Updated over 2 years ago on . Most recent reply
Alberta Canada - New Home Building Loan/Construction Loan/Draw Mortgage
Hi everyone,
I recently purchased a small 1950s bungalow in Calgary, Alberta, Canada, to renovate the house and downsize my parents. Dad had some health issues, and my mom struggled to keep up with the care and their current house maintenance. The quotes I have gotten for gutting the property and bringing it up to code are over 200-250k. This is more than double my initial budget for bringing the property to livable standards for an 800 sqft home. That said, we are now considering tearing the house down and building our own primary house with a garage suite for my parents.
I talked to the mortgage broker I used to purchase the house, and this sounded like a more novel transaction for her business. As far as I know, the major Canadian banks will not do construction loans/draw mortgages. Does anyone in Alberta or Canada have any experience with this? So far, I found ATB in Alberta will do this type of loan, but any other options would be great.
Any guidance or suggestion would be appreciated. Thanks!