You Don't Need 20% Down for a Second Home

Think a second home needs 20% down? That's the myth. If you're actually going to live in it, the same minimum down payment rules apply as any owner-occupied home in Canada — 5% on the first $500,000, and 10% on the portion above that up to $1.5 million.

20% isn't the entry ticket — it's just the line where you skip mortgage insurance. Below 20%, you pay the insurance, but you can still buy.

One important distinction: a pure rental property is different, and does need 20% down. But a second home you'll live in follows the regular minimums.

Don't let the 20% myth keep you waiting. DM BUY and I'll send you the free buyer checklist.

Kuldeep Gill, PREC* — Surrey & Fraser Valley Realtor, RE/MAX Blueprint
Call 778-878-5553 | kuldeepgill.com

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