Home Renovation Loans in Canada

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Quick answer

Quick answer (Canada): A home renovation loan provides funds for approved upgrades, often rolled into your mortgage or structured as a stand-alone loan or line of credit. Lenders release funds in stages or after inspection. Approval depends on income, credit, equity, and project details.

Learn more about renovation financing programs from the Canada Mortgage and Housing Corporation (CMHC).

Unlock the funds you need to upgrade your home. Whether it’s a kitchen, bathroom, or major addition, we package your project, compare 100+ lenders, and align cash flow so your vision becomes reality with less stress.

Common Renovation Challenges, Genesis Solutions

  • Not sure which loan fits best. We compare refinance, HELOC, or stand-alone renovation loan options.
  • Worried about cash flow during upgrades. Staged or post-completion holdbacks minimize out-of-pocket costs.
  • Confusion on qualifying renovations. We align quotes to lender and insurer rules to avoid delays.
  • Unexpected costs mid-project. We model contingencies and compare alternative paths.
  • Concern about breaking a mortgage term. We weigh penalties vs savings and show refinance vs second mortgage paths.

Why Choose Genesis Group for Home Renovation Loans

  • 100+ lenders compared. Banks, credit unions, alt-A, and private funds.
  • Renovation savvy. We package quotes to match lender expectations.
  • One-stop solution. From pre-approval to appraisal to legal, we manage it all.
  • Flexible structures. Refinance, HELOC, or blended solutions modeled side by side.
  • Client-first approach. Transparent timelines and clear cost breakdowns.

How It Works

  1. Apply in minutes. Share your renovation goals and budget.
  2. Quotes and appraisal. We align project quotes with policy and confirm as-improved value if needed.
  3. Approval with holdback. Renovation amount added to your mortgage or structured as a separate facility.
  4. Close smoothly. Lawyer manages holdback and funding process.
  5. Complete upgrades. Inspector verifies work, then holdback releases.

Soft check • No impact on credit • FSRA-licensed

Getting the right mortgage rate gif-The Genesis Group

5 Year - Fixed Term from

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No cost, no obligation—just your best rate in minutes.

At Genesis, we’re dedicated to securing the lowest rate possible for you. Your personalized rate depends on factors like credit score and home equity, in line with Canadian regulations. Get your tailored details quickly—with zero cost, zero obligation, and total peace of mind.

Term
Rates From
Payments as low as
