From RBC Royal Bank Canada at www.rbc.com:
There are three main financing alternatives for purchasing a vacation home:
A conventional mortgage allows you to finance up to 75 per cent of the purchase price of the home, thus requiring a down payment of at least 25 per cent.
An insured mortgage makes it possible to finance up to 95 per cent of the value of a second home. If you happen to already own a cottage that has no debt on it, then you can also refinance