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Purchasing a Cottage/Second Home

Your vacation home awaits!

Purchasing a Cottage

Vacation Homes Can Be an Affordable Way to Get Away!

Looking to buy a cottage, summer home or a condo in the city as a second home? You may be able to use some equity in your existing home for the down payment or to finance the entire purchase. A minimum of 5% down payment is required for your secondary home. Higher down payments may be required depending on the type of property.

If you are planning on purchasing a second property, there are many factors to consider. Before you start shopping, it’s important to sit down with your mortgage agent/broker, financial planner and realtor. These three advisors will help you determine your purchase budget, discuss the potential tax implications, and ensure you find the right property to suit your needs.

If you are looking for a summer cottage, lenders have some restrictions on the property type to determine the required down payment. If the property meets Type A Criteria (see sidebar) then you can put as little as 5% down, however if the property is a Type B property (see sidebar), then 10% down is required. If you are looking to avoid Mortgage Default Insurance, the down payment required ranges from 20 to 50% down depending on the property criteria. We can help you determine the options.

If you are looking to purchase a year round home as a second property, most of these properties would be eligible for a 5% down payment.

If you are living in the country and are looking to purchase a condo in town to use during the week, then you can typically put 5% down on these purchases as well.

Figuring out your second home budget is another thing to think about. Here is a list we have compiled:

  • Insurance
  • Property taxes
  • Utilities (is it 3 season or 4?)
  • Maintenance and repairs
  • What will your mortgage be?
  • Entertainment (TV, Internet, phone, etc.)
Don't Forget These Important Documents!
Top 10 Reasons to Use a Mortgage Broker

Secondary Homes (Type A)

  • Foundation must be permanent and installed beyond the frost line. This includes concrete/concrete block or preserved wood foundations certified by a professional engineer or post/pier foundations on solid bedrock.
  • Must be zoned and used as residential, rural or seasonal. We do not accept mixed uses or rental pooling.
  • Freehold or condominium title. We do not accept co-ops or ¼ interest ownership.
  • At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area.
  • Remaining economic life must be 25 years.
  • Year-round road access on reasonable quality public roads, serviced by the local municipality. We also allow privately serviced roads, provided there is a maintenance contract in place.
  • Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
  • Good quality construction with no signs of deferred maintenance.
  • Water source: well, municipal serviced, and cistern. Water source must be drinkable. We accept lake or river water, provided the property has its own filtration system. For example, a reverse osmosis system.
  • There must be good market appeal in the area with no adverse influences or neighbourhood nuisances.

Vacation Homes (Type B)

All Type A property requirements apply to Type B, except for the following:

  • No permanent heat source is required. For example, a wood stove, fireplace, stove or heat blower is acceptable.
  • Foundation may be floating. For example, sitting on blocks.
  • Seasonal road use is acceptable. This means the road does not have to be plowed during the winter.
  • Water source needn't be drinkable. However, there must be running water in the home.
  • Boat access only accepted.

Get Away to Your Own Place

Having a place that is truly a 'home away from home' is a great tradition to build into your family. Get in touch to find out how we can help you make this a reality...and at the best rate!

Contact Us Today
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Trust Kingston Mortgage Solutions to work hard on your behalf to find the best mortgage option and rate solution for your new home, debt consolidation/refinance, renewing mortgage, commercial mortgage or whatever your mortgage need is.

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CREA | ACI 22 hours ago

Notre concours « 2 minutes pour gagner avec @REALTORpointca » se termine demain, mais vous avez encore le temps de gagner! Détails 👉 ow.ly/YJNj30ngyH9

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CREA | ACI 22 hours ago

Our “2 Minutes to Win It with @REALTORdotca” contest ends tomorrow, but there’s still time to win! Learn more 👉 ow.ly/qjH650lubea

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CREA | ACI 24 hours ago

Vous n’avez pas reçu le cadeau que vous espériez à la Saint-Valentin? Ne vous inquiétez pas, les #SaveursDeLaSemaine du #CaféACI vous réchaufferont le cœur. ow.ly/ILz630nIwFn

test Twitter Media - Vous n’avez pas reçu le cadeau que vous espériez à la Saint-Valentin? Ne vous inquiétez pas, les #SaveursDeLaSemaine du #CaféACI vous réchaufferont le cœur. https://t.co/w6YSQOIVd8 https://t.co/sjZwVIu895
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CREA | ACI 24 hours ago

Didn’t get the present you were hoping for on Valentine’s Day? Don’t worry, #CREACafé’s #WeeklyBlend will make you feel better. ow.ly/pvKa30nIwDO

test Twitter Media - Didn’t get the present you were hoping for on Valentine’s Day? Don’t worry, #CREACafé’s #WeeklyBlend will make you feel better. https://t.co/0exoBBs9tW https://t.co/18TG2oLu0r
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YGK mortgages 2 days ago

Enjoy your long weekend. Just a small reminder, our office will be closed on Monday for Family Day 🥰 #ygk #ygkmortgages #mortgagebroker #mortgageagent #visitkingston #shoplocal… instagram.com/p/Bt60cT1Ae5X/…

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Enjoy your long weekend. Just a small reminder, our office will be closed on Monday for Family Day 🥰 #ygk #ygkmortgages #mortgagebroker #mortgageagent #visitkingston #shoplocal #kingstonontario #kingstoncanada #kingston_on #kingstonmortgage #smallbusiness #business #mortgagechoice #ygklove #mortgagerates #mortgages #mortgage #ygkbusiness #ygkbiz #mortgagebrokers #mortgageagents #ygkkingston #ygksmallbusiness #ygkcommunity #kingstonontariocanada

