University will start in the Fall for some of our kids, perhaps you’re seeking out accommodation options for your student. Perhaps your looking to buy a second home to reside in for commuting purposes, or want to buy a vacation property to enjoy. Others might want to purchase a property to move a family member closer. Canadians are allowed to purchase a second home with minimum down payment as long as the use of the home meets certain requirements.
The kids may have graduated high school, but that doesn’t always mean providing for them is done. High rent amounts and cost of living make it challenging for young adults to get ahead. Even with full time jobs. Challenging stressful times await these young adults, going to school, having limited time to work to pay bills, living on their own for the first time and studying to achieve their education goals to secure their future employment. Having housing in place is a monumental difference maker and a stress relief, allowing them to concentrate on schooling. The second home program can help.
The caveat to this program is that the home must be occupied by an immediate family member. Buying property for a child in University is a great example. Helping a child with housing in that way not only gives them shelter, but provides them the life lesson of homeownership. They will learn how real estate can produce wealth, and how getting your money to work for you can be a life changer. Help your kids save on rent, while you invest in Real Estate and their future. University is a massive expense–maybe the real estate you purchase increases in value while they are in school, offsetting the cost of their education. The return will be worth it!
The fast ferry is making its maiden voyage in Nanaimo. With Vancouverites being able to commute to Nanaimo with a short sail across the ocean, housing in Nanaimo will be that much more desirable. More people who already commute that “hour plus” drive in Vancouver to their job can look at purchasing a property in Nanaimo. They could buy a home in Nanaimo as a second property. Mortgages are possible!
Summer weather comes with heat, and the desire to be by the water. While travelling around during the summer months you might find that special spot you and the family fall in love with. You can look at purchasing a property in that area, creating family memories for generations. That summer cabin can be bought with minimum down, and you can start making your own family memories this year.
Summer is always a great time to relocate too. Do you have that family member living far away who has a desire to live closer to you, but can’t. You can look at purchasing a property for them with the minimum downpayment and get the family back together again. Do you have a family member who wants to move back to Canada? Some have parents within Canada, who want to be closer to you and their grandchildren. They could also be moving here to gain care from family members. Is this a program for you and your family?
With as little as 5% down on the first $500,000 and 10% on the balance, a mortgage for a second home can be achieved. Applicants are required to qualify for the mortgage without rental income on the new property. The property has to be for your own, or a close family member’s, use. This is not the program for a rental purchase.
For clients in any of these categories, Kevin, Jason and Blaire would be happy to explore options. Call 250-753-2242 or email: