An Alberta buyer is purchasing a rural acreage property. What additional lending challenge might they face compared to an urban purchase?
Correct Answer
C) Lenders may require more down payment, and CMHC may refuse insurance due to location, well or septic concerns
Rural properties in Alberta often face additional lending scrutiny. CMHC and other mortgage insurers may decline properties with certain characteristics (e.g., private well water, septic systems, limited comparables). Lenders may require larger down payments (sometimes 20% or more) and additional inspections for well and septic systems.
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A first-time home buyer in Alberta signs a 2026 agreement to buy a newly built home from a builder for $550,000. The buyer will live in it as their primary residence and be its first occupant. How does GST apply?
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An Alberta buyer is purchasing an acreage property with a private water well and septic system. How do these features affect the buyer's ability to obtain CMHC-insured financing?