Mortgage products

What is a home renovation mortgage?

You found the home of your dreams, but the flooring is straight out of the ‘70s. Wouldn’t it be handy if you could secure a mortgage that would also cover the cost of updating that shag rug? With our Purchase Plus Improvements Program (PPIP), you can do just that! 

This program provides members with the money needed to both purchase and renovate a home, all rolled into one easy loan. It's ideal for those wishing to buy a residential home and complete renovations or upgrades immediately upon taking possession of the property. It’s available on both Value Mortgage and Flex Feature Mortgages with terms of six months to five years. 

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Why choose a home renovation mortgage?

Consolidated loan repayment

Simplify your finances by combining your mortgage and renovation costs into one manageable loan. 

One loan with two purposes

Purchase your home and complete renovations without needing separate financing for your improvements. 

Increase your home's value

Complete upgrades and improvements that can enhance your property and make it work better for you. 

Is this program right for you?

Right for you if you:

  • Have a renovation vision. If you’ve found a house that you like but it needs some love, our Purchase Plus Improvement Program can help cover the cost of renovations and increase the value of your home. 
  • Can’t afford a brand-new home. Not everyone is in the financial position to buy a brand-new home. Our Purchase Plus Improvement Program provides homebuyers with a more affordable route to owning a newly upgraded home. 
  • Prefer consolidated payments. Since the program rolls your mortgage costs and renovation costs into the same loan, repayment will be simplified through one payment.

May not be right for you if you:

  • Don’t have immediate renovation plans. Since renovations must be finished within a set amount of time after receiving the loan, this program may not be ideal for people who don’t have plans to renovate, or who aren’t able to have the work completed within the required timeframe. Our Home Equity Mortgage may be a better fit for you in this scenario. 
  • Are not a Canadian citizen. Our Purchase Plus Improvement Program is only available to individuals who are Canadian citizens or permanent residents of Canada. 
  • Plan to buy a brand-new home. Since the Purchase Plus Improvement Program was specifically designed to provide funding for renovations, this option is not ideal for those who plan to buy or build a brand-new home that doesn’t require updates.
Renovation refinancing options

Find the right option for your renovation.

Every renovation project is different. While the Purchase Plus Improvements Program may not fit for some, we offer several other financing options to help you find a solution that works for your goals. 

Explore your options
FAQs

Common questions.

Here’s what people ask us the most. 

The Purchase Plus Improvements Program allows you to purchase a home and include renovation costs in your mortgage, combining everything into one loan. 

Eligible improvements may include upgrades such as new flooring, window or roof repairs, basement renovations, garage enhancements and driveway improvements. 

Before applying, you’ll need the property listing, an official offer to purchase and written estimates for your planned renovations. 

The program is available with Value and Flex Feature Mortgages, subject to approval and program requirements. 

Ready to get started?

Let's connect.

Our Mobile Mortgage Specialists are here to walk you through your options — at home, at the office or virtually. Book a time that works for you and let’s find your ideal mortgage.

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