What is a purchase plus improvements mortgage?

Sometimes referred to as a home improvement mortgage, a purchase plus improvements mortgage is a mortgage (the “purchase” part) with the cost of renovations (the “plus improvements” part) all rolled into one.

Renee Sylvestre-Williams

August 31, 2021

5-minute read

So you’ve found your new home and are ready to sign the documents. But the place needs a little work and you don't have quite enough money for repairs.

There is a mortgage that could work for you called the purchase plus improvements mortgage. Let’s take a look at what you need to buy your dream home and put in a new kitchen.

About the author

Renee Sylvestre-Williams is a finance and business reporter. In her more than 10 years of journalism, her work has been published in the Globe and Mail, Flare, Canadian Living, Canadian Business, the Toronto Star and Forbes. She also publishes a biweekly newsletter, The Budgette, where she provides financial education for single earners.

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The pros and cons of a collateral charge mortgage

A collateral mortgage is a type of readvanceable mortgage that enables you to borrow more money than the actual loan amount. This is extended to borrowers via a home equity line of credit (HELOC).

Caitlin McCormack

August 26, 2021

4-minute read

For homeowners looking to squeeze some more financing out of their mortgage without having to refinance, a collateral mortgage — sometimes referred to as a retail collateral mortgage — can help.

A collateral mortgage can provide additional peace of mind when finances are tight, but there are risks to consider.

About the author

Caitlin McCormack is a writer based in Toronto. Her work has appeared in MSN, Food Network, HuffPost, What to Expect, Today's Parent, and Mashable, among others. When she isn't writing, she's busy chasing after her two sons, testing out new recipes, and working on her century-old fixer-upper.

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Eligibility guidelines for the first-time homebuyers’ tax credit

The government of Canada has instituted various programs designed to assist first-time homeowners entering the path to ownership. Among those is the first-time Home Buyers’ Amount (HBA), a tax credit.

Navneet Alang

August 22, 2021

4-minute read

Is there any topic as hotly discussed around Canadian kitchen tables as housing affordability? With the housing market in many of Canada’s biggest cities continuing to froth unnervingly, homebuying is an evergreen topic — most especially to those hoping to make their first step up the property ladder.

About the author

Navneet Alang is a technology and culture writer based in Toronto. He is the technology columnist at The Week, and his writing has appeared in the Globe and Mail, the Atlantic, New Republic, and many more.

Resource Centre

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Understanding the difference between a deposit and a down payment

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Millennials and homebuying: facts and myths

Millennials are hounded with endless misconceptions when it comes to home ownership. Let’s do some myth-busting.

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