Magical Purchase Plus Improvements Mortgage for Canada

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Welcome to our website, where we provide information about the Purchase Plus Improvements Mortgage for Canada. This program is designed to help Canadian homebuyers finance the purchase of a home and the cost of renovations or improvements all in one mortgage.

What is the Purchase Plus Improvements Mortgage?

The Purchase Plus Improvements Mortgage is a unique financing option that allows homebuyers to include the cost of renovations or improvements in their mortgage. This program is available for both new home purchases and refinancing existing mortgages.

With this program, you can borrow up to 20% of the purchase price or appraised value of the property (whichever is less) to put towards renovations or improvements. The funds are held in trust by your lender and released to you as the work is completed.

How Does the Program Work?

Here’s a step-by-step breakdown of how the Purchase Plus Improvements Mortgage Program works:

  1. Find a property: Start by finding a property that you would like to purchase or refinance.
  2. Get quotes: Obtain quotes from contractors for the cost of the renovations or improvements you want to make.
  3. Apply for a mortgage: Apply for a mortgage with a lender that offers the Purchase Plus Improvements program. Provide them with the quotes and other required documentation.
  4. Appraisal: The lender will conduct an appraisal to determine the current value of the property, as well as the value after the improvements are made.
  5. Mortgage approval: Once your mortgage is approved, the funds for the purchase and the renovations will be held in trust by the lender.
  6. Complete the renovations: Start the renovations or improvements with the help of your chosen contractor.
  7. Inspection: Once the work is completed, an inspection will be conducted to ensure that the renovations were done according to the agreed-upon plans and meet the lender’s requirements.
  8. Funds released: Once the inspection is successful, the lender will release the funds to you to pay the contractor.

Benefits of the Purchase Plus Improvements Mortgage Program

There are several benefits to using the Purchase Plus Improvements Mortgage Program:

  • Convenience: By including the cost of renovations in your mortgage, you can avoid the need for additional financing or personal loans.
  • Lower interest rates: Since the renovations are financed through your mortgage, you can take advantage of the lower interest rates typically offered for mortgages.
  • Increase property value: By making improvements to your home, you can increase its value and potentially build equity.
  • Customization: The program allows you to personalize your new home or upgrade your existing property to meet your specific needs and preferences.

Eligibility Requirements

To be eligible for the Purchase Plus Improvements Mortgage Program, you must meet certain criteria:

  • You must be a Canadian citizen or permanent resident.
  • You must have a good credit history and meet the lender’s qualification criteria.
  • The renovations or improvements must add value to the property.
  • You must provide quotes from licensed contractors for the proposed renovations or improvements.

It’s important to note that each lender may have their own specific requirements, so it’s recommended to consult with a mortgage professional to determine your eligibility and find the best lender for your needs.


The Purchase Plus Improvements Mortgage Program is a fantastic option for Canadian homebuyers who want to finance both the purchase of a property and the cost of renovations or improvements. This program offers convenience, lower interest rates, and the opportunity to increase the value of your home. If you’re considering buying a new home or renovating your existing property, this program may be the perfect solution for you.

For more information and to explore your options, please contact us or speak with a mortgage professional who can guide you through the process and help you make an informed decision.