What Is the Canadian Home Renovation Plan?

The Canadian Home Renovation Plan allows you to include your renovation costs into your mortgage. By doing so, it ensures that your renovations are completed at the lowest possible interest rate and since you will repay your mortgage over 25 or 30 years, it is an affordable way to complete your renovations with incredibly low monthly payments. 

Renovations Made Easy:

1. Get Your Budget Approved
To get started you need to determine what renovations you would like to complete on your home and how much of the Renovation Credit you would like to use. Even though you have a maximum credit of $29,900, you may decide to only use a small portion of that amount. Once you have figured out the work that you would like to have completed, then your approved budget gets added to your mortgage.

2. Complete The Renovations
After your budget is approved, and you have taken possession of your new home, it's time to get to work and complete the renovations. Our exclusive lenders request that all renovations are completed within 90 days. We recommend trying to get the work done before you even move into the home, it's easier for the contractors, and easier for you!

3. Get Your Money!
The Home Renovation Credit is paid directly to your contractors once they have completed the work. For smaller projects you may only need to supply receipts showing you have completed the work. For larger projects an inspector may be requested to review the property. However, in either case, once the work is done your lawyer will reimburse your chosen contractors from your renovation budget.

How Long Will It Take To Renovate, If I Wait?

  Today Year 1 Year 2 Year 3 Year 4 Year 5
Value of Home $299,000 $307,970 $317,209 $326,725 $336,527 $346,622
Mortgage $291,861 $284,489 $276,849 $268,933 $260,731 $252,231
Equity 2.39% 7.62% 12.72% 17.69% 22.52% 27.23%
Available Equity $0.00 $0.00 $0.00 $0.00 $8,490 $25,067

Frequently Asked Questions:

Q: Can I use the Canadian Home Renvation Plan to renovate my own home?
A: Yes! The Canadian Home Renovation Plan can be used just as well with a home you already own. 

Q: Do I have to pay a higher interest rate to use this program?
A: No, with this program you will still receive the lowest possible interest rate.

Q: How much money can I save using the Canadian Home Renovation Plan?
A: The program works best for those who don't have extra money to renovate their home. If you compare the cost of using personal lines of credit, credit cards or loans, it will result in substantial savings.

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