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CMHC now insures vacation homes with 5 per cent down
Owning vacation or recreation property can be an extremely rewarding experience!
Borrowers can now obtain financing on vacation/recreation homes with 5% down. Theses vacation/recreation properties do not have to have a permanent heat source. A wood stove, fireplace, or heat blower is acceptable. The foundation may be floating. For example, sitting on blocks. Water source do not need to be drinkable. However, there must be running water in the home. The property can also be only accessible by boat or seasonal road.
Vacation Home Mortgage Example:
Mr. Smith currently lives in Edmonton, Alberta and would like to own a vacation property on Sylvan Lake. With 5% down his dreams can now be fulfilled.
Have a mortgage question?
The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.
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