Love the location of a home, but it needs work?

The home you found is in the best neighbourhood, has good “bones”, great school district, and is close to work but it might not be move-in ready? We have you covered! With as little as 5% down, we can roll the costs of your upgrades directly into your mortgage.

We can include your home renovations into your Mortgage!

What is a Purchase Plus Improvements mortgage?

This program allows clients to borrow the cost of renovations (up to a percentage), adding it to the cost of the home and having one manageable monthly payment. Once you have taken possession of the home, renovations can begin. With this type of mortgage you will be required to provide a few extra documents including quotes for the work being done.

Steps for a Purchase plus Improvements


Step 1

Obtain a mortgage pre-approval from your mortgage broker, to determine your maximum approval amount.


Step 2

Look for your new home and determine what type of renovations need to be done. Remember that the total cost of the home and improvements needs to be within your budget. When you find the property you’re interested in, submit an offer to purchase.

Step 3

Once you have an accepted offer to purchase (OTP), you can start gathering the quotes needed to do the renovations/improvements. You will need to provide your broker with the accepted offer to purchase as well as all the quotes for the work being done on the property. Your Broker will then submit to the lender, and they will then approve your file with the cost of the renovations included in your mortgage.


Purchase Price: $250,000

Cost of Renovations: $15,000

Revised Purchase Price: $265,000

Mortgage Amount: $251,750
*5% Down Payment is required of the Purchase Price including the renovations $13,250


Step 4

Once you have been approved and you have taken possession of your home you can begin renovations. Please note that you will have the funds for the renovations held back until all renovations are completed. Once the work is completed, you will then notify your Broker and will either need to provide photos of the work that’s been done or the lender may request an inspection. This is to verify the work is completed as per the quotes provided at the beginning of the process.


Step 5

The lender will receive the inspection report and validate that the work has been completed as per the quotes provided. The lawyer will then be instructed to release the remaining funds to you.


The interest rate you qualify for is not affected by this program. To qualify and be approved for the mortgage, you must have firm prices and quotes prior to finalizing your mortgage. The funds specifically for the renovations will not be released until after the work has been completed and reviewed by the lender.


What properties are eligible?

  • Maximum four units, with at least one unit occupied as the principal residence.
  • New construction or existing properties