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Buying a second home in Canada requires careful consideration of finances and property use. Lenders demand larger down payments and proof of mortgage affordability under stress tests. The type of second home, whether a holiday property or investment rental, affects financial planning and responsibilities. Investment properties necessitate careful rental income analysis against all expenses, including taxes and property management. Location impacts accessibility and insurance, and different property types have varying maintenance demands. Smart strategies include comprehensive financial planning and exploring the area thoroughly. Equity from a first home can be used, specialised insurance is needed, and rental property returns depend on several factors.

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