Home Renovations

Canadians are a nation of renovators, turning the houses they have into the homes they want. Renovating is seen by some as an alternative to “moving up”, and is an excellent way to bolster the value of your principal asset. And why not? There’s never been a better time. With historically low interest rates, Canadians have an excellent opportunity to make their renovation dreams come true.

If your renovation project includes some energy-saving home improvements, you may also be able to tap into grant money under the ecoENERGY retrofit and other government and local programs. But what about the upfront financing for larger projects?

If you’ve built some equity in your home, you may be able to unlock the financing you need for those projects.

Assuming your current mortgage is $150,000, here’s an example of how you can roll your renovation cost into your mortgage and have one, easy monthly payment. You can then use your prepayment privileges to pay your renovation project off faster.

Renovation	Cost Mortgage	Amount Monthly Payment*
$20,000	$170,000	$917
$40,000	$190,000	$1,025
$60,000	$210,000	$1,133

*Assumes 4.25% 5-year rate, 25-year amortization. OAC

Want another reason to renovate now? It pays to renovate. The right improvements will boost the value of your home. So you’re building on your biggest investment – while you enjoy your improvements every day. If you’re interested in renovating, a great place to begin is a call with our mortgage planners.