Investment with 150k CAD in Toronto MSA Area

[Preeti Madan]

i recently got Permanent residency in Canada and my household income is 166k CAD (mine 85k CAD and spouse 81k CAD per annul). Currently i am staying in basement rental(1700 CAD) with my husband. CIBC bank pre-approved 675k CAD loan with 10% down-payment. I searched property last month in Scarborough, Richmond hill, Markham and other GTA area but didn't find any good detach/semi detach house (with separate basement ) within 800k.

Now I have three option:-

1) Move to outer GTA area like Ajax,Pickering, aurora , new market or other part of Toronto MSA. I am planning to stay in basement and rent upper part to get 70% of mortgage payment from tenant.

2) Invest in two pre-construction condo (both value should be under 500k) and stay in rental,

i will show 20% down payment for one condo and 10% for other to meet the mortgage insurance requirement

3) Invest in one pre-construction condo and buy one condo to live. i will show 20% down payment for one condo and 10% for other to meet the mortgage insurance requirement

Please let me know which option i need to choose or if you have some better option then also please let me know.