Multiplex construction mortgage
Financing to build a multi-unit home.
Turn your dreams of home ownership into reality with a duplex, triplex, fourplex, or other multi-unit dwelling.
Who is this for?
Multi-generational living
Rebuild a family home into a multiplex, so everyone can stay close while having their own individually owned housing unit and mortgage.1
Buying together or investing
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.
Downsizing
If you love your home but don’t need all the yard space, you can build another home, then split your lot to sell or pass on ownership. Great if you want to age in place.
How it works.
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 to get financing advice tailored to your specific goals and situation. Email us at multiplex@vancity.com or meet with us to apply.
Share your mortgage.
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 funds up front
Get up to 80% of the value of your home you plan to build so you can pay for each stage of constuction as it happens. - 24-month 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 in your home has beren completed, whichever comes first. - Use your rental offset to help with rental qualification
If you’re building 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 amoritization
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).
Protection you can count on.
Rest easy knowing you’re covered if the unexpected happens. Choose from these additional forms of insurance:+
- Life coverage
- Involuntary loss of employment coverage
- Disability coverage
- Critical illness coverage
Apply today.
Meet with a Vancity mortgage specialist to get started.
Ask a pro.
Email us with your questions about the Vancity Multiplex Construction Mortgage, and we’ll get back to you.
Explore other mortgages.
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.
Applicants are responsible for confirming their eligibility, compliance with local zoning bylaws, and obtaining all necessary permits or approvals from their municipality.