for a mortgage and depending on how you declare the 2nd property (rental vs. 2nd/vacation home) you may require a larger down payment (20%) vs. as little as 5% if purchased as a 2nd home or for a family member however this is more the consequence of having to deal with CMHC/Genworth. I believe there are also interest rate discounts on 2nd homes.

Since I'm in the business personally I would be very careful buying a 2nd property in this local market AND having it not generate any sort of revenue. Unless you have earned a decent amount of equity in your current home you stand to walk away with quite a bit of risk especially since you're entering the strata market. If this a firm plan, treat the 2nd home as a rental and make sure the ROI makes sense when it becomes a rental property or if you need to liquidate down the road.