Multiplex construction mortgage
Build together to the path of home ownership.
Financing that helps turn your dreams of building a duplex, triplex, four-plex, or other multi-unit dwelling —whether for multi-generational living, aging in place, or developing with friends—into reality.
You're building a stratified laneway house or multiplex divided into separate titles for sale or ownership, Vancity can help finance it without requiring incorporation or commercial lending. Whether you're an investor or planning to live there, you can customize mortgage terms to fit each person's needs.
Who is this for?
Rebuild a family home into a multiplex for multi-generational living
Building a multiplex may be right for families looking for a way for everyone to stay close while having their own individually-owned housing unit and mortgage.1
Buy and build together with family or friends
Buy land and build a multiplex—whether you're investing, building a community, or looking to save on costs and make your dream home more affordable.
Build a second home on your lot
For those who love their home but don’t need all the yard space, or those looking for a way to age in place. You can keep your current home, build another and split your lot to sell or pass on ownership.
Finance & build a multiplex.
Financing a multiplex typically involves four key phases where a Vancity mortgage specialist can help. If you already own the land and have a solid development plan, you can skip directly to Phase 3, which focuses on securing a construction loan to fund building costs.
Phase 1: Buying the land
Buying land to begin a multiplex project often involves securing a mortgage, and in some cases, entering into a co-ownership agreement to share costs and responsibilities among partners.
Phase 2: Pre-development
The pre-development phase of a multiplex involves planning your budget and working with an architect to create detailed blueprints, while also navigating rezoning applications to ensure the project complies with city regulations.
Phase 3: Construction financing
When you’re approved to build and know how much it’ll cost, work with us to construct or adapt a mortgage that will take advantage of current rate conditions and get the flexibility you and possible co-owners need.
Phase 4: Finalizing your ownership through stratification
Finalizing the ownership of a multiplex through stratification legally separates the units, allowing each one to be individually owned, sold, or mortgaged while sharing common areas.
Every multiplex project is unique—connect with us for financing advice tailored to your specific goals and situation. Email us at multiplex@vancity.com.
Make managing a mortgage easier for everyone involved. With the multiplex mortgage, you have the option to allow each party to choose their own mortgage term length, rate and amortization. That way everyone can feel comfortable with managing their payments and costs on their own terms.
More to love about this mortgage.
Access to funds up front
Get up to 80% of the value of your home your plan to build so you can pay for each stage of construction as it happens.
18 months build period*
Take your time. You’ll only need to repay the interest on the amount that you’ve been advanced for the first 18 months of construction, 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 with potential suites or a laneway home, you can use the income from these properties to help you qualify for a mortgage.
Choose your rates, term and amortization
With a construction mortgage, you can choose from a variety of mortgage options to find the rates and terms for your lifestyle and budget. Explore all Vancity mortgage rates.
Eligibility.
You are at least 19 years old.
You live in British Columbia and have a BC address.
The home you’re looking to turn into a multiplex is in Metro Vancouver, the Fraser Valley, Victoria, Squamish, or Alert Bay.
The home must be owned in personal name(s)
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).
We're here to help.
Got questions about the Vancity Multiplex Construction Mortgage? Send us a message at multiplex@vancity.com.
Tools to help you get on track.
View legal details
1 Applicants are responsible for confirming their eligibility, compliance with local zoning bylaws, and obtaining all necessary permits or approvals from their municipality.
* The standard term for our construction mortgage is 18 months. However, in exceptional cases where construction takes longer than anticipated, we may extend the term. This extension is subject to approval and will be evaluated based on the specific circumstances of the construction project.