1. Know the Type of Vacation Property You Want — Lenders Care

Not all vacation homes are treated the same by lenders. Before you shop, get clear on how you plan to use the property:

Type A: True Vacation Homes (Most Common)

These are properties used by you and your family for recreation, not rented out nightly or monthly.

Typically must be:

• Year-round accessible
• At least 3-season usable
• Equipped with permanent heat and foundation
• Not on leased land or highly remote

Financing perks:
These often qualify for similar rates and terms as a primary residence.

Type B: Recreational Properties With Limitations

These might be:

• Seasonal cabins
• Remote locations
• Properties without full utilities
• Properties with lake access but not road access

Financing impact:
Expect higher down payments, stricter lender requirements, or limited lender options. Some may require 20–35% down.

2. Short-Term Rental Properties (Airbnb/VRBO)

If you intend to rent your property nightly, this becomes an investment property, not a vacation home—and banks underwrite it differently.Down Payment Requirements

For a true vacation home:

• Minimum 5% down for purchases up to $500,000
• 10% down for the portion between $500,000–$1,000,000
• 20%+ down once the property exceeds $1M or does not meet lender criteria

For rental-use or investment vacation homes:

• 20%–30% down is standard.

3. Understand the Impact of a Second Mortgage

Owning a second home means carrying a second mortgage payment—whether or not you occupy the property regularly.

If your debt ratios are tight, a co-signer, restructuring your primary mortgage, or consolidating debts may help.

4. Rental Income: Can It Help You Qualify?

Long-term rentals: Some lenders will allow 100% of rental income or apply an offset to help qualify.

Short-term rentals: Most lenders will not use projected Airbnb income for qualifying on a purchase. Some may consider historical income once you’ve operated long enough to produce tax returns.

If generating revenue is part of your plan, speak to a mortgage advisor early to structure the purchase correctly.

5. Property Taxes, Strata Fees & Insurance

When budgeting, remember that a vacation home can carry additional costs.

Your mortgage professional can help you build a full cost picture so there are no surprises at closing.

6. What to Expect for Mortgage Rates

Rates for second homes are typically similar to primary residences—unless the property falls into the “limited-use” or “rental-investment” category.

Shopping your mortgage through a broker can give you access to lenders that specialize in recreational properties.

7. Consider Future Resale Value & Growth

The Okanagan market has shown strong long-term appreciation.

But smaller lakes and rural locations can vary widely in liquidity. Always buy with both personal enjoyment and long-term marketability in mind.

8. Work With a Local Team

Vacation properties often come with unique challenges—from zoning and water access to well systems, septic, and strata bylaws.

Final Thoughts

Buying a vacation home in the Okanagan is an exciting opportunity—whether it’s for lake weekends, wine tourism, ski getaways, or just a peaceful retreat. With the right financing strategy, you can protect your cash flow, qualify comfortably, and position yourself for long-term financial success.

If you’re considering purchasing a vacation home and want clarity on what you can afford, how much down payment you’ll need, or which lenders will finance your specific type of property, I’m happy to help you map out the best strategy.

By Annette Perry | AIA

December brings holiday magic, cozy nights in, and—unfortunately—some of the highest energy bills of the year. With colder temperatures, shorter days, and festive lighting, it’s no surprise that many households see their utility costs spike during the winter season. The good news? A few smart strategies can make a noticeable difference in your monthly bills without sacrificing comfort.

Here are practical, effective, and budget-friendly ways to reduce your energy costs this December:

1. Lower Your Thermostat—But Only Slightly

You don’t need to turn your home into an icebox to save money. Lowering your thermostat by just 1–2 degrees can reduce heating costs by up to 5%, and you likely won’t feel the difference when you’re bundled up inside.

For even greater savings, consider a programmable or smart thermostat to automatically reduce heat at night or when you’re away.

2. Use Your Curtains to Your Advantage

Sunlight is a powerful (and free!) heat source.

• Open curtains during sunny days to naturally warm the room.
• Close them tightly at night to keep drafts out and warmth in.

Thick, insulated curtains can help reduce heat loss even more.

3. Seal Drafts and Heat Leaks

Heat escapes quickly through cracks around doors, windows, and baseboards. Adding simple, inexpensive materials can make a big impact:

• Weatherstripping
• Door sweeps
• Caulking around windows
• Foam insulation for switch plates and outlets

These quick fixes can improve comfort instantly while lowering energy waste.

4. Switch to LED Holiday Lights

Holiday displays are beautiful—but they can also drain electricity.

LED lights use up to 80–90% less energy and last far longer than traditional bulbs. They also stay cooler, making them safer for trees, wreaths, and household décor.

Set them on a timer so you don’t accidentally leave them on overnight.

5. Maximize Heat from Everyday Activities

You’re already heating certain appliances—why not let them help heat your home?

• Leave the oven door open after you bake (but not while it’s on, for safety).
• Run the dishwasher in the evening and open the door afterward to release steam.
• Air-dry some laundry indoors to add moisture and warmth (helps combat dry winter air too).

These small habits leverage heat you’re already producing.

6. Reverse Ceiling Fans

Most people forget that ceiling fans have a winter mode.

Set the blades to rotate clockwise at a low speed. This pulls cool air up and pushes warm air down from the ceiling, improving heat distribution and reducing how often your furnace needs to run.

7. Unplug Energy Vampires

Many devices draw power even when they’re not in use:

• Chargers
• Game consoles
• Computers
• Kitchen appliances
• Smart home devices

Using power strips with on/off switches makes it easy to shut everything down at once—especially before bed or when leaving home.

8. Schedule a Furnace Tune-Up

A furnace that struggles to run efficiently costs you more.

A quick tune-up or filter replacement can:

• Improve performance
• Reduce energy consumption
• Prevent unexpected breakdowns in peak winter months

Professionals recommend replacing filters every 1–3 months in winter.

9. Layer Up and Cozy Down

Sometimes the simplest changes make the biggest difference:

• Wear warm socks and sweaters
• Add blankets to living areas
• Use area rugs on tile or hardwood floors

A warmer personal environment means you can run your home slightly cooler without discomfort.

10. Consider Upgrading for Long-Term Savings

If you’re planning renovations in the new year, consider improvements like:

• High-efficiency windows
• Heat pumps
• Better attic insulation
• Energy-efficient appliances

While these require upfront investment, the return in energy savings—and home comfort—is well worth it.

Final Thoughts

December energy bills don’t have to dampen your holiday spirit. With a few strategic adjustments, you can stay warm, comfortable, and energy-efficient throughout the season.

If you’re looking for ways to improve your home—including refinancing or financing upgrades like heat pumps, insulation, or window replacements—feel free to reach out. I’d be happy to help you explore your options and find the right solution for your needs.

By Annette Perry | AI assisted