An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or family bonding. These properties are now more accessible with low-rate mortgages, even in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options available to suit your needs. However, it's important to note that different lending criteria apply to secondary homes compared to primary residences. Depending on the category of vacation or secondary home, down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Moreover, the type of property, whether it's year-round accessible or seasonal, will determine the mortgage options and rates. Thankfully, there are innovative tools available in Canada to help streamline the mortgage process and ensure accuracy. For more information and a quick pre-approval process, reach out to us today.