Purchase Plus Improvements program
Make renovations part of your mortgage.
Pay for renovations with this add-on to your mortgage, and you could save time and make payments easier or more manageable.
What it is
This program gives you the ability to use part of your mortgage for renovations
Great for
Renovations that can be done within six months of purchase
Best part
Payments may be easier as they’re spread out with the mortgage
Key features.
Here to help bring your future home plans to life.
Eligible with most mortgages
Enjoy the flexibility of choosing fixed, variable and insured mortgages while receiving all of the benefits of the underlying mortgage.
Simply part of your mortgage
No need to apply for a separate loan or arrange another payment every month. Renovation funds are included in your mortgage and regular mortgage payments.
For renovations that can be completed within 6 months
Bring a quote for the work you plan to undertake and complete the work within 6 months of your purchase closing date.
Qualify with as little as 5% down1
With less cash tied up in your down payment, you may have more flexibility for renovations, unexpected expenses, or other financial goals.
Eligible home renovations.
Members have used this for:
- Cosmetic updates like flooring and painting
- Adding a legal secondary suite
- Modernizing kitchens, bathrooms, or major systems
- Completing unfinished basements
- Making accessibility or energy-efficiency upgrades
- Adding new household appliances
How it works.
Find a home and plan your improvements
Choose a home you would like to purchase and identify any renovations or upgrades that are needed. When planning your renovations, keep these requirements in mind:
- Renovations must be completed within six months
- Renovation costs must be less than 10% of the property’s current market value
- Renovation costs must be less than $100,000
Provide your renovation plans
Provide details about your planned renovations, including their scope and estimated cost. Depending on your mortgage, contractor quotes may also be required. Once we review your plans, we’ll put together your application and confirm what you qualify for.
Get approved and close your mortgage
Once we have your application documents, you will go through the mortgage application process.
Complete your renovations and receive your funds
Once your home purchase closes, complete your approved renovations within six months. You’ll pay for the renovations upfront and provide documentation confirming the completed work before the funds are released back to you.
If your renovation involves multiple trades or stages, funds can be released as each portion of the work is completed and documented.Examples of acceptable documents
- A third-party report from a qualified professional
- Paid invoices
- Photos confirming improvements completed
View our most popular rates.
Lock in a mortgage rate as low as 4.22% APR. Plus up to $5,200 in value with your new Vancity mortgage. Terms and conditions apply.
4.73% APR¤3-year fixed-term, fixed-rate, high-ratio insured
4.78% APR** Special offer3-year fixed-term, fixed rate
4.22% APR◊5-year fixed term, variable rate††
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.
More ways to finance renovations.
A minimum down payment of 5% may be available on eligible residential owner-occupied properties. If your down payment is less than 20% of the purchase price, mortgage default insurance is required. The minimum down payment is 5% of the first $500,000 of the purchase price and 10% of the portion above $500,000. For insured mortgages with a loan-to-value ratio greater than 80%, the property value must be less than $1.5 million. High-ratio mortgage default insurance is subject to eligibility conditions, limitations, and exclusions.