The number of Canadians investing in vacation properties is on the rise, as people look to purchase getaway homes for relaxation, wealth-building, and family moments. These properties can be found in a variety of locations, including non-winterized or remote areas, and accessible mortgages with low rates are available. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes requiring a minimum down payment of 5% or 10%, while others may require 20% or higher. The type of property, whether it is categorized as year-round accessible or seasonal, will determine the mortgage options available. Down payments can be incorporated through various methods such as mortgage refinancing, a HELOC, or a reverse mortgage. Canadians can take advantage of innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out for complete details.