The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and cherished family moments. Even non-winterized or remote locations can now be financed with accessible mortgages and low rates. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options available. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Depending on the type of vacation or secondary home, down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Different categories of these properties have unique treatment from lenders and may require higher rates. The mortgage options available depend on the property type, which can be categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.