Vacation Homes

The number of Canadians investing in vacation properties is on the rise. Many individuals are opting to purchase a getaway home for various reasons, including relaxation, building wealth, and creating memorable moments with family. The availability of accessible mortgages with low interest rates for vacation properties has made it easier for individuals to invest, even in non-winterized or remote locations. Different lending criteria apply to secondary or tertiary homes compared to primary residences, with some vacation and secondary homes qualifying for a minimum down payment of 5% or 10%, while certain categories may require a higher down payment of 20% or more. Additionally, different types of cottages have varying requirements, with some necessitating a higher down payment and receiving higher interest rates. The availability of mortgage options depends on the property type, categorized as either year-round accessible or seasonal. Individuals can incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Innovative tools in Canada can aid in streamlining processes and ensuring accuracy. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.

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