Home Renovation

What is it?

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.

Who is this for?

The Purchase Plus Improvement Program is 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 and Flex Feature Mortgages with terms of six months to five years.

Speak to our advisors and lock your guaranteed rate in today for 120 days - no commitments required!

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Why choose a Purchase Plus Improvements Program?

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Consolidated loan repayment

Simplify borrowing by combining your mortgage and renovation costs into one easier-to-manage loan repayment.

One loan. Two purposes

Since this program combines mortgage costs and renovation costs into one loan, you won’t need to get a second loan for renovations after buying your home.

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Increase the value of your new property

Use funds from a Purchase Plus Improvement Program to increase the value of your new property by completing upgrades such as new flooring, window or roof repairs, basement renovations, garage enhancements, improvements to driveways and more.

What you need to know

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Before applying. To take part in this program, you must have the property listing, an official offer to buy, and a written estimate of costs for any proposed renovations.

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Down payments vary. The required down payment amount you need will vary as it’s based on the purchase price of the home plus the cost of the proposed improvements.

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Payment process. Getting the money for your home improvements works differently based on the mortgage product you pick. You may get the money all at once or in a few installments, depending on mortgage type. The recommended time to finish your improvements also varies by mortgage type.

Is this 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.

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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 Renovation 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. If looking to build a home, our Construction Mortgage may be a better fit for you.

Some terms and conditions apply. Book an appointment with your Financial Advisor or a Mobile Mortgage Specialist to learn more.

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Find out how much you can afford

Mortgage affordability calculator →

See how much you can borrow to buy a home based on your income, debt, and living expenses.

Mortgage payment calculator →

Calculator your payment or mortgage amount and see how extra payments can reduce your interest.

Budget calculator →

Insert your monthly income, expenses and savings and get a clear picture of where you are financially.

What's your next move? 

Renovating your home

Insights and guidance for your home improvement journey.

Buy your next home

Get tips for your next move or investment adventure!

Have questions? That’s what we’re here for!

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Give us a call

Have questions about which mortgage option is most suitable for you?

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Connect with us

Want to learn more about mortgages? Book an appointment with one of our advisors.