Home renovation loan options in Canada, compared honestly
You have the quotes. You have the drawings. What you do not have is a clear way to pay for it without putting $60,000 on a credit line at 12%. There are five real routes, and one of them is usually much cheaper than the others.
Roll renovation costs into your mortgage at mortgage rates, not credit-card rates
Purchase plus improvements: buy and renovate on one approval, up to 95% LTV
Draw mortgages fund big projects in stages, against the as-complete value
Six questions. A licensed broker reviews it and comes back with real numbers — not a rate teaser.
Placed with Canada's banks, monolines, credit unions and alternative lenders
TD BankScotiabankRBC Royal BankCIBCBMONational BankMCAPFirst NationalMerix FinancialHome TrustEquitable BankCMLS FinancialRFA MortgageCommunity TrustHaventree BankRadius FinancialB2B BankManulife BankServus Credit UnionMeridian Credit UnionFisgard CapitalCWB OptimumDesjardinsVancityCoast Capital SavingsAlterna SavingsBridgewater BankHomeEquity BankWealth One Bank of CanadaCanadian Western BankTangerineICICI Bank CanadaMarathon Mortgage
Lender names shown for reference. Availability, pricing and guidelines vary by province, property and borrower profile.
A home renovation loan in Canada is almost never a single product called a renovation loan. It is one of five financing structures: a refinance of your existing mortgage, a home equity line of credit, a purchase plus improvements mortgage, a construction draw mortgage, or a second mortgage behind your first. Which one is cheapest depends on the size of the project, how much equity you hold, and whether the work will actually raise the appraised value.
Most people get sold the wrong one. A contractor offers in-house financing at 12.99%. A bank branch offers an unsecured line at 11%. Both are fast, and both cost several times what the same money costs when it is secured against your home. The gap on a $95,000 project is roughly $1,000 a month.
This page walks through all five routes, the rules that govern each one in August 2026, and the arithmetic that tells you which fits. If you want the short version, book a call and we will price all five against your actual numbers.
Signs you need a renovation financing plan, not another quote
Renovation money problems rarely announce themselves. They show up as small decisions that quietly get expensive.
The contractor offered to finance it for you
In-house and third-party contractor financing typically runs 10% to 15%, sometimes with a dealer fee baked into the project price. It is convenient and it is the most expensive money in the room. Ask what the same amount costs secured against the house.
You are already three cards deep into a phased reno
Phase one went on a card at 20%. Phase two is about to. Unsecured revolving debt compounds monthly and the minimum payment barely touches principal, so the project cost keeps growing after the trades leave.
The house you want to buy needs $50,000 of work
You can afford the purchase or the renovation, not both, and the down payment is already committed. A purchase plus improvements mortgage exists precisely for this, but it has to be arranged before you close, not after.
You want to add a basement or garden suite
The rental income makes the project pay for itself, but standard refinancing caps you at 80% of today's value, before the suite exists. There is a program that lends against the as-improved value instead.
Your mortgage rate is far below today's rates
Breaking a 2.94% mortgage to access renovation money can cost more in lost rate than the renovation debt itself. Going behind the mortgage instead of refinancing it is often the cheaper structure and almost nobody prices both.
The project stalled because the money ran out
Half-finished renovations are hard to appraise and hard to lend against. The longer a house sits mid-project, the narrower the lender list gets, so the fix is usually a staged advance rather than a lump sum.
How do you finance a home renovation in Canada?
There are five mainstream routes, and they sort cleanly by project size and by whether you own the home yet. Small cosmetic work under about $50,000 usually goes on a HELOC. Mid-size projects between $50,000 and $150,000 usually go into a refinance. Anything structural, or anything that changes the building envelope, usually needs a draw mortgage. If you are buying, purchase plus improvements is the only route that funds the work on day one.
The deciding question is not which product sounds best. It is which one you can qualify for at the lowest all-in cost, including the penalty to break your current mortgage, the lender and legal fees, and the rate on the money you already owe.
