An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family bonding. Accessible mortgages with low rates are available for vacation properties, including those in non-winterized or remote locations, making it easier for individuals to find the best mortgage for purposes like a lake cottage or college housing option. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes qualifying for a minimum down payment of 5% to 10%, while others may require a higher down payment of 20% or more depending on the property type. Different types of cottages have varying requirements, with some categories necessitating a higher down payment and receiving higher rates. Mortgage options depend on whether the property is categorized as year-round accessible or seasonal, and down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Innovative tools are available in Canada for a streamlined mortgage process, and individuals can reach out for complete information and a quick mortgage pre-approval.