There has been a significant increase in Canadians investing in vacation properties for relaxation, wealth-building, and family bonding. Accessible mortgages with low rates are available for various purposes such as lake cottages or college housing options, even for non-winterized or remote locations. Different lending criteria apply to second or third homes compared to primary residences, with some requiring a minimum of 5% or 10% down payment and others needing 20% or more. Certain types of cottages have higher down payment requirements and rates. Mortgage options depend on the property type, categorized as year-round accessible or seasonal, and down payments can be incorporated via mortgage refinancing, HELOC, or reverse mortgage. Canadians can take advantage of innovative tools for a streamlined and accurate mortgage pre-approval process.