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Friday, December 8th, 2023

Buying a Second Home


imageBuying a Second HomeThere are a growing number of families living in Vancouver, or moving to the region, who are choosing the option of buying a second home in the lower mainland or in one of the many great locations throughout British Columbia.

When it comes to mortgage financing, there are many lender programs available at the best rates. Homeowners buying a second home can purchase the second property with as little as 5% down with the following considerations:

1. Down payment can be from own resources or other sources

2. Property must be owner occupied during the year or occupied by a family member

3. Property can be new construction

4. A maximum of two homes can be insured by CMHC in Canada

5. Financing is available to permanent residents of Canada

6. Property must have year round access by car or ferry

7. Maximum $1,000,000 purchase price

8. No time shares or life leases and rental pool are excluded

For home owners buying a second home with more than 20% down payment, insurer guidelines may not apply and lender rules will assigned. Talk to us at Dominion Lending Centres for specific requirements to meet your needs.


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