A purchase plus improvements mortgage lets you borrow the cost of renovations at the same time as the purchase, based on what the property will be worth once the work is done rather than what you paid for it.
The brokers listed here arrange purchase plus improvements and renovation mortgages across Canada. It is the cheapest way to finance work on a home you are buying, and the mechanics catch out buyers who assume the money arrives at closing.
The brokers below have told us they take on purchase plus improvements files. Narrow by city to see who works in your market, most lending decisions still turn on where the property sits.
5 of these brokers have a mapped office. Tap a pin to open that profile.
I’m a Mortgage Broker with Premiere Mortgage Centre, bringing 16 years of mortgage and banking experience to clients across the Annapolis Valley and rural Nova Scotia. I take the time to und…
Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a…
As a Mortgage Broker with The Mortgage Centre, I deliver customized financing solutions through an extensive network of lenders, ensuring competitive options tailored to each client's needs.…
Licensed in British Columbia, Nova Scotia and Ontario, I believe honest advice and education should come first. You deserve to understand your mortgage options and the why behind my recomme…
I’m Baneet Grover, a Mortgage Agent Level 2 with Mortgage Intelligence, serving homeowners, buyers and investors across Ontario. I take a strategy-first approach to mortgage financing. Rath…
I’m a Mortgage Agent Level II based in Sturgeon Falls, serving North Bay, Sudbury and clients across Ontario. I work with first-time buyers, homeowners, investors and anyone looking for a be…
I’m a licensed mortgage broker serving clients across British Columbia, Alberta and Ontario, with a large part of my business coming from the Lower Mainland, Vancouver Island, the Okanagan,…
The improvement funds are held by your lawyer and released only after the work is finished and an appraiser has confirmed it. You or your contractor fund the work in the meantime.
That is the detail that derails these deals. Buyers assume the renovation money is available on closing day, arrange no interim funds, and cannot start. Plan the cash flow, or a contractor willing to invoice on completion, before you commit.
Improvements must add lasting value: kitchens, bathrooms, flooring, windows, roofing, structural work. Furniture, appliances that are not built in, and routine repairs generally do not qualify.
Quotes must be obtained before closing and the amount is capped as a proportion of the improved value, so this finances a meaningful renovation rather than a rebuild. For work beyond that scale, construction financing is the correct product.
A mortgage that includes the cost of renovations in the loan at purchase, underwritten against the improved value of the property rather than the purchase price. It lets you finance work at mortgage rates instead of using credit or a personal loan.
After the work is complete. Your lawyer holds the improvement funds and releases them once an appraiser confirms the renovations are finished as quoted. You need to fund the work in the interim, which is the single most common reason these purchases run into trouble.
The amount is capped as a proportion of the improved value of the property, with a dollar ceiling that varies by lender and insurer. It is designed for meaningful renovations rather than major structural projects, beyond that scale, construction financing applies.
Work that adds lasting value to the property: kitchens, bathrooms, flooring, windows, roofing and structural improvements. Furniture, free-standing appliances and routine maintenance generally do not. Written quotes are required before closing.
Almost always. The funds are advanced at your mortgage rate and amortised with the mortgage, rather than at credit-line or personal-loan rates. The trade-off is the process, quotes before closing, an inspection after, and covering the cost in between.
