Buy a primary home first or not

[Bianca Kwon]

Hi everyone! Just a quick question so my husband and I are currently renting a basement apartment with our 13 month old. We are saving for our first home and hoping to buy next year but we also would like to invest in real estate as well. Here in Canada, as a first time home buyer u can put 5% on ur first property. So him and I are thinking should we buy a primary home and take advantage of the low interest rates now or should we purchase a rental property first and keep living in the basement apartment until we can refinance that and buy a primary home after. Your thoughts will be greatly appreciated. Also my dad has generously given us $50k as a gift for a down payment. So we are just waiting for our credit score to go higher and get pre approved for a mortgage.