JASON KILBORNE
Professional Mortgage Specialist

204-995-5722
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Vacation Property Mortgages

Picture of two lounge chairs on a dock on the lake of a vacation cottage property
A vacation home or cottage is a property that is not your primary residence but is also not a full time rental or investment property.

Vacation property mortgages are a little different, depending on the type of property and where it's located. 

Sometimes vacation properties are seasonal...meaning that either:
  • There is no access to the property during certain times of the year, such as in winter if the roads leading to the property are not cleared of snow
Or...
  • The property cannot be used during certain times of the year, such as in winter if the property is not insulated or heated properly. 

If the vacation property is seasonal, qualifying for the mortgage may require a slightly higher down payment compared to a 4 season or year round vacation property.

It's common in Manitoba for vacation properties to be located on leased land. This is because many cottages/summer homes are located within provincial parks.

​Properties on leased land can be tricky, but not impossible, to arrange mortgage financing for.

​The reason is that it is possible, although very unlikely, for the leaseholder to deny the renewal of the lease and therefore the property has little to no value at that point.

​Lenders are always cautious of this fact. The longer the amount of time left on the lease before renewal, the easier it is to arrange financing...generally speaking.

If you'd like more information on purchasing a vacation property for yourself, I'd love to sit down with you and discuss the different options available to you.
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