Buying a Vacation Home? Here’s What You Need to Know

Marlies Romich • July 9, 2025

The idea of owning a vacation home—your own cozy escape from everyday life—is a dream many Canadians share. Whether it’s a lakeside cabin, a ski chalet, or a beachside bungalow, a second property can add lifestyle value, rental income, and long-term wealth. But before you jump into vacation home ownership, it’s important to think through the details—both financial and practical.


Start With Your 5- and 10-Year Plan

Before you get swept away by the perfect view or your dream destination, take a step back and ask yourself:

  • Will you use it enough to justify the cost?
  • Are there other financial goals that take priority right now?
  • What’s the opportunity cost of tying up your money in a second home?


Owning a vacation home can be incredibly rewarding, but it should fit comfortably within your long-term financial goals—not compete with them.


Financing a Vacation Property: What to Consider

If you don’t plan to pay cash, then financing your vacation home will be your next major step. Mortgage rules for second properties are more complex than those for your primary residence, so here’s what to think about:


1. Do You Have Enough for a Down Payment?

Depending on the type of property and how you plan to use it, down payment requirements typically range from 5% to 20%+. Factors like whether the property is winterized, the purchase price, and its location all come into play.


2. Can You Afford the Additional Debt?

Lenders will calculate your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to assess whether you can take on a second mortgage.

  • GDS: Should not exceed 39% of your income
  • TDS: Should not exceed 44%

If you’re not sure how to calculate these, that’s where I can help!


3. Is the Property Mortgage-Eligible?

Remote or non-winterized properties, or those located outside of Canada, may not qualify for traditional mortgage financing. In these cases, we may need to look at creative lending solutions.


4. Owner-Occupied or Investment Property?

Whether you’ll live in the home occasionally, rent it out, or use it strictly as an investment affects what type of financing you’ll need and what your tax implications might be.


Location, Location… Logistics

Choosing the right vacation property is more than just finding a beautiful setting. Consider:

  • Current and future development in the area
  • Available municipal services (sewer, water, road maintenance)
  • Transportation access – how easy is it to get to your vacation home in all seasons?
  • Resale value and long-term potential
  • Seasonal access or weather challenges


What Happens When You’re Not There?

Unless you plan to live there full-time, you'll need to consider:

  • Will you rent it out for extra income?
  • Will you hire a property manager or rely on family/friends?
  • What’s required to maintain valid home insurance while it’s vacant?


Planning ahead will protect your investment and give you peace of mind while you’re away.


Not Sure Where to Start? I’ve Got You Covered.

Buying a vacation home is exciting—but it can also be complicated. As a mortgage broker, I can help you:

  • Understand your financial readiness
  • Calculate your GDS/TDS ratios
  • Review down payment and lending requirements
  • Explore creative solutions like second mortgages, reverse mortgages, or alternative lenders


Whether you’re just starting to dream or ready to take action, let’s build a plan that gets you one step closer to your ideal getaway.


Reach out today—it would be a pleasure to work with you.


Marlies Romich
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Your Guide to Successfully Navigating the Housing Market

By Marlies Romich • January 20, 2026
Wondering If Now’s the Right Time to Buy a Home? Start With These Questions Instead. Whether you're looking to buy your first home, move into something bigger, downsize, or find that perfect place to retire, it’s normal to feel unsure—especially with all the noise in the news about the economy and the housing market. The truth is, even in the most stable times, predicting the “perfect” time to buy a home is incredibly hard. The market will always have its ups and downs, and the headlines will never give you the full story. So instead of trying to time the market, here’s a different approach: Focus on your personal readiness—because that’s what truly matters. Here are some key questions to reflect on that can help bring clarity: Would owning a home right now put me in a stronger financial position in the long run? Can I comfortably afford a mortgage while maintaining the lifestyle I want? Is my job or income stable enough to support a new home? Do I have enough saved for a down payment, closing costs, and a little buffer? How long do I plan to stay in the property? If I had to sell earlier than planned, would I be financially okay? Will buying a home now support my long-term goals? Am I ready because I want to buy, or because I feel pressure to act quickly? Am I hesitating because of market fears, or do I have legitimate concerns? These are personal questions, not market ones—and that’s the point. The economy might change tomorrow, but your answers today can guide you toward a decision that actually fits your life. Here’s How I Can Help Buying a home doesn’t have to be stressful when you have a plan and someone to guide you through it. If you want to explore your options, talk through your goals, or just get a better sense of what’s possible, I’m here to help. The best place to start? A mortgage pre-approval . It’s free, it doesn’t lock you into anything, and it gives you a clear picture of what you can afford—so you can move forward with confidence, whether that means buying now or waiting. You don’t have to figure this out alone. If you’re curious, let’s talk. Together, we can map out a homebuying plan that works for you.

Smart Steps to Get Your Home Market-Ready

By Marlies Romich • January 13, 2026
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.