Renovation financing routes compared, August 2026
Renovation financing routes compared, August 2026
Route
Typical cost
Borrowing limit
Best for
Refinance your mortgage
4.29% uninsured 5-yr fixed
80% of appraised value
$50,000 to $150,000, one lump sum
HELOC behind your mortgage
Prime + a markup, about 4.95% at prime 4.45%
65% standalone, 80% combined with the mortgage
Phased work, uncertain final cost
Purchase plus improvements
Insured mortgage rates, from 4.09%
Up to 95% LTV on the as-improved value
Buying a home that needs work
Construction draw mortgage
Priced above a standard mortgage, often prime-plus during the build
Typically 75% to 80% of as-complete value
Structural work, additions, gut renos
Second mortgage
About 8% to 13% depending on lender type and LTV
Combined 80% LTV conventionally
Failed the stress test, or keeping a low first-mortgage rate
Every one of these is cheaper than unsecured contractor financing at 12.99% or a credit card at 20%. The only exception is a very small project where the legal and appraisal costs of registering against the house outweigh the interest saved.
What is a purchase plus improvements mortgage?
A purchase plus improvements mortgage lets you borrow the purchase price and the renovation cost on one insured mortgage, so the work is financed at mortgage rates from the day you take possession. Lenders arrange it through CMHC's Improvement program and its equivalents at Sagen and Canada Guaranty.
The mechanics matter. The lender approves against the as-improved value, the lawyer holds the improvement funds in trust after closing, you pay the contractor out of pocket or on a short-term basis, and the funds are released once the work is done and re-inspected or re-appraised. That gap is the part people are not warned about, so plan for the trades to be paid before the money arrives.
Up to 95% LTV for owner-occupied 1 to 2 unit properties
Up to 90% LTV for owner-occupied 3 to 4 unit properties, 80% for 2 to 4 unit rentals
No fixed dollar cap on the improvement amount, but the property value must be $1,500,000 or less for homeowner deals
Minimum credit score 600, GDS 39% and TDS 44%
Maximum amortization 25 years on the Improvement program, with 30 years available through CMHC Home Start
You must arrange purchase plus improvements before closing. Once the deal funds as a plain purchase, the only way to add renovation money is a refinance, a HELOC or a second mortgage, all of which cost more and require fresh legal work.
Refinancing to renovate: the 80% ceiling and the stress test
A refinance to renovate is capped at 80% of the appraised value, and unlike a straight switch at renewal it is not exempt from the stress test. You must qualify at the greater of your contract rate plus 2% or 5.25%. At an uninsured 5-year fixed of 4.29%, that means qualifying at 6.29%, not 5.25%. The 5.25% floor stopped being the binding number some time ago, and a lot of published advice has not caught up.
The arithmetic on borrowing room is simple. Take 80% of the appraised value, subtract everything already registered against the title, and what is left is your ceiling before costs. On a $900,000 home with a $520,000 mortgage, that is $720,000 minus $520,000, or $200,000 gross.
Then subtract the costs. Appraisal typically runs $300 to $500, legal and registration usually $1,000 to $1,800, and if you are breaking a closed fixed mortgage mid-term the penalty is the greater of three months' interest or the interest rate differential. On a closed variable it is normally three months' interest.
If your existing rate is well below today's rates, run the whole-balance comparison before refinancing. Moving a $340,000 balance from 2.94% to 4.29% costs about $4,590 a year in extra interest, which can easily exceed the interest on the $55,000 you actually wanted.
HELOC for renovations: when a line of credit is the right tool
A HELOC is the right tool when the final cost is genuinely uncertain, when the work happens in phases, or when your existing mortgage rate is too good to break. You draw only what you spend and you pay interest only on the drawn balance, so a $95,000 project that runs over six months costs you interest on $20,000, then $50,000, then $95,000, rather than on the full amount from day one.
The limits come from the FCAC rules. A standalone HELOC is capped at 65% of the value of your home. A HELOC combined with an amortizing mortgage can go to 80% combined, with the revolving portion still capped at 65%. So on a $720,000 home with a $180,000 mortgage, the combined ceiling is $576,000 and the room behind the mortgage is $396,000.
The catch is the pricing. HELOCs are priced at prime plus a markup while mortgages are often priced below prime, so a HELOC at prime plus 0.50% costs 4.95% today against 4.29% on an uninsured 5-year fixed. On a long-lived $150,000 balance that spread is real money. HELOCs are also demand facilities, which means the lender can reduce or freeze the limit.
