Construction mortgage
Get building.
Streamline planning, simplify repayments, and minimize costs at the start of your project.
Key features.
Access to funds up front
Get up to 80%* of the value of the home you plan to build so you can pay for each stage of construction as it happens.
Funds are advanced in stages as construction progresses, so you only pay interest on the amount you’ve drawn.
120-day guarantee on rates and terms
Guarantee is subject to pre-approval, and the rate you get will depend on what you intend to do with the home:
- Your mortgage is set up as a 2-year Homeprime (variable rate) open mortgage during the construction phase, allowing funds to be advanced as the build progresses.
- Pricing during construction reflects your intended use of the property — whether it will be owner‑occupied, a rental property, or built for resale.
More to love about this mortgage.
- Financing for up to 80% of the finished market value of your home (terms and conditions apply)
Your down payment will depend on the amount you’d like to borrow to pay for construction. - 24-month build periods
Interest‑only payments apply during the construction phase, for a period of up to 24 months or until the work on your home has been completed, whichever comes first. - Use your rental offset to help with qualification
If you’re building a home with rental suites or a laneway house, you can use the potential rental income to help you qualify for a bigger mortgage and increase your purchase price. - Choose your rates, term, and amortization
Once construction is finished, you can choose from a variety of mortgage options to find the rates and terms for your lifestyle and budget. Maximum amortization after completion is up to 30 years. Explore all Vancity mortgage rates.
One of our mortgage specialists can help you understand the fees that may apply to the type of home you’re building.
Eligibility.
You are at least 19 years old
You live in British Columbia and have a BC address
The home you’re looking to purchase or build is in British Columbia
You pass the stress test
The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you’ll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).
Find a specialist near you.
Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.
Talk through your questions.
For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.
Explore other mortgage types.
Multiplex construction mortage
Build duplex, triplex or four-plex for multi-generational living, developing with friends, or aging in place.
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Solutions to limit the environmental impact of your home teardown or renovation.
Tools to help you get on track.
Terms and conditions apply. All applicants must meet the Vancity lending criteria. Rate, terms and fees are subject to change or may be withdrawn without notice at any time. Connect with one of our mobile mortgage specialists and explore your eligibility, fees and available options for your specific project.