Purchase Plus Improvements

Upgrade your new home to your new dream home in one easy step.

A Purchase Plus Improvements Mortgage is a mortgage that builds the cost of renovations into the cost of the mortgage. The borrowing agreement goes over the price of the house and outlines the specific costs of your intended renovations budget - up to a certain percentage. This rolls everything into one manageable mortgage payment.

Virtually anything you will do to the home that would improve the value of the house can be included under the Purpose Plus Improvements program. Whether you use contractors or DIY, the Purchase Plus Improvements Mortgage can be an excellent opportunity for you.

Will My Renovation Plans Count?

  Typically, Yes! Sometimes No
kitchen renovation      
bathroom renovation      
new roof      
air conditioning      
(such as to finish yard or improve drainage)
hot tubs      

Why Consider a Purchase Plus Improvements Mortgage?


Bidding Advantage

Gain the advantage when it comes to a sellers market or any competitive bidding situation. Pre-qualifying for a Purchase Plus Improvements Mortgage gives you proof your realtor may need to tip the scales in your favour if there are other parties in the home and prepared to make a bid.


Often, a lot of people will be house hunting in a highly sought-after community and dismiss a home that is in need of a few minor repairs. Keeping an open mind when it comes to the variety of houses existing in your optimal neighbourhood can create opportunities for a hidden gem to emerge.

Save Money

Almost any time you can roll several individual debts into one, you’ll end up saving money. When it comes to renovations or repairs, it’s a good idea to build these costs into your mortgage as opposed to looking elsewhere for financing.

When Do I Receive the Renovation Money?

The extra funds approved in your Purchase Plus Improvements Mortgage will only be released to you once the project is complete. This means you may have to arrange an agreement with your contractor to include a clause for payment upon completion, or you will have to pay for the repairs yourself up front.

The mortgage lender will often request to send a representative to verify that the renovations have been finished. Money to cover the renovations costs, as estimated, will only be released if the work has been completed as outlined in the mortgage agreement.

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