Finance Renovations at Mortgage Rates
Mortgage Rates, Not 8-12%
Finance renovations at mortgage rates instead of expensive personal loan rates.
Roll Into Your Mortgage
Roll renovation costs into your mortgage payment — one simple payment.
Buy Fixer-Uppers
Buy fixer-uppers below market value and customize them to your needs.
Add Property Value
Add significant value to your home through strategic improvements.
Purchase + Reno in One
Cover both the purchase and renovations in a single loan.
CMHC Insured Available
CMHC insured Purchase Plus Improvements program available with as little as 5% down.
Buy the Home, Fund the Improvements
Want to buy a fixer-upper or fund major renovations? Purchase Plus Improvements lets you roll renovation costs into your mortgage at mortgage rates — not the 8-12% you'd pay on a personal loan or credit card. It's a smart way to buy a home that needs work and spread the renovation costs over the life of your mortgage.
How It Works
You obtain contractor quotes for the planned improvements, and the appraiser values the property based on its after-improved condition. The renovation funds are then held in trust and released as the work is completed and verified by inspection.
One Loan, Two Goals
Instead of taking out a separate renovation loan at high rates, you cover both the purchase and the improvements in a single mortgage — at a single, low mortgage rate.
Turn a Fixer-Upper Into Your Dream Home
The best homes aren't always move-in ready. With Purchase Plus Improvements, you can buy a property below market value, fund the renovations that matter to you, and build equity from day one. We guide you through the contractor quotes, appraisal process, and fund release schedule so your renovation goes smoothly from start to finish.
Explore Reno Financing
Our 3-Step Renovation Process
1. Property + Reno Planning
Identify the property and obtain contractor quotes for planned improvements.
2. After-Improved Appraisal
Appraiser values the property post-renovation to determine maximum reno funding.
3. Funding & Completion
Funds held in trust and released as work progresses, verified by inspections.
How Much Can You Add for Renovations?
Under the insured program, you can add up to 10% of the purchase price or $40,000 (whichever is less) for renovations. Conventional (non-insured) financing allows for higher amounts depending on your equity and the appraised after-improved value.
Who Does the Work?
You must use licensed contractors and provide detailed quotes. DIY work has limited options under most programs. Funds are released after an inspection confirms the completed work, usually in stages.
Rolling $30,000 of renovations into a mortgage at 4% instead of a personal loan at 10% saves thousands in interest over time.
Renovation Mortgage Frequently Asked Questions
Ready to Renovate?
Buy a fixer-upper and fund the improvements at mortgage rates. Let us show you how Purchase Plus Improvements works — it's free to explore.