A cottage or second home for your family — from as little as 5% down.
When the second property is for your own use (not a rental), it’s financed like a home, not an investment — so you avoid the 20% down rental rules. The key is whether it’s year-round or seasonal.
People assume a second property always needs 20% or 25% down like a rental — but that’s only true if you’re renting it out. A second home you and your family actually use is financed much more like your principal residence. A winterized, year-round home can qualify for insured financing with as little as 5% down; a seasonal cottage with limited access or no permanent heat falls into a different bucket that usually needs around 10% or more. The trick is knowing which category your property lands in before you write the offer — get that wrong and your financing can fall apart at the worst time.
Why Canadians choose Mortgage Squad Advisors.
Three steps. No jargon. No pressure.
Classify the property
Tell us about the property — is it winterized with permanent heat and year-round road access, or a seasonal cottage? Is anyone renting it? This determines whether it’s an insured 5%-down second home, a conventional seasonal property, or (if rented) an investment file. We sort this out before you offer.
Match the lender
Year-round owner-use → insured second-home program at top rates. Seasonal/limited-access → a lender comfortable with recreational property, typically ~10%+ down. We disclose the rate, down-payment requirement, and any property conditions in writing so there are no surprises at the appraisal.
Approve + close
We package your income and the property details, secure the approval, and your lawyer closes. If the cottage needs a water-potability test, septic check, or proof of winterization, we line those up early so the condition doesn’t stall your closing.