Buying a second home: How it works in Canada + MORE May 9th

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What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and more.

Table of contents: Buying a second home

Second home or investment property: What’s the difference?

The rules for buying a second home in Canada

Affording a second home

The best mortgage rates in Canada

Financing your second home

The best HELOC rates in Canada

Is buying a second home worth the investment?

The tax implications of buying a second home

Second home or investment property: What’s the difference, and does it matter?

Generally, a second home refers to a real estate property that is owner-occupied, meaning the owner will be living in it at least part of the time. It can refer to a cottage, a vacation home or a weekday residence (like a condo) for someone who commutes far to work in a city…

Nathan Kennedy used to idolize podcasters and bloggers who could explain personal finance concepts in language that he, a junior sales and marketing executive with various companies, could understand. Today his social media following is bigger than most of them. On TikTok and Instagram combined, he’s approaching one million followers. The 27-year-old University of Western Ontario grad started his podcast New Money with Nathan Kennedy in 2019 and quit his job to focus on it full-time two years later. Under the handle @NewMoneyNate, he brings an animated, streetwise style to talking about things like negotiating a raise with your employer, using a credit card wisely and saving fees on investment funds that clearly resonates with his 20-something target audience.

Who are your money/finance/investing heroes?

I don’t really have any heroes per se but the collective community of personal finance bloggers in the 2010s, like Mr. Money Mustache, Ramit Seth and The Financial Samurai, were a huge source of inspiration for me in university…

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