Blog > Making Your New Home Truly Yours: Purchase Plus Improvements Mortgage

Finding the right home in Whistler, Squamish, or anywhere along the Sea to Sky corridor can be a balancing act. You might find the perfect layout and location — but the floors are tired, the walls are dated, or the kitchen could use a refresh. A Purchase Plus Improvements mortgage can help bridge that gap by letting you buy a home and finance cosmetic renovations, all in one streamlined mortgage.

What Is a Purchase Plus Improvements Mortgage?

A Purchase Plus Improvements (PPI) mortgage allows you to include the cost of approved renovations in your mortgage. Rather than taking out a separate loan or dipping into savings for updates, the improvement funds are advanced as part of your mortgage, creating one affordable monthly payment.​

Here’s how it typically works:

1. Find a home that could benefit from some updates.
2. Gather contractor quotes before your mortgage closes.
3. The lender adds the approved renovation costs (up to a set limit, often 10–20% of the home’s as-improved value) to your mortgage.
4. After the renovations are completed and verified, the funds are released from trust by your lawyer.​

This approach gives buyers access to move-in ready results without the financial stress of managing multiple loans.

Perfect for Cosmetic Home Upgrades

This program is ideal for simple, non-structural improvements that make a big aesthetic difference. Examples include:

• Interior painting for a fresh, modern look
• New vinyl or laminate flooring
• Updated kitchen cupboards or countertops
• Modernized light fixtures
• Bathroom refreshes like new tiles or vanities

Since these improvements typically don’t require permits or major construction, they can usually be completed quickly and affordably — often within 90 to 120 days after taking possession.​

Why Buyers Love This Option

For first-time homeowners and cost-conscious buyers, the Purchase Plus Improvements program offers several advantages:

• One simple mortgage payment: Combine your purchase and renovation costs into one low-rate mortgage.
• Lower interest vs. loans or credit lines: You pay mortgage-level interest on your reno costs, not consumer lending rates.
• Increase property value: Strategic updates can add comfort and equity to your home.
• Flexible renovation choices: Most lenders allow homebuyers to choose their own licensed contractors and materials.​

What You’ll Need to Qualify

Most lenders and mortgage insurers — including CMHC, Sagen, and Canada Guaranty — offer versions of this program across Canada. To qualify:

• You’ll need written quotes for all planned renovations before funding.
• The work must typically be completed within 90–120 days after closing.
• Minimum down payment requirements start at 5%, based on the home’s as-improved value (its value after the planned upgrades).​

Your mortgage broker can help you plan your project and ensure your quotes meet lender and insurer guidelines.

Turn “Almost Perfect” into “Just Right”

If your dream home isn’t quite move-in ready, a Purchase Plus Improvements mortgage can help you make it perfect for you — without stretching your budget. Whether it’s replacing outdated flooring or giving the kitchen a facelift, this program brings your vision home faster and more affordably.