Our 3.99% 6-Mo Fixed is the lowest mortgage rate available in Canada.

Purchase Plus Improvements Mortgage

Okay, so it's a bit of a mouthful. But this type of mortgage can really help if you need to upgrade your new digs.

Need to renovate? Welcome to loan sweet loan.

Not every home is move-in ready. Have you found the perfect home, but it needs a little TLC? With one manageable mortgage, you can have your home — plus add in the costs of renovations — sometimes with as little as 5% down.

Our True North Mortgage brokers are here to help. They deal with all the lenders (not just one), and can find your perfect mortgage fit at the best possible rate to save you money (baby needs a new nursery?). They'll also make the mortgage process simple and stress-free, giving you more time to plan your upgrades.

What is a Purchase Plus Improvements mortgage?

This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately. This type of mortgage comes with a few extra requirements before signing, such as providing quotes for the work that needs to be completed.

What does this mortgage allow?

  • Competitive interest rates apply
  • The cost of renovations are added to the home purchase price, with mortgages available up to 95% Loan-to-Value (LTV) or refinances up to 80% LTV
  • Amortization for up to 30 years, depending on the lender

What properties are eligible?

  • Maximum four units, with at least one unit occupied as the principal residence
  • New construction or existing properties

How it works, and how we help you

Step 1: When you have found a property, determine what renovations need to be done and a rough idea of how much they will cost.

Step 2: Your True North Mortgage broker will get you approved based on the house price 'as-is.' At that point, you'll need to get in touch with the appropriate contractors and get firm price quotes for the work that needs to be done. Make sure the quotes specifically state the work that is to be completed (in most cases, the work will need to be done by a licensed contractor).

Step 3: Your True North Mortgage broker will then have your mortgage approval revised to include the price of renovations, as per the quotes, and help you complete your mortgage details.

Step 4: After the sale has concluded and you take possession of your new home, you can immediately start the renovations that were agreed upon.

Step 5: Once the work has been completed, a bank representative is sent out to verify that the renovations were completed properly and as required.

Step 6: You'll receive the money to pay the contractors — your lawyer will be instructed by the lender to release the money for the specified renovations.

Step 7: With the upgrades done, and all the mortgage details taken care of, you can fully enjoy your new home-sweet-home.


  • The mortgage interest rate for which you qualify is not affected by this program.
  • It is absolutely necessary to have firm price quotes prior to finalizing your mortgage.
  • You will not receive any funds for the renovations until after the work is completed and reviewed by the bank representative.

Want to get started?