5 EASY STEPS TO A PURCHASE PLUS IMPROVEMENTS MORTGAGE

by Hercules Mina • February 14, 2019

Borrow up to an additional $40,000 on the purchase price of any home

Don’t shy away from that fixer-upper…

A Purchase Plus Improvements Mortgage, allows qualified purchasers to borrow up to 20% of the postrenovation value of a home, even with as little as 5% down.

STEP 1

Obtain a mortgage pre-approval from your mortgage broker, to determine your maximum approval amount.

STEP 2

You must find a house and have a general idea of what renovations need to be done as well as the cost of the renovations. The purchase price plus the renovation cost cannot exceed your maximum approval amount.

*Lenders will request written quotes to be provided, detailing the work to be done, as well as the cos t

STEP 3

Once your offer is accepted, provide the accepted offer, as well as the quotes for the work to be done to your broker. He/She will have the lender approved the mortgage with the cost of the renovations included in the mortgage.


*Down Payment Required is 5% of the Purchase Price including the renovations


STEP 4

Once you take possession of your home, you can begin the renovations. The Lender will instruct the Solicitor to hold the additional Renovation funds, until the lender confirms the works has been completed. Once the renovations are completed, notify your broker and they will send out an appraiser to complete an inspection to verify the work is completed as per the quotes that were provided.

STEP 5

The lender will receive the inspection report from the appraiser, and validate that the work has been completed in a good manner and as per the quotes provided. They will instruct the lawyer that they are able to release the funds to you, to pay the contractor.

*Less 10% pursuant to the construction lien act S. 22

WANT TO KNOW MORE? CALL ME TODAY!

Rita Cousins Senior Mortgage Advisor

C 604 230 9206 F 1 877 282 0857

mortgages@ritacousins.com

http://www.ritacousins.com

🏡Andy Talks Real Estate & More: Live Market Conversation 🎙️

By Andy Schildhorn • January 8, 2026
Some days you’re polished. Some days you’re just… memorable. Check out LAPS for adoptables 😀

🏡 2025 Fraser Valley housing market slowest in over two decades despite falling prices and decade-high inventory 📉

By Andy Schildhorn • January 6, 2026
SURREY, BC – Decade-high inventory and softer prices failed to spark buyer demand in the Fraser Valley in 2025. Despite favourable conditions and increased negotiating power, many buyers stayed on the sidelines, making it one of the slowest years for sales in decades. The Fraser Valley Real Estate Board recorded 12,224 sales on its Multiple Listing Service® (MLS®) in 2025, a decline of 16 per cent over 2024 and 33 per cent below the 10-year average. The City of Surrey accounted for the majority of 2025 sales at 48 per cent, with Langley and Abbotsford accounting for 24 per cent and 16 per cent respectively. On the supply side, buyers had more choice than at any point in the past four decades, as new listings climbed to 37,963. The composite Benchmark home price in the Fraser Valley closed the year at $905,900, down six per cent year-over-year, and down 24 per cent from the peak in March 2022.

B.C. Foreclosures Rising as Higher Mortgage Payments Kick In

By Jami Makan | BVI • December 30, 2025
The number of court-ordered sales in Metro Vancouver is jumping, and may continue to grow as a mortgage renewal wave hits Canada five years after the pandemic-era real estate frenzy. Court-ordered inventory, while less than one per cent of the market, totalled 119 properties in the Vancouver region in October 2025, compared with 66 in October 2024 and 28 in October 2023, according to real estate website Zealty.ca (Zealty Online Search Inc.). Foreclosures are becoming more frequent because home prices are correcting, unemployment is rising and people who bought during the pandemic are having to renew their mortgages at higher interest rates, said Adam Major, managing broker with Sechelt-based Holywell Properties. There was a massive increase in home sales from late 2020 through 2022, he said. “This was the height of COVID craziness when [Bank of Canada governor] Tiff Macklem promised rates would stay low forever, the government was sending everyone free money and we all wanted a bigger house to work from home in,” he said. Those homes were financed at rock-bottom interest rates, with the central bank’s policy rate sitting at 0.25 per cent from March 2020 to March 2022. Because Canadian banks generally offer maximum terms of five years, it’s now time for many to pay the piper—at interest rates higher than what some can afford. “It is definitely a bad sign for the market as we are only at the beginning of the big mortgage renewal wave,” Major said. The most sales ever in a month in the region were the 5,715 sales in March 2021, he said. “Those buyers will have to renew this coming March. The number of renewals will stay elevated for a year after that. The average discount mortgage rate in March 2021 was 1.69 per cent versus about 3.79 per cent now, so almost everyone who bought in 2021 and 2022 will be paying significantly more on renewal,” he said. 👉 Read the Article Here
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