Vacation Properties and Cabins
Looking for a permanent weekend getaway?
Do you have memories of long weekends at the cabin? Summers at the cottage? It’s time to build new memories! The dream of owning a vacation property is within reach!
In 2003, CMHC and Sagen (then Genworth) introduced a mortgage insurance product to make vacation properties more attainable—with as little as a five ten percent down payment. Such products apply to secondary homes (Type A) available for purchase and refinance or vacation homes (Type B) available for purchase only, with 25 to 30-year amortizations available for Type A.
Note: This program does not apply to the purchase of investment or timeshare properties or rental pools, and incidental rental income is not used for qualification purposes.
Loans for secondary homes (Type A properties) are available up to a maximum of $700,000 in the Metro Toronto, Metro Vancouver, and Metro Calgary, and up to $600,000 elsewhere in Canada), and are available for purchases or refinancing.
Vacation homes (Type B properties) are subject to the same conditions as secondary homes except that they need not be winterized or necessarily have all-season access. The maximum loan amount for Type B properties is $350,000 (exceptions will be considered on a case by casecase-by-case basis) and are available for purchase only.
- Maximum total debt servicing of 42 percent with respect to your gross annual income
- Minimum credit bureau score of 680
- No prior bankruptcy or judgements
- No late payments in the last 24 months
- Maximum of one insured vacation property per applicant
- No third-party guarantors for qualification purposes. Lenders do accept spousal guarantors
- No gifted down payments
- Offer to purchase
- Employment/income verification
- Verification of down payment
Note: Turnaround times in this program are outside the standard purchase business levels.
As mortgage professionals, all of our time and effort is focused in the mortgage market. Find out more about refinancing, renewals and transfers, new home purchases and HELOC.
First-Time Home Buyer
Purchasing your first home is a major commitment, you will want a mortgage broker to help walk you through it and plan for your future. We are here to offer guidance through each step of the process.
New to Canada Program
Newcomers to Canada play a major role in Canada’s population growth, we can help realize the dream of homeownership.
Purchase Plus Improvement
This program enables buyers to make improvements immediately after taking possession of a new home, with the associated costs rolled into one easy-to-manage mortgage payment.