Blog by Patricia Houlihan - Personal Real Estate Corporation

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An Investment For Your Future & Your Family

Some of you may know that in general, I am not a big advocate of purchasing vacation properties until one has their dream principal residence (due to tax issues and vacation rigidity). However, having said that I would like to pass on some great news if you are one of the one in four Canadians who are thinking of purchasing a vacation home.  As the recreational property market continues to boom across the country consumers are now being offered more flexible payment plans. 

These increasingly flexible mortgages, can be paid down faster, and are enticing an increasing number of Canadians to consider vacation properties as part of their retirement planning process.   In the past long drawn out mortgage payment plans made financing a vacation property less desirable for those who wanted to retire without pressing financial obligations.

Now some companies, allow consumers to buy a vacation property with as little as 15 per cent down and take advantage of up to 20 per cent prepayment as well as up to a 20 per cent increase in payments annually.

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