Does piggyback mortgages apply to investment properties? 

So they are in danger of losing the property because they are getting the rent to make the mortgage?

The Federal Government also added a "stress test" on new mortgages.  

I understand that the mortgage limit with most banks is 4, but some can go up to 10.

However with stable tenants bringing in $21,600/yr and only about $6,000/yr in expenses, your NOI is about $15k (rounding down), which should be enough to pay your mortgage with a little leftover.

@Scott SwennesAs an agent you're probably well versed in mortgage financing options and finding solutions for your clients financing needs.

You can't bet on that, so make sure the property flows a bit at the very least and focus on letting tenants pay down your mortgage for you.

Househacking is a term coined from @Brandon Turner, and its probably the best idea ever for new investors willing to get ahead instead of falling deeper into a labor paid mortgage/debt with no real return.  

It's good to hear advice that that is a possibility without committing mortgage fraud.

If you're looking for cheaper properties, look outside to cities like KWC, Barrie, etc.