Questions regarding Seller Financing

[Kenny Clark]

Hello Everyone!

As the title states, I'm hoping for a bit of clarity when it comes to Seller Financing in Canada. I know there's options available to me, but I can't seem to find any information from a Canadian stand point.

I was planning on using my line of credit for a downpayment, then my banker informed me it's actually the opposite of a Heloc (ScotiaLine). I have a family member that is willing to invest, but it won't cover the 20% down payment I need for an investment property. I'm looking elsewhere than my bank, as it's not exactly investor friendly. I do already own a house with CMHC insurance, so 20% down is the lowest I can go.

I'm assuming there's different options to Seller Financing? I know there's Rent to Own, but I've been informed that's basically a last ditch effort and should be avoided. What other options are available to me?

Thank you in advance, I look forward to your replies!