Minimum payment is usually interest only, so principal does not fall unless you make it fall
Most lenders want a credit score around 680 for the best HELOC pricing
A HELOC behind a collateral charge mortgage can be blocked entirely by the existing lender
Interest is generally not deductible when the funds renovate your own home, only when they earn income
How a construction draw mortgage works for a gut renovation
A construction draw mortgage funds a large renovation in stages against the as-complete appraised value rather than today's value. That is the whole point: if a $665,000 house becomes a $890,000 house, the lender can advance against the $890,000, which is often the difference between the project being financeable and not.
Funds are released in draws, commonly three to five, each one triggered by an inspection confirming a stage is complete. Typical stages are demolition and framing, mechanical rough-in and drywall, then finishing and occupancy. You pay interest only on the advanced portion during construction, then the loan converts to a normal amortizing mortgage on completion.
Two things catch people out. First, construction lien legislation requires a holdback on progress payments in most provinces, so a portion of each draw is retained until the lien period expires. Your lawyer will confirm the percentage and timing where you live. Second, the first draw usually comes after money has already been spent, so you need working capital or a contractor willing to invoice in arrears.
Advances are based on work completed, verified by inspection, not on invoices alone
Interest is charged only on funds actually drawn during the build
Cost overruns are your responsibility unless the lender re-approves a larger budget
Expect to provide a fixed-price contract, permits, and a detailed cost breakdown up front
Financing a secondary suite, garden suite or basement apartment
This is the most valuable renovation financing in Canada right now and the least covered. CMHC's refinance program for secondary suites allows borrowing up to 90% LTV specifically to build a self-contained additional unit, which is well above the ordinary 80% refinance ceiling. Better still, it is assessed against the as-improved value, so the suite you are about to build counts toward the equity that funds it.
The rules are tight and worth reading twice. The property must be worth under $2,000,000, the finished property can have no more than four units, at least one unit must be occupied by you or a related person living there rent-free, the suite must be genuinely self-contained, short-term rentals are not permitted, and the minimum credit score is 600. Amortization can go to 30 years with a 0.20% premium surcharge over the 25-year rate.
The hard constraint: equity takeout is not permitted. Every dollar has to fund the construction. You cannot use this program to build a suite and take $50,000 out for something else. Before you commit, confirm your municipality's rules on additional dwelling units, parking, and separate entrances, because a suite that cannot be legalised will not appraise as one.
A legal suite does two things to your file at once: it raises the appraised value and it adds rental income that most lenders will count toward qualifying. That combination is why a suite build often refinances cleanly a year later when a cosmetic renovation does not.
Renovation grants and tax credits in 2026: what is actually still available
Start with what is gone. The Canada Greener Homes Grant and the Canada Greener Homes Loan are both closed. The grant's document deadline was December 31, 2025, and Natural Resources Canada states that no further loan applications can be approved. Previously approved applications are unaffected. A great deal of renovation content published in 2026 still presents these as live programs. They are not, and budgeting around them will leave a hole in your project.
The Multigenerational Home Renovation Tax Credit is still there and is the most useful federal measure for suite builds. It applies to creating a self-contained secondary unit for a senior, or an adult eligible for the disability tax credit, to live with a qualifying relative. For the 2025 tax year the credit was 14.5% of up to $50,000 in qualifying expenses, a maximum of $7,250, and it is refundable. Most third-party content still quotes 15% and $7,500, which reflects the old rate.
Several provinces also run renovation credits aimed at seniors and accessibility work, including Ontario's Seniors' Home Safety measures and British Columbia's renovation credit for seniors and persons with disabilities. Rules and amounts change year to year, so confirm the current-year figures with the CRA or your accountant before you build them into a budget. Do not let a tax credit decide whether a project is affordable; treat it as a rebate on a project you could already fund.
Renovation loans with bruised credit or self-employed income
If you have been declined, the usual reason is not the renovation. It is the debt service ratios, a credit score below the lender's floor, or income that does not document the way an A lender needs it to. Self-employed borrowers writing down income for tax purposes routinely fail on paper while being entirely capable of carrying the payment.
There is a ladder here. B lenders and credit unions price roughly 1.0% to 2.0% above A rates plus a lender fee around 1%, and they will look at bank statements, stated income with support, and shorter credit histories. Below that, private lenders price a second mortgage in the range of about 10% to 15% interest-only with a 2% to 5% fee, to a combined loan-to-value around 75% to 85%. Private lenders are not federally regulated, so the stress test does not apply to them.
