Mortgage Tips: Type A Property Specs

Posted On Aug 16, 2023

• Foundation must be permanent and installed beyond the frost line. This includes concrete / concrete block or preserved wood foundations, or post / pier foundations on solid bedrock.
• Must be zoned and used as residential, rural, or seasonal. Mixed uses or rental pooling is not accepted.
• Property tenure must be freehold or condominium.
• Co-ops or interest ownership is not accepted.
• At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area.
• Remaining economic life must be 25 years.
• Year-round road access on reasonable quality public roads, serviced by the local municipality.
• Privately serviced roads are allowed, provided there is a maintenance contract in place.
• Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
• Good quality construction with no signs of deferred maintenance.
• Water source: well, municipal serviced, and cistern. Water source must be drinkable. Lake or river water is acceptable, provided the property has its own filtration system. For example, a reverse osmosis system.
• Property must have electrical power. Alternative energy sources may be considered on a case-by-case basis such as solar power, wind energy and generators.
• There must be good market appeal in the area with no adverse influences / neighborhood nuisances.