High ratio financing is available (up to 95% of the purchase price) through CMHC, Genworth and Canada Guaranty for up to two properties where the second home is owner occupied or occupied by the mortgagor’s relative on a rent-free basis.

This program is for “Type A” properties, and the property must be zoned and used as residential, rural or seasonal, with central heating and year round road access.

If the property doesn’t have central heating and only seasonal road access, then the maximum financing available is 90% of the purchase price. This is regarded as “Type B” property, and for this type of property, the insurance premiums are slightly higher than the above type property.