The number of Canadians investing in vacation properties is increasing. People are choosing to invest in vacation homes for reasons such as relaxation, wealth-building, and creating family memories. It is now easier to obtain accessible mortgages with low rates for vacation properties, including those that are not winterized or in remote locations. Different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others will require 20% or higher. Each type of property is categorized differently and receives different treatment from lenders. The requirements for different types of cottages vary, with certain types requiring a higher down payment and receiving higher rates. Mortgage options depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Innovative tools are available in Canada to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out.