Make way for a Home away from Home

Marci • June 18, 2013

Everyone loves a vacation to get away, relax and recharge. Some of us enjoy re-visiting the same spot again and again; and when the timing is right, you might want to buy property at that lake, mountain or prairie. Although your desire to buy may be due to years of family memories, the actual purchase must come down to dollars and cents, not emotion.

 

Take a look at your finances. Have you saved the down payment? Do you have the monthly room for the mortgage and other required payments? A vacation home isn’t relaxing if it causes financial stress. Consider how much is required (down payment, monthly payments, additional expenses) and decide if this is the best use of your money right now.

 

Talk to your mortgage professional about the options. Financing a very rural property may encounter different hurdles than a mortgage in the same place for a primary residence. Having a “serviced” property (water, sewer and gas) will be more attractive to lenders, but in the case of very rural locations, using the equity in your existing home may be the only option. Obviously, this only works if you have a solid amount of equity. This method is common for vacation properties.

 

Another factor comes back to emotion: it sounds romantic to have a “home away from home”, or a special place to get away. Many of us think this is exactly what we need, but will you really use it? Do you have time to get away?

 

Some vacation properties are bought by a group. This helps with financing, but you must be certain this arrangement will work or it could become a nightmare. Be sure you know all parties involved very well as well as their behaviours around financial transactions. If things are rough early in, it won’t get better. Discuss everything about the property including “shared use” and document it – have everyone sign the agreements – including terms for selling. While some strategies include different levels of contribution, it’s best to have everyone contribute equally to the purchase and ongoing costs.

 

When selling, you will pay Capital Gains as this isn’t your primary residence. Discuss this with your financial planner, accountant or other financial advisor (ask me if you need a recommendation) to know how this will impact your financial situation.

 

Another option to consider is whether you are willing to rent the property when you aren’t using it. You need to be comfortable with others using your space, plus you must understand that damage may happen. The benefit is that although rental income is taxable, it will help offset the required expenses.

 

Vacations are a lot of fun and it’s nice to have a home away from home. Get to know your options and understand the financial implications before the romance carries you away.

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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Marci Deane • July 22, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Marci Deane • July 15, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.