Investment Properties

Ordinary Canadians have done very well in expanding their personal net worth through investing in rental properties.  It is also a great way to build your nest egg for retirement.  There seems to be a steady supply of renters in the Toronto and GTA areas, just make sure you do your due diligence before approving any tenants and I can give you some suggestions in this regard.

Should you purchase a non owner-occupied property, you will require a 20% down payment.

This program does not cover the following properties:

■ Commercial zoning
■ Rooming Houses
■ Rental Pools
■ Time-share Interests
■ Quarter Share/Shared Ownership

Secondary Homes:  Purchases:  95% LTV.  Maximum 2 units where 1 unit must be owner occupied or occupied by an immediate family member (same insurance premiums as listed above).  Maximum property value $1,000,000.  Foundation must be permanent (includes concrete blocks), co-ops excluded, year-round access serviced roads, must be winterized, drinkable water from a well or cistern, lake or river water provided it has its own filtration system.

Vacation Homes:  Purchases:  90% LTV.  Same as above except maximum 1 unit, property need not be winterized, seasonal access permitted, no permanent heat source is required, seasonal road use is acceptable, water source need not be drinkable but must have running water, boat access only is acceptable.  (Insurance premiums will be higher than premiums previously cited).  Maximum property value $350,000


Vacation or Second Home

Have you always dreamed of having your very own get-away in the country or by the lake or possibly a ski chalet to relax and enjoy with your family and make years of wonderful memories?  The appeal of owning a vacation retreat is not just an emotional investment; it is also a financial investment.  There are a number of ways to help you attain your dream.

You can own 2 properties under the CMHC or Genworth Insurance Program.

If your property is not accessible with year round road access, then we can look at financing 80% of your purchase price.  Call me today to discuss your options.