If you land on the private rung, insist on an exit plan before you sign. A private second is a 12-month bridge, not a home. The plan should be specific: clear the arrears, keep every payment clean, rebuild the score, and refinance into a B or A lender at the end of the term. If your broker cannot describe that exit in one sentence, the deal is not finished.
No lender guarantees approval. Any renovation financing described here is subject to lender approval, appraisal, and your ability to service the payment. Be wary of anyone advertising guaranteed approval or no credit check on a mortgage-secured product.
How Lendmax prices a renovation across 30+ lenders
A renovation file has more moving parts than a purchase. The property has a value today and a different value after the work, the borrowing limit depends on which of those two numbers the lender will use, and the answer changes by lender and by program. Running that comparison by hand takes days.
We run it digitally. Your file goes out to more than 30 lender programs at once, priced on both the current and as-improved value, so you see the actual cost difference between a refinance, a HELOC, a draw mortgage and a second before you commit to any of them.
AI credit and ratio analysis, before anyone pulls a report — We model your GDS and TDS at the stress-tested rate of contract plus 2% and tell you the maximum renovation amount that clears it. If the number is short, you find out in the first conversation, not after an appraisal and a decline.
AVM valuation on the current and as-improved value — An automated valuation model gives us an early read on today's value, and we pair it with a cost-to-complete estimate to model the as-improved number. That tells us immediately whether you need a draw mortgage or whether a plain refinance clears the budget.
Side-by-side offer comparison across 30+ lenders — We compare the total cost of borrowing, not the headline rate: penalty to break your existing mortgage, lender and broker fees, legal and appraisal, and the interest on your whole balance rather than just the new money.
Digital signing and a staged funding schedule — Documents are signed electronically and, on draw deals, we map the inspection and advance schedule against your contractor's timeline so trades get paid on the dates they expect rather than whenever the file catches up.
This page covers: home renovation loan, home renovation loan Canada, purchase plus improvements mortgage, renovation mortgage Canada, refinance to renovate, HELOC for renovations, CMHC improvement mortgage, construction draw mortgage Canada, secondary suite financing, ADU financing Canada, garden suite financing Toronto, basement apartment financing Ontario, how to finance a home renovation Canada.
Case scenarios
Four situations, four sets of numbers
Four situations we see every week, with the numbers before and after. Names and figures are illustrative composites built from typical files — your own numbers will differ.
N
Nadia
Kitchener, ON
Bought a house she loved with a kitchen she could not use
Nadia found a $585,000 semi that needed $40,000 of kitchen and bathroom work before it was liveable for her family. Her $37,500 down payment was the whole of her savings, and her only plan for the renovation was a $40,000 unsecured line of credit at 12.95%, repaid over five years at $909 a month on top of the mortgage.
Before
Purchase price
$585,000
Total mortgage including insurance premium
$569,400
Renovation funding
$40,000 unsecured line at 12.95%
Mortgage payment
$3,023/month
Total monthly housing and renovation cost
$3,932/month
After Lendmax
Purchase price
$585,000
Total mortgage including insurance premium
$611,000
Renovation funding
$40,000 inside the mortgage at 4.09%
Mortgage payment
$3,244/month
Total monthly housing and renovation cost
$3,244/month
We arranged a purchase plus improvements mortgage before closing. The lender approved against the as-improved value of $625,000, which put the loan at 94% LTV with a 4.00% insurance premium, financed at the insured 5-year fixed of 4.09% over 25 years. Her lawyer held the $40,000 in trust and released it after the work was inspected.
$688/month lower than financing the renovation separately, or $8,257 a year
H
Harjit
Surrey, BC
The garden suite that a standard refinance could not reach
Harjit's home was appraised at $1,180,000 with a $790,000 mortgage at 4.64%. He wanted to build a legal two-bedroom garden suite costing $250,000. A conventional refinance at 80% of today's value gave him $944,000, which left only $154,000 available. He was $96,000 short and had already been declined once.
