Second Home & Vacation Property Mortgage
A cabin at the lake, a place in the mountains, or a home for family — a second home is financed differently from both your primary residence and a rental. The key question lenders ask: will someone in your family live in it, or is it purely an investment?
Owner-occupied second home
If you or an immediate family member will use the property (not rent it out full-time), it can qualify as a second home with as little as 5% down — much like a primary residence. The property needs to be suitable for year-round living and located in Canada.
Vacation / seasonal properties
Vacation / seasonal properties
Three-season cabins, properties without a permanent foundation or year-round access, or homes on leased/recreational land have stricter rules and may need more down. I’ll tell you upfront what a specific property will require before you make an offer.
Buying a second home as an investment
Buying a second home as an investment
If you’ll rent it out, it’s treated as a rental property (20% down) — see the Rental Property page.