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A recent survey by Canada Mortgage and Housing Corporation (CMHC) discovered that nearly one in five condominium owners in Vancouver and Toronto have purchased additional investment units.

Surveying 42,426 households in both cities, the results revealed that of those who own at least one condo, 17.1 percent owned at least two units. The common reasoning behind this is that while one unit used as a personal residence, the other(s) are considered long-term investments; 50 percent being rented out, and one third occupied by the owner’s family.

Buying your first home can be the single most exciting experience you've had so far, but it can also be the most nerve-racking. There are a host of factors to consider, and overlooking some of them can cause headaches down the road. Here is a list of our DON'Ts for buying your first home.

The trouble began when Dave, a self-employed resident of Victoria BC, took some bad accounting advice. Forcing him to shut shop, Dave found himself owing the Canada Revenue Agency money and it wasn’t long before they garnished his accounts to collect his past due tax money. Alas, Dave had to find work elsewhere.

At the same time Dave’s wife, Darleen, operates a home-based daycare. In need of home renovations and a suite to generate additional income, the couple approached their bank looking for a $100,000 mortgage for their $350,000 home.