Second Property
A second home is a property that the owner occupies, meaning they will live in it for at least part of the year. This can include a cottage, a vacation home, or a weekday residence such as a condo for someone commuting long distances to work in the city. It can also apply to a child studying in another city, where paying a mortgage is preferred over renting.
Why Choose CML for your second property mortgage?
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Expert Guidance: Our team of experienced mortgage specialists is committed to helping buyers like you navigate the complexities of the mortgage process. We’ll help you understand your options, from interest rates to mortgage terms, so you can make informed decisions.
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Pre-Qualifying Assistance: We assist in helping you have a clear picture of your budget before you start shopping for a second home. This will help you set realistic expectations but also strengthens your offer in a competitive market.
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Flexible Mortgage Options: Whether you're looking for a fixed-rate mortgage or a more flexible variable-rate option, we’ll work with you to find a mortgage that suits your financial needs and long-term goals. Our partnerships with various lenders allow us to offer competitive rates and terms.
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Step-by-Step Support: From your initial consultation to closing day and beyond that, we’ll be by your side. We offer personalized advice, respond quickly to your questions, and provide resources to ensure a smooth and stress-free experience.
What Qualifies as a Second Home?​
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A second home is defined as a real estate property that is owner-occupied. This means that the owner lives in it at least part of the time. It can be a cottage, a vacation home, or a weekday residence (like a condo) for someone who commutes to work in a city for part of the week.
It can be a home for other members of your family, such as your parents or even your children who may be going to school in the area.
For a second real estate property to qualify as a second home and not an income property you or a family member must occupy it for at least 14 days a year, while you still spend the majority of your time at your primary residence.
A multi-unit residence can qualify as a second home as long as you occupy one of the units you can rent out the others.
You are also allowed to rent out your second home for part of the year without it being considered an income property, as long as you live in the home a minimum of 10% of the days that the home is rented (or a minimum of 14 days as above — whichever is greater).
Get Started Today
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Buying a home is a big step, but with CML Canadian Mortgage Lender, you don’t have to do it alone.
Contact us today for a free consultation!