This type of interest is not claimable for your investment in the second property, unless it becomes a rental. Then it can be used as a rental expense.
"If the only earnings your investment can produce are capital gains, you cannot claim the interest you paid. "
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html
