Buying an Acreage? Discover the “Outbuilding Program”
If you're looking to purchase an acreage, the Outbuilding Program could be the solution to help you secure the financing you need. This innovative program is designed to accommodate properties with additional outbuildings, providing flexibility for both insured (high-ratio) and conventional mortgages.
The Outbuilding Program is very lender specific and not widely offered by all banks. It was created to support Albertans in purchasing or refinancing properties with secondary structures, such as detached garages or residential suites, by incorporating their value into the property appraisal. This approach helps bridge financing gaps, reducing the need for personal savings or alternative credit options, and allows you to focus your resources where they matter most. If your property is not in Alberta, this outbuilding program will not be considered for your application.
What Does the Outbuilding Program Cover?
This program provides financing for properties with:
A primary dwelling and an attached or detached garage, plus a secondary outbuilding (e.g., shop, a garden suite, in-law suite, or carriage house).
A primary dwelling and a detached outbuilding.
A primary dwelling with an attached or detached garage, plus an additional outbuilding or garage.
A primary dwelling with an oversized attached outbuilding, often referred to as a "shop house" or "shouse."
Why Choose the Outbuilding Program?
This program aims to make acreage ownership more accessible by incorporating the value of outbuildings into the total property valuation. It provides an alternative to relying on personal resources or high-interest credit, alleviating financial strain and making it easier to purchase or refinance your dream property.
Tailored to Your Needs
Each application is reviewed on a case-by-case basis, ensuring that both the property and the applicant's overall financial profile are considered. This personalized approach helps Albertans find a solution that best fits their unique situation.