Vacation & Secondary Homes
Finance your Albertan getaway property or secondary home — we find the right mortgage for recreational and second homes.
Whether you are dreaming of a cabin in the Rockies, a lake house in the Okanagan, or a second property in another city, Calgary Mortgage Shoppe helps you navigate the unique financing requirements for vacation and secondary homes. The rules differ from primary residence mortgages — and knowing those differences can save you significantly.
Why Choose Calgary Mortgage Shoppe?
- Vacation home financing with as little as 5% down
- CMHC insured options for qualifying recreational properties
- Expert knowledge of Canmore and Alberta vacation markets
- Short-term rental income considered by select lenders
- Cross-provincial purchasing expertise (AB + BC)
- Qualification strategies when you already have a mortgage
- Honest property use classification u2014 no surprises
- Access to lenders who specialize in recreational properties
Frequently Asked Questions
Can I get a vacation property mortgage with 5% down?
Yes, in some cases. CMHC insures vacation properties that meet specific criteria: year-round road access, potable water, year-round utilities, and a self-contained unit. Seasonal-only access properties typically require 20% down with conventional financing.
Can I rent out my vacation property on Airbnb?
Some lenders allow it u2014 others prohibit short-term rentals in their mortgage terms. We identify lenders whose terms match your intended use so there are no conflicts down the road.
What are the mortgage rules for Canmore specifically?
Canmore has unique zoning rules (tourist home zoning) and many lenders restrict or exclude short-term rentals in this area. Some lenders will not finance certain property types in Canmore at all. We have deep familiarity with the Canmore market and know exactly which lenders to approach.
Does owning a vacation home affect my primary mortgage?
Yes u2014 the carrying costs of both properties are factored into your debt service ratios when you apply for a vacation home mortgage. We structure the application to present your income and liabilities in the most favorable way within the rules.
Can I use equity from my primary home to buy a vacation property?
Yes. Many buyers use a HELOC or refinance on their primary residence to fund the down payment on a vacation property. This can be an effective strategy u2014 we will run the numbers to compare this approach to a standalone vacation home mortgage.