Are you considering buying a second home in Calgary? Perhaps you're considering making a purchase of a house or condominium so your child can have a place to live while they are attending university. Or perhaps, you are providing a home for your parents. Or perhaps, you're considering buying a cottage or cabin on the lake?
The minimum down payment for a second home purchase in Canada is 5%. CMHC allows Canadians to own up to two high ratio insured properties. 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. Also, you cannot make this purchase in a corporate name.
What types of properties are suitable for the CMHC Second Home Program?
Since some people use this program to purchase recreational properties it’s important to know:
- The property can be located anywhere in Canada and must be suitable for,...