A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

 

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,...
Post CommentComments: 0Read Full Story
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.