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PURCHASE PLUS IMPROVEMENT
Found your (almost) perfect home?
With our Purchase Plus Improvement mortgage, you can finance both your home purchase & the renovations it needs – all in one mortgage.
Speak to a mortgage expert now
Perfecting Homes, One Mortgage at a Time
Sometimes, the perfect home just needs a little polish. Whether it’s a dated kitchen, creaky floors, or a layout that needs a refresh, we’re here to help. If you don’t have the upfront funds for renovations, our Purchase Plus Improvement (PPI) mortgage lets you finance both your home purchase and renovation costs in one seamless mortgage. We’ll help you turn that “almost perfect” house into your dream home!
How it works
Step 1
Find your home
Start house-hunting and plan the renovations that will make it Pinterest-worthy.
Step 2
Speak with a mortgage expert
Our experts will guide you every step of the way to ensure this product is the right fit for your goals.
Step 3
Get an appraisal report
Submit renovation quotes to determine your home’s “improved value”. For projects over $20K, demonstrate 15% liquidity of the renovation cost (i.e. savings).
Step 4
Plan your renovation timeline
For renovations under $40K, you have 6 months to complete the work. For projects over $40K, you’ll have up to one year.
We’re with you, from the house-hunting to hammer-swinging!
What Renovations Qualify?
With our Purchase Plus Improvement mortgage, you can finance both your home purchase & the renovations it needs – all in one mortgage.
CUSTOMER STORIES
Purchase Plus Improvements in Action
Having helped over 400,000+ Canadians, we understand every situation is unique. Whether you’re looking to enter the market or transform a house into your dream home, we’ll find a mortgage strategy that’s best for you. Here’s an example:
The client: Sarah & Kevin
Issue: Sarah and Kevin found a charming century-old home in Halifax that checked all their boxes—except for its outdated kitchen and worn-out flooring. The renovations they envisioned would cost $30,000, but they didn’t have the upfront cash to make it happen.
Solution: With the help of their Mortgage Advisor, Sarah and Kevin used Purchase Plus Improvements (PPI) to bundle $30,000 in renovation costs into their $450,000 mortgage. The improved home value of $480,000 meant they only needed a 5% down payment. Within six months, they transformed the space with a modern kitchen and hardwood floors—without overextending their budget.
Impact: PPI allowed Sarah and Kevin to turn an “almost perfect” house into their dream home, avoiding extra loans and starting life in their upgraded space with ease.
Is PPI right for you? Talk to a mortgage expert, now!
Call us anytime. We’re always here for you.
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PPI FAQs
What is a Purchase Plus Improvements mortgage?
Purchase Plus Improvements mortgage lets you finance both the purchase of your home and the cost of renovations—all in one mortgage. You can include renovation costs like new flooring, a kitchen makeover, or even more extensive structural changes, based on the increased value of the property after renovations.
What kind of renovations can I include in my mortgage?
You can include both cosmetic and structural renovations. Cosmetic renovations could include painting, new countertops, or upgraded flooring. Structural renovations could involve major changes like adding rooms, fixing a foundation, or reworking the layout of the house.
How much down payment do I need?
Your down payment is based on the improved value of the property, including the cost of your planned renovations. For renovations over $20,000, you will need to show liquidity (like savings) equal to 15% of the renovation cost.
How long do I have to finish my renovations?
If your renovation costs are under $40,000, you’ll have 6 months to complete the work. For renovations over $40,000, you have up to one year to finish your project.
*Terms & conditions apply. Please consult the advice of a mortgage expert to learn if you are eligible.