Wondering how to pay for your home renovation?

Are you contemplating hardwood floors, a new kitchen or energy efficient solutions for your existing or new home?  Are you wondering how to pay for this renovation project?

Take a look at these affordable financing solutions to renovate the home of your dreams

Mortgage Refinancing

Take advantage of record low interest rates and spread your renovation financing repayment over a long period of time by refinancing your mortgage.


  • Borrow up to 85% of your home’s appraised value (less any outstanding mortgage balance).
  • Pay less interest than credit card or personal loan rates
  • Access funds immediately
  • Suitable for large scale renovations

Financing improvements upon-purchase

Finance your renovation project at the time of a new purchase by adding the estimated costs to your mortgage with CMHC Mortgage Loan Insurance. You can obtain financing with only 5% down payment for both the purchase of your home and the renovations for up to 95% of the value after renovations!


  • Funds advanced for up to 95% of the value after renovations
  • No additional fees or premiums for progress advances
  • Competitive interest rates
  • CMHC issues premium rebates for Energy saving renovations

Secured Line of Credit & Home Equity Loans

Use a secured line of credit or home equity loan to pay for your renovation. Securing your renovation loan against the equity in your home can typically be up to 80% of the property value; accessible at any time.


  • Lower interest rates than non secured financing
  • Access funds at any time
  • Interest only payments