The number of Canadians investing in vacation properties is on the rise. Many people are choosing to invest in a second home for reasons such as relaxation, building wealth, and spending quality time with family. It is now possible to obtain accessible mortgages with low interest rates for vacation properties, even in non-winterized or remote locations. This means that individuals can find the best mortgage options for various purposes, whether it be a lake cottage or a housing option for college. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories of these properties will require a higher down payment of 20% or more. The categorization and treatment that these properties receive from lenders also varies. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher interest rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. There are innovative tools available in Canada to simplify the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals are encouraged to reach out.