Financing Your Second Home
Secure the perfect mortgage to fund your dream.
Is this for me?
Yes, if you already have equity in your current home and want to use that as a downpayment on a second home.
What is it for?
Purchasing a second or third home as an investment property or primary residence.
A home away from home
Get a second property in another town while your children attend university out of area. Or the waterfront cottage you’ve always dreamed of. Or a condo in the city when you need a change of pace.
Whatever your second home or rental property in Canada looks like, it could be a decision worth thinking about.
Several options
There are many ways to finance buying a second home. If you have accumulated equity in your principal residence, you can put it towards the down payment on your new property. You can also use your current property to buy a second home mortgage or line of credit to fund your second home. Or if you already have the cash you need as a down payment, consider financing the property as you would any other.
Why consider buying a second home for investment?
A second home can be a long-term plan for retirement savings and family asset accumulation. From an investment standpoint, you can purchase a rental property in Canada to earn additional income from another source. And there are some tax benefits associated with owning a second home for investment.