Before
Appraised value used
$1,180,000 as-is
Mortgage balance
$790,000
Rate and amortization
4.64%, 24 years remaining
Monthly payment
$4,533
Suite rental income
$0
Net monthly housing cost
$4,533
After Lendmax
Appraised value used
$1,430,000 as-improved
Mortgage balance
$1,067,040 including premium
Rate and amortization
4.09%, 30 years
Monthly payment
$5,128
Suite rental income
$2,100
Net monthly housing cost
$3,028
We moved the file to CMHC's secondary suite refinance program, which lends to 90% of the as-improved value instead of 80% of today's value. At $1,040,000 against $1,430,000 the LTV was 72.7%, attracting a 2.40% premium plus the 0.20% surcharge for a 30-year amortization. Every dollar funds construction; no equity was taken out, as the program requires.
$2,100/month of suite income against a $595 payment increase: $1,505 better each month
B
Bilal
Calgary, AB
A gut renovation the bank would only fund at 12.99%
Bilal's 1970s bungalow was worth $665,000 with a $310,000 mortgage at 4.54%. The renovation was structural: new roofline, moved load-bearing walls, full mechanical replacement, $215,000 all in. His bank offered an unsecured $215,000 at 12.99% over ten years, which is $3,209 a month on top of an existing $1,903 mortgage payment.
Before
Value the lender would use
$665,000 as-is
Mortgage balance
$310,000 at 4.54%
Renovation funding
$215,000 unsecured at 12.99%
Mortgage payment
$1,903/month
Total monthly cost
$5,112/month
After Lendmax
Value the lender would use
$890,000 as-complete
Mortgage balance
$525,000 at 4.29%
Renovation funding
$215,000 inside the mortgage, released in 3 draws
Mortgage payment
$2,845/month
Total monthly cost
$2,845/month
We placed a construction draw mortgage with a lender that would advance against the as-complete appraisal of $890,000. At $525,000 the loan sat at 59% of that value, comfortably inside the 80% ceiling. Draws released at framing, at drywall and at completion, with interest charged only on funds advanced during the build.
$2,267/month less than the unsecured route, on the same $215,000 of work
D
Denise
Ottawa, ON
Building a suite for her mother without touching a 3.24% mortgage
Denise, 61, needed $95,000 to build a self-contained accessible unit so her mother could move in. Her home was worth $720,000 with a $180,000 balance on a ten-year fixed at 3.24% running to 2029. Her contractor offered financing at 12.99% over ten years, which was $1,418 a month, and refinancing meant surrendering a rate more than a point below today's market.
Before
Home value
$720,000
First mortgage
$180,000 at 3.24%, untouched
Renovation funding
$95,000 contractor financing at 12.99%
Monthly cost of the renovation debt
$1,418
First-year interest on the renovation debt
$12,341
After Lendmax
Home value
$720,000
First mortgage
$180,000 at 3.24%, untouched
Renovation funding
$95,000 HELOC draw at prime + 0.50%, 4.95%
Monthly cost of the renovation debt
$392 interest-only minimum
First-year interest on the renovation debt
$4,703
We registered a HELOC behind the existing first mortgage rather than replacing it. The combined ceiling of 80% on a $720,000 home is $576,000, leaving $396,000 of room behind the $180,000 balance, so the $95,000 limit was straightforward. She draws as the trades invoice and pays interest only on what is drawn. We also flagged the Multigenerational Home Renovation Tax Credit for her accountant to assess.
$1,026/month less than contractor financing, and the 3.24% mortgage stays intact
Scenarios are illustrative composites for the purpose of showing how a solution is structured. They are not testimonials and do not represent specific clients. Figures assume Canadian semi-annual compounding and are rounded. Your rate, approval and savings depend on your credit, income, property and lender.
The brokerage advantage
Why a brokerage beats a single lender
Access to nationwide lenders
A single bank can only offer you the one product it sells. We are licensed across Canada and place files with dozens of lenders — chartered banks, monolines, credit unions, trust companies, alternative lenders and private capital. When one lender says no, that is the start of the conversation, not the end of it.
Specialized programs most borrowers never see
Stated-income and bank-statement programs for the self-employed, newcomer programs that accept international credit, rental-offset policies that make investment properties work, purchase-plus-improvements, extended amortizations, equity-only lending. These are real programs with real guidelines — they are simply not advertised at a branch counter.
