Renovation Financing

Thinking about renovation ?

Renovation financing

Thinking about renovation ?

Ready to make your renovation dreams come true?

2-3 min

Many homeowners are waiting to pay off their mortgages before pursuing home renovations. Home renovations not only make your living area more comfortable but can also make your home more valuable, so they should be considered at the very beginning when purchasing a home.

One smart tactic that several homeowners are using is renovation financing or financing your renovations within your mortgage. This allows you to pay off both your mortgage and the cost of renovations on a monthly basis. It is highly recommended to get an appraisal of your home before and after renovations.

Home renovations are only going to make you money if the renovation elevates the buyer’s heart rate and interest. Eliciting a ‘Wow, that is a beautiful kitchen or bathroom from buyers will only get you one step closer to making them purchase your home at a higher value. Choosing the right design style is also important. Styles can come and go, but there are a few that have stood the test of time. Ask your contractor to learn more about what design styles are trending and what design styles work for most people.


There are several specific details to consider when considering a renovation financing mortgage in Canada: 

  1. Purpose of the renovation: It is important to have a clear idea of what you want to accomplish with your renovation, as this will help you determine the scope of the project and the amount of financing you will need. 

  2. Budget: It is important to have a realistic budget in place for your renovation, as this will help you determine how much financing you will need and whether you can afford the monthly mortgage payments.

  3. Type of renovation: Some types of renovations, such as those that involve structural changes or add significant value to the property, may be more attractive to some lenders than others.

  4. Appraisal: Your lender will likely require an appraisal of the property to determine its value and ensure that the renovation is feasible. A renovation financing mortgage option differs from a regular refinance in that it is specifically designed to fund a renovation project.

How does a renovation mortgage differ from a regular refinance?

With a regular refinance, the borrower is simply refinancing their existing mortgage to obtain a lower interest rate or different terms. With a renovation financing mortgage, the borrower is taking out a new mortgage specifically to fund a renovation project. In summary, it is important to carefully consider the purpose of the renovation, budget, lender requirements, type of renovation, and appraisal when considering a renovation financing mortgage in Canada.


Before you decide if a home renovation is right for you, ask yourself these questions:

  1. Did I have quotes from a licensed contractor?

  2. Do I have permission from the city, municipality and or strata council for the work to be completed? 

  3. Will the home renovation increase the value of my home?

  4. Will the home renovations improve life at home for me and my family?

If you answered ‘yes’ to all three questions, then applying for renovation financing may be right for you.


The Mortgage Professionals understand that purchasing and renovating your home can be complex and costly. We’ll streamline the process for you. We look forward to helping you finance your renovations.

Get the mortgage help you need, right here.

Get the mortgage help you need, right here.

Nikki Hawke
Nikki Hawke
2022-05-31
Darcy is so personable, reliable and always puts his client’s needs and profile at the heart of the work. He goes the distance and is a master negotiator. Sam is a pleasure to work with too. I’ve funded two mortgages with this team and I’m won’t work with anyone else.
Rebecca Andreola
Rebecca Andreola
2022-05-16
Cannot say enough good things about The Mortgage Professionals. We were so happy we had the chance to work with Darcy as our Mortgage Broker. As first time home buyers, we were immediately put at ease by Darcy and Samantha, and knew that we were in good hands. They worked hard for us and we were very pleased with the services. Highly recommend them for anyone needing a confident team working on your behalf that will put you first.
Alexander Hamilton
Alexander Hamilton
2022-04-08
I reached out to Darcy because I was having problems with the mortgage broker I was dealing with. It took no time for Darcy to get the ball rolling on the Mortgage refinance we needed help with. In the span it took him to be introduced to me, to applying and funding the mortgage the individual who I dealt with before has never responded. Darcy and his team are the best around!
Wendy Wallach
Wendy Wallach
2022-03-25
Darcy and Samantha are very helpful and would respond to my questions very quickly (even after what I would think would be office hours). They never made me feel stupid when I would ask my sometimes repetitive questions. They worked hard at getting me the best rate for my mortgage. My friends are always amazed at the rate they can get me. They are also very friendly and express thanks when I reply quickly. Thank you , Darcy and Samantha
Genevieve Deacon
Genevieve Deacon
2022-02-07
Would recommend to family and friends, no hesitation. Darcy and his team are always available for questions and concerns, and they made the entire process unbelievably smooth.
Jeremy Farnsworth
Jeremy Farnsworth
2022-02-04
This is my fourth mortgage with Darcy. He has always been very professional and helpful finding us the best mortgage product and rate.
Duncan Miller
Duncan Miller
2021-11-03
Darcy and his team did an excellent job arranging financing on our first home purchase! They were responsive and they got the job done right in a tight time frame. Would highly recommend them especially in today's competitive markets.
Karly Cook
Karly Cook
2021-10-22
We had an absolutely seamless experience with Darcy and Samantha. Their responsiveness and clarity made it so easy to work with them. Everything was taken care of us from start to finish!