More Canadians are investing in vacation properties to enjoy relaxation, build wealth, and create family memories. Accessible mortgage options with competitive rates are available for various types of vacation homes, including lake cottages, college housing, and remote or non-winterized properties. Lending criteria differ from those for primary residences, with down payment requirements ranging from as low as 5% or 10% to 20% or more, depending on the property type and whether it’s year-round or seasonal. Different cottages may involve higher rates and down payments. Buyers can also use refinancing, HELOC, or reverse mortgages for down payments. Innovative Canadian tools help streamline the mortgage approval process, so contact a lender for detailed information and quick pre-approval.