Many types of properties are considered vacation properties. These include secondary residences, cottages, ski chalets, hotel condos, quarter shares and time shares.
1) Secondary Residences – as the name suggests these properties can be used as secondary homes. As the owner of a second homes, you are entitled to use your property for vacations if you choose to. As long as a secondary home is residentially zoned and is a detached house, duplex, townhouse or condo, it can be mortgaged up to 95% in Canada.
2) Cottages/Ski Chalets – click here for further details
3) Hotel Condos – click here for further details
4) Quarter Shares – click here for further details
5) Time Shares – the cost of a time share is typically inexpensive compared to other types of vacation properties. As such, financing can be provided by the company selling the time share. Money borrowed for the purchase of a time share may also be sourced from a home-equity line of credit registered against any other property you own.
For more information about your vacation property mortgage, please email me directly at: email@example.com