Cottage Purchase, This information was supplied by Royal Bank,  


Property Type Requirements:Secondary Homes (Type A): 5% downpayment required,

  • Foundation must be permanent and installed beyond the frost line. This includes concrete/concrete block or preserved wood foundations certified by a professional engineer or post/pier foundations on solid bedrock.
  • Must be zoned and used as residential, rural or seasonal. We do not accept mixed uses or rental pooling.
  • Freehold or condominium title. We do not accept co-ops or ¼ interest ownership.
  • At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area
  • Remaining economic life must be 25 years
  • Year-round road access on reasonable quality public roads, serviced by the local municipality. We also allow privately serviced roads, provided there is a maintenance contract in place.
  • Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
  • Good quality construction with no signs of deferred maintenance
  • Water source: well, municipal serviced, and cistern. Water source must be drinkable. We accept lake or river water, provided the property has its own filtration system. For example, a reverse osmosis system..
  • There must be good market appeal in the area with no adverse influences/neighborhood nuisances

Vacation Homes (Type B):l0% downpayment required, All Type A property requirements apply to Type B, except for the following:

  • No permanent heat source is required. For example, a wood stove, fireplace, stove or heat blower is acceptable.
  • Foundation may be floating. For example, sitting on blocks..
  • Seasonal road use is acceptable. This means the road does not have to be plowed during the winter.
  • Water source needn't be drinkable. However, there must be running water in the home.
  • Boat access only accepted

Shelia Hunter (Johns) l Mortgage Specialist l RBC Royal Bank l Royal Bank Of Canada l 566 Berford St, Wiarton, ON N0H 2T0 l P 519-534-1114 OR 2825 Hwy 6, Ferndale, ON N0H 1W0 l P 519-793-6126 l F 1-855-547-6304 l C 519-379-1040

Cottage Country,  a recreational property, the more information you have the better, 

Back to Listings 

Contact RE/MAX Grey Bruce Realty Inc, Brokerage, Darlene James, Broker for more information , Bruce County, Tobermory, Lions Head, Wiarton, Sauble Beach, to Owen Sound, we can help you ,