Your cottage, cabin,
or city pied-à-terre.
Sagen's Second Home Program lets qualifying Canadian buyers finance a vacation or seasonal property with as little as 5% down — the same down payment rules as a primary residence, at the same low insured rates.
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Primary-residence rules for your second place
Sagen — formerly Genworth Canada — is one of Canada's three mortgage insurers. Its Second Home Program is the reason many Canadians can own a vacation property without saving 20% down. Qualifying borrowers can finance a second home with 5% down on the first $500,000 and 10% on the portion above, up to a $1,000,000 maximum purchase price.
Because the mortgage is insured, you get the same low rates as a primary residence purchase — significantly lower than what you'd pay trying to finance the same property as a "rental" through a non-insured route. The trade-off: the property has to genuinely be your second home, not a year-round rental.
Right fit checklist
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Owner-occupied at least seasonally. You or an immediate family member need to be the primary occupant when the property is in use. It can't be rented out year-round.
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Single-unit residential. Detached, semi-detached, townhouse, or condo. Not multi-unit. Not a duplex you'll rent half of.
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Located in Canada. Sagen insurance applies to Canadian property only. For US vacation property, financing structure is different and we can walk you through alternatives.
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Full-documentation income. Standard pay stubs, T4s, and Notices of Assessment. Self-employed buyers have a more rigorous documentation requirement on Sagen-insured deals.
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Good credit. Typically a 680+ credit score, though Sagen evaluates the full file. Bruised credit isn't a fit for this insured program.
Same structure as a primary residence
5% on the first $500,000. If your second home is $500,000 or less, the minimum down payment is 5% — for example, $25,000 on a $500,000 cabin.
10% on the portion above $500,000. Above the first $500,000, the rate steps up. A $750,000 property requires $25,000 (5% × $500,000) plus $25,000 (10% × $250,000) = $50,000 minimum down payment.
Cap at $1,000,000. The Sagen Second Home Program insures purchases up to $1,000,000. Above that, the property has to be financed conventionally with 20%+ down.
Insurance premium. Like all insured mortgages, there's a one-time premium added to the mortgage balance — typically the same scale as primary-residence insured deals at the same loan-to-value.
Be honest about the use
If you're planning to rent it out year-round, this isn't the right program — Investment Property financing is what you'd need (20% minimum down, different rate structure, qualifying income includes rental projections). Trying to fit a rental into Sagen Second Home is mortgage fraud and the consequences are serious.
Third homes. Sagen Second Home is for your one second home. If you already own a second home and want to add a third, this isn't the route.
Properties without year-round road access. If you have to take a boat to get there, or if the property is only accessible part of the year, restrictions apply — though some seasonally-accessible vacation properties do qualify. We'll review your specific situation.
Time-shares or fractional ownership. The program insures whole-ownership purchases, not partial.
Backed by Sagen — and funded by major lenders
Sagen insures the mortgage. Major Canadian banks, credit unions, and monoline lenders provide the funding. We shop your file across them all.
Logos shown are property of their respective owners. Sagen insurance is provided by Sagen Mortgage Insurance Company Canada. Final lender selection depends on your individual qualification.