Flexibility on how your file is structured
The same borrower can be an approval or a decline depending on which lender sees the file and how the income, debts and property are presented. We know which lender counts child support as income, which one will use a 30-year amortization, and which one will look past a bruised credit year.
Volume leverage on pricing
Lenders price for the brokerages that send them consistent, well-packaged, low-default business. That leverage is why a broker-sourced rate is frequently better than the posted rate — and why an exception request from us gets answered.
Experience with the file that is not straightforward
Power of sale timelines, tax arrears, CRA liens, separation agreements, business-for-self write-offs, construction draws, private-to-A exit plans. The complicated files are the ones where a broker earns their fee — and the ones we handle every week.
One advocate, start to finish
You are not re-explaining your situation to a new person at every stage. One licensed broker owns your file from the first call through to funding, and stays with you through renewal so the plan actually gets executed.
How it works
Our four-step process
1
Understanding the situation
We start with a real conversation, not a form. What is the payment doing to your month? What is the deadline? What has already been declined and why? Everything after this depends on getting this part right.
2
Finding a solution
Your file is matched against our full lender panel — banks, monolines, credit unions, alternative lenders and private capital — and structured to fit the guideline it will actually be approved under, the first time.
3
Negotiating rates
We do not accept the first number. Volume and lender relationships get your file priced as an exception, not as a walk-in. Then we compare the true cost — rate, penalty, prepayment terms and fees — side by side.
4
Stress-free closing
Documents are signed digitally, conditions are cleared by our team, and your lawyer is briefed before funding day. You get one point of contact from approval to keys, and a plan for what happens next.
Reviews
What clients say after closing
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Call to discuss your file
Every file is different. Fifteen minutes on the phone with a licensed broker will tell you more than an hour of reading. No cost, no obligation, no pressure.
Yes, in three ways. If you are buying, a purchase plus improvements mortgage adds the renovation to the mortgage at closing. If you already own, a refinance rolls it in up to 80% of the appraised value. For large structural work, a construction draw mortgage advances funds in stages against the as-complete value. All three are subject to lender approval and the stress test.
On a refinance, up to 80% of your appraised value minus everything already registered on title. On a standalone HELOC, up to 65% of value. On a purchase plus improvements mortgage, up to 95% of the as-improved value for an owner-occupied one or two unit home. A secondary suite build can reach 90% of the as-improved value through CMHC's refinance program.
No. Both the Canada Greener Homes Grant and the Canada Greener Homes Loan are closed. The grant's document submission deadline was December 31, 2025, and Natural Resources Canada states that no further loan applications can be approved. Applications approved before closure are unaffected. Do not budget a renovation around either program.
A HELOC is revolving: you draw what you spend, pay interest only on the drawn balance, and the rate floats at prime plus a markup, about 4.95% today. A refinance is a lump sum at a fixed or variable mortgage rate, currently from 4.29% uninsured, amortized over up to 25 or 30 years. HELOCs suit phased work with uncertain costs; refinances suit a single known budget.
For any federally regulated lender, yes. A refinance or a new HELOC must qualify at the greater of your contract rate plus 2% or 5.25%. With uninsured 5-year fixed rates at 4.29%, that is a qualifying rate of 6.29%. The straight-switch exemption introduced in November 2024 applies only to renewals with no increase in loan amount or amortization, so it never covers renovation money.
The lender approves a total amount based on the as-complete appraised value, then releases it in stages, typically three to five draws, each after an inspection confirms a stage is finished. You pay interest only on funds advanced during construction, and the loan converts to a regular amortizing mortgage at completion. Lien holdback rules in your province retain part of each progress payment.
Often yes, if you have equity. B lenders and credit unions typically price about 1.0% to 2.0% above A rates with a lender fee around 1%. Private second mortgages sit around 10% to 15% interest-only with a 2% to 5% fee, to a combined loan-to-value of roughly 75% to 85%, and are not subject to the stress test. Approval is never guaranteed and depends on equity, property and exit plan.
Not always, and the assumption is expensive. Adding a legal secondary suite, a bathroom, or finished square footage usually adds measurable value. High-end finishes, pools and heavily personalised layouts often do not return their cost. Ask for an as-improved opinion of value before you spend, rather than after, especially if the plan depends on refinancing at completion.