An increasing number of Canadians are choosing to invest in vacation properties. These properties serve as a getaway home, providing opportunities for relaxation, building wealth, and creating memorable moments with family and loved ones.

One appealing aspect of investing in vacation properties is the accessibility of mortgages with low rates. Even properties that are non-winterized or located in remote areas can qualify for these favorable mortgage options. Whether you are interested in purchasing a lake cottage or a housing option for college, there is a mortgage available to suit your needs.

It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others within certain categories will require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages may have specific requirements, such as higher down payments and rates.

The type of mortgage options available to you depend on the property type, which is categorized as either year-round accessible or seasonal. Regardless of your situation, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy.

If you are interested in investing in a vacation property, it is recommended to reach out for complete information and quick mortgage pre-approval. This will allow you to fully understand the options available to you and move forward confidently with your investment.