The number of Canadians investing in vacation properties is on the rise, as more and more people recognize the benefits of owning a getaway home. These properties offer a variety of advantages, including relaxation, wealth-building, and opportunities for family bonding. Whether it's a lake cottage for weekend getaways or a housing option for college students, there are accessible mortgage options available for all types of vacation properties.

When it comes to financing vacation homes, it's important to note that different lending criteria apply compared to primary residences. While some vacation and secondary homes can be financed with a minimum down payment of 5% or 10%, certain categories of these properties will require a higher down payment, typically 20% or more. This is because vacation and secondary homes are categorized differently and receive different treatment from lenders.

Additionally, the requirements for different types of cottages can vary. Some types may require a higher down payment and may also receive higher interest rates. It's important to understand these distinctions and choose the mortgage option that best suits your needs.

Fortunately, in Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. Whether you choose to incorporate your down payment through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage, there are resources to help make the process as smooth as possible.

If you're considering investing in a vacation property, it's recommended to reach out for complete information and a quick mortgage pre-approval process. By doing so, you can get the necessary details and determine the best course of action for your specific circumstances. With accessible mortgages and dedicated tools in place, now is a great time to invest in your very own vacation property.