The minimum down payment for a second home purchase in Canada is 5%.
To be eligible for a second home property purchase with a 5% down payment borrowers must intend to occupy the property either themselves or have it occupied by an immediate family member. No rentals are allowed under this program.
What types of properties are suitable for the Second Home Program?
Since many people use this program to purchase recreational properties it’s important to know that the property you purchase must have year round access and occupancy and cannot have only seasonal access. If the property you intend to purchase is on an island it must have year round ferry or bridge access. In B.C., island properties that are serviced by BC Ferries routes are required.
The maximum purchase price for a second home with a 5% down payment is $1,000,000.00 and the maximum amortization is 25 years.
What forms of Down Payment are allowed for a second home purchase?
Down payments can either come from you own savings or be a gifted mortgage down payment from immediate family member.
Want to see how much you can qualify for to buy a second home?
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