With an increasing number of Canadians looking to invest in vacation properties, there is a growing trend towards purchasing getaway homes for relaxation, wealth-building, and family moments. Accessible mortgages with low rates are available for vacation properties, including non-winterized or remote locations, catering to various purposes such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with certain categories of vacation and secondary homes requiring minimum down payments of 5% or 10%, while others may need 20% or higher. Mortgage options depend on property type, categorized as year-round accessible or seasonal, and incorporation of down payments can be done via mortgage refinancing, HELOC, or reverse mortgage. Innovative tools are available in Canada for streamlined processes and accuracy, making the mortgage pre-approval process quick and comprehensive.