A post shared by Kingston Mortgage Solutions (@kingstonmortgage) on Feb 15, 2019 at 2:23pm PST

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CREA | ACI 2 days ago

@JaniceChalmers Hi there, if you are looking for a REALTOR® in Nova Scotia, please visit @REALTORdotca: ow.ly/ZzLJ30nIEp6

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CREA | ACI 2 days ago

L’Indice des prix des propriétés MLS® a augmenté de 0,8 % d’une année à l’autre en janvier — la plus petite augmentation enregistrée depuis juin 2018. ow.ly/Vc7J30nIje9 #StatACI

test Twitter Media - L’Indice des prix des propriétés MLS® a augmenté de 0,8 % d’une année à l’autre en janvier — la plus petite augmentation enregistrée depuis juin 2018. https://t.co/s6PVx3wezy #StatACI https://t.co/f5XJUQfAiX
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CREA | ACI 2 days ago

The MLS® Home Price Index rose 0.8% year-over-year in January – the smallest increase since June 2018. ow.ly/Ux1y30nIjbw #CREAstats

test Twitter Media - The MLS® Home Price Index rose 0.8% year-over-year in January – the smallest increase since June 2018. https://t.co/9C4rNRYtZB #CREAstats https://t.co/ebIcc5W32z
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CREA | ACI 2 days ago

Nos bureaux seront fermés lundi à l’occasion du jour de la Famille 👨‍👩‍👧‍👦. Le Soutien aux membres de l’ACI sera accessible aux chambres et associations par téléphone et par courriel.

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CREA | ACI 2 days ago

Our office will be closed Monday for Family Day 👨‍👩‍👧‍👦.. Member Support will be available for boards and associations by phone or email.

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CREA | ACI 2 days ago

"Sales, market balance and home price trends are out of synch among major Canadian cities that have the greatest impact on national results.” Our Chief Economist Gregory Klump has the details. #CREAstats

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CREA | ACI 2 days ago

Dans cette édition des #SaveursDeLaSemaine : panneaux solaires, cannabis et communauté, génération Y québécoise et kit pour maison bio dégradable. ow.ly/jOV630nIwCv #CaféACI

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CREA | ACI 2 days ago

When it comes to offers, these REALTORS® are trying to catch ‘em all! (Even if means employing Pikachu 😂) All that and more in #CREACafé’s #WeeklyBlend h ow.ly/M9Rv30nIwBE

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CREA | ACI 2 days ago

Article du jour : @JdeMontreal – 7 Youtubeuses qui font des rénos dans leur maison cette année journaldemontreal.com/2019/02/05/7-y…

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CREA | ACI 2 days ago

Article of the Day: @Livabl_ – Homeownership is still affordable for singles in the Prairies and Atlantic Canada livabl.com/2019/02/homeow…

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CREA | ACI 2 days ago

L’équilibre des inscriptions et des ventes nationales masque les différences régionales. Marchés favorables aux propriétaires-vendeurs en #Ontario et à l’#Î. P. É., et aux acheteurs dans les #Prairies et à #T.-N.-L. Détails : ow.ly/ww2750ltjUa

test Twitter Media - L’équilibre des inscriptions et des ventes nationales masque les différences régionales. Marchés favorables aux propriétaires-vendeurs en #Ontario et à l’#Î. P. É., et aux acheteurs dans les #Prairies et à #T.-N.-L. Détails : https://t.co/QpcsViB5ZT https://t.co/lFpSg1JPmD
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CREA | ACI 2 days ago

National readings show listings and sales are well balanced but mask regional differences, with seller’s markets in #Ontario & #PEI but buyer’s markets in the #Prairies and #NL. creastats.crea.ca/natl/. #CREAstats

test Twitter Media - National readings show listings and sales are well balanced but mask regional differences, with seller’s markets in #Ontario & #PEI but buyer’s markets in the #Prairies and #NL. https://t.co/QzlnR7IxYn. #CREAstats https://t.co/nwbbUaLnyB
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CREA | ACI 2 days ago

Les ventes résidentielles au Canada ont grimpé de 3,6 % en janvier 2019, comparativement à décembre 2018, mais restent sous les niveaux de l’année dernière et de la moyenne de 10 ans pour le mois. Détails : ow.ly/HhlK30nIhPe. #StatACI

test Twitter Media - Les ventes résidentielles au Canada ont grimpé de 3,6 % en janvier 2019, comparativement à décembre 2018, mais restent sous les niveaux de l’année dernière et de la moyenne de 10 ans pour le mois. Détails : https://t.co/h9xvM8KeBX. #StatACI https://t.co/JFvaLzIh3A
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CREA | ACI 2 days ago

Canadian home sales climbed 3.6% in January 2019 compared to December 2018 but came in below year-ago levels and the 10-year average for the month. Details: ow.ly/TGEN30nIhMO. #CREAstats

test Twitter Media - Canadian home sales climbed 3.6% in January 2019 compared to December 2018 but came in below year-ago levels and the 10-year average for the month. Details: https://t.co/5Dk6aFtssp. #CREAstats https://t.co/RPdA7dIVkS
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OREA 2 days ago

On our latest podcast episode, 2018 OREA President-Elect Karen Cox talks to President David Reid about being ready to take over as #OREA President. Check out the full conversation - On SoundCloud: soundcloud.com/oreainfo/the-r… On iTunes: itunes.apple.com/ca/podcast/ont…

test Twitter Media - On our latest podcast episode, 2018 OREA President-Elect Karen Cox talks to President David Reid about being ready to take over as #OREA President.
Check out the full conversation -

On SoundCloud: https://t.co/IKqkRlsbaR

On iTunes: https://t.co/lwcwVfhOrj https://t.co/mGe5VX6neo
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