Mortgage Minute: Your Questions Answered

Date Posted: April 7, 2021

Q: We are looking at buying a cottage, are the rules any different on qualifying for a mortgage?

A: It is no different from buying a home. Cottages do though have to meet certain criteria. Most lenders are okay with a three-season cottage where some require a four seasons cottage. Most lenders do want the cottage to be on land. For example, if you are buying an island cottage that you must get to by boat that may be challenging to finance.

Q: With house values going crazy in Ontario, as first-time home buyers we are thinking about buying our first home on the Gatineau side as homes seem to be more affordable there, are there any pitfalls to buying there vs buying in Ottawa?

A: The only real difference is that you would become a Quebec resident so you would have to abide by their health system and their taxes system. For first time home buyers right now, Ottawa seems to be out of touch right now. Looking over on the Quebec side to buy as first-time home buyers right now, is not a bad idea.

For the full segment with Frank Napolitano on CTV Morning Live; click here.