An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating cherished family moments. The accessibility of mortgages with low rates for vacation properties, even those that are non-winterized or located in remote areas, has made this investment opportunity more feasible. Depending on the purpose of the property, such as a lake cottage or a college housing option, different lending criteria will apply compared to primary residences. The down payment requirements also vary depending on the type of vacation or secondary home, with some qualifying for a minimum of 5% or 10%, while others may require 20% or more. The mortgage options available will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through methods such as mortgage refinancing, HELOC, or reverse mortgage. Take advantage of innovative tools in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.