Rent to buy family members property

[Christian Chaffe]

Hey Everyone,

As the title suggests, I'm in the process of talking to a family member about buying their property in Nova Scotia, Canada. We're likely going to rent to buy , as they're looking at moving back to their home province and I don't have the total amount for a down payment currently.

I just wanted some clarification regarding the legal implications of renting the property out after purchase. I heard that I have to live in the property as the sole resident for a minimum of 5 years before I can consider renting it out. Is this correct? If this is the case, is there any way around this?

Many thanks in advance.

Christian