Skip To Content

Renovation mortgages

Reimagine your living space and increase the value of your home.

Home renovations can be an exciting opportunity to customize your home, elevate your home’s curb appeal, and increase the dollar value of your investment. Navigating home renovation projects can also be challenging, but with a sound financial strategy that leaves room for the unexpected, you can pull together a successful home renovation project.
 

Reasons to renovate your home

  • Increase the market value of your home
  • Add your personal touch and improve the aesthetic appeal of your home
  • Create additional living space
  • Create your dream home in your existing community
  • Save energy
  • Modernize your space to elevate functionality
  • Decrease and simplify home maintenance

Benefits of our renovation mortgage

Tap into your home’s value

You have the ability to borrow against your home equity or the “as-complete” value of your home, even before the renovation work is complete.

Stay protected from rate increases

We offer a rate guarantee that shields you from interest rate increases after your preapproval meeting.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Keep your project affordable

Spread out the cost of your renovation over the duration of your mortgage.

Prepare for the unexpected

Enjoy flexible financing options to protect you from unforeseen costs.

Complete the project your way

With our renovation mortgage, you can complete renovations yourself, hire a contractor, or a combination of the two.

Choose the mortgage solution that’s best for you

Fixed Rate

Offers a guaranteed rate of interest and set payment amounts for a specified period of time.

Features
  • Take comfort in knowing exactly how much equity you’ll build by the end of your term
  • Available in 1- to 5-year terms for up to 30 years’ amortization
  • Guaranteed rate of interest and set payment amounts throughout the term length

Variable Rate Open

Offers the most flexible repayment options. The amount paid toward principal and interest fluctuates as rates change.

Features
  • Make lump sum payments greater than the 20% prepayment allowance at any time without penalty
  • Interest floats as per our currently posted rates

Variable Rate Closed

Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.

Features
  • Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty

Variable Rate Capped

Offers the flexibility of a variable mortgage, but capped at 1% above the current posted rate for a 5-year term.

Features
  • An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty
Couple sitting in living room

Explore all of your borrowing options

One of the most important parts of completing a renovation is having money available when you need it. We offer flexible renovation financing options with just that in mind.

Discover your financing options

Mortgage rates

Account
Interest Rate
Fixed 1-year Mortgage 4.85%
Fixed 2-year Mortgage 5.00%
Fixed 3-year Mortgage 5.10%
Fixed 4-year Mortgage 5.35%
Fixed 5-year Mortgage 5.55%
Closed Variable (APR†) Mortgage 5.25%
Open Variable (APR†) Mortgage 5.95%
Variable Capped Mortgage Rates Vary

Considerations for your renovation

Here are a few other important things to consider for financing your project.

  1. Quotes on major expenses: It’s a good idea to create a budget regardless of the project size. The more information you collect, the better your estimated costs will be. Talking to at least two contractors and collecting multiple estimates helps you find the right combination of dollar value and working relationship.

  2. Permits and appraisals: Although permits are not part of our approval process, we strongly recommend consulting with your rural municipality or city website to determine if permits are required for your renovation. When securing financing with us, your lending specialist can help you decide if an appraisal is required.

  3. The importance of progress inspections: If the total cost of your renovation is greater than $100,000, an appraiser must complete progress inspections prior to funding milestones. These progress inspections are important: They allow us to advance funds at the right time and when the appropriate work is complete.

  4. Cost overruns: Sometimes the unexpected happens and the actual costs are greater than your original budget. We can help you proactively manage these situations. Ask us about the benefits of opening a line of credit to help you manage unforeseen costs.

Insights & Advice

Borrowing, Mortgage

Your options for home renovation financing

Read More
House layout graphic
Borrowing, Mortgage, Saving

Which renovations pay for themselves?

Read More
Couple sitting on a couch looking at a laptop
Mortgage, Saving

Ways to save for your down payment faster

Read More

Fancy swoop

Get advice

Please fill out this form to submit your questions/comment or you could contact our Member Contact Centre at our toll-free number

Cookie Consent

We use cookies on our site to improve your experience.