Second Home or Vacation Home

Today we're going to talk about second home or vacation home purchases.

Did you know that you could buy a second home or vacation property with as little as 5% down? Most people aren't aware of this. They assume that a second home has to be 20% down, and that's not the case. If you want to buy a home for your child to live in, you want to buy a home for a family member. If you'd like to buy a home in perhaps another province because you travel for work there a lot, or as I said, a vacation property, you can do this with as little as 5% down. Of course, some conditions do apply.

If you buy a second home with less than 20% down, you are subject to the government insurance premium added to your mortgage. So you, of course, can use a 20% down payment in order to avoid that.

As always, if you have questions, reach out to your own team. We're here to help.