Canada’s Purchase Plus Improvements Mortgage

As someone who’s been guiding clients through all types of mortgage solutions since 2010, I often get asked about flexible options for homebuyers looking to purchase and renovate at the same time. The Purchase Plus Improvements Mortgage is a practical tool for many in BC and Alberta. With this approach, eligible buyers can bundle approved renovation costs into their mortgage—making it much simpler than juggling separate loans for purchase and upgrades. Lenders will review both the current value and the post-renovation estimate, but ultimately, your borrowing amount and down payment are based on the lower figure—either the total cost or the improved value. Funds are typically released after the renovations are complete and inspected, with smaller projects sometimes paid in a single advance, while larger jobs are usually funded in stages. Improvements to kitchens, bathrooms, windows, roofing, plumbing, electrical, or heating systems are most likely to qualify, rather than luxury extras or cosmetic updates. You’ll stand a better chance of approval with detailed quotes, solid timelines, stable finances, and a bit of extra savings. For existing owners or those planning a major rebuild, other financing options might be more suitable. With access to a wide range of lenders, my focus is always on finding the right fit for your needs—whether it’s a Purchase Plus Improvements Mortgage or another solution.