5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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The purchase plus improvements mortgage can be one of the most advantageous mortgages for a buyer that intends to put some work into their new home. The driving force behind the demand for such a mortgage is that a borrower can make improvements to their home and roll the costs into the mortgage rather than be out of pocket the money they spend on the upgrades to their new home. Where a first time buyer may have the 5% down payment, and the closing costs, they may not have the money to build a garage or redo the shingles on the roof which might be necessary to live in the home.

In some cases the repair may not be necessary, but preferred. By utilizing the purchase plus improvement mortgage the repairs can commence and the new home owners do not have to wait for years to accumulate the money needed for the repairs.

How does a Purchase Plus Improvements Mortgage work?

As always each lender and mortgage default insurer will have their own guidelines, but in general here are some quick guidelines:

  • If the mortgage is greater than 80% loan to value (you put less than 20% down payment) the mortgage will need to be insured with mortgage default insurance
  • Insured mortgages have set maximums which are generally less than some of the conventional (non-insured mortgage) options. For Example: Improvements cannot exceed 20% of the property lending value or $40,000.
  • Purchase Plus Improvements Example:
Purchase Price $400,000 and the buyers would like to build a detached garage that will cost $20,000 and they need to finance. They have a 10% down payment and enough money for closing costs but that’s it.
  • $400,000 * 10% = $40,000 down payment
  • $400,000 – $40,000 = $360,000 Basic Mortgage **as premiums change we have omitted the mortgage default insurance premiums in this example**
  • Once the garage has been completed, the work verified, and an appraisal done that has been approved by the lender, then $20,000 can be advanced to the lawyer to pay for the work and the mortgage is increased to $380,000
  • This means the new home owners did not have to fund the $20,000 cost of the new garage from their own money, but rather it was funded by the bank, and secured as part of their mortgage on the home
  • When qualifying for this mortgage the debt service calculations will be based on the full loan amount, not just the initial loan amount

What types of repairs normally qualify for the Purchase Plus Improvement Mortgage?

  • Garage
  • Roof
  • Kitchen Reno (not appliances)
  • Flooring
  • Driveway
  • Windows
  • Siding

Are all mortgage terms and rates available on this product?

Normally lenders that offer this product do restrict mortgage lending to certain terms. For instance they may only offer a 5 year fixed rate and limit the availability of terms less than 5 years. Some lenders even charge a higher rate to take advantage of this product offering

Do all lenders offer this product?

It is very common for lenders not to offer this product. It is hard to administer and as such you will more often than not, see this mortgage product excluded from the product mix. If you intend to utilize this product it is very important that you let your mortgage broker know from the start of your process so that you can ensure your rate hold is applicable and available for use with the purchase plus improvements mortgage product.

How many progress draws are allowed under this program?

In general if there is more than 1 or 2 draws it will be treated as a construction draw mortgage which complicates things further and changes the rules. This program is meant for simple improvements and is not meant for a major renovation which would require a more complex structure to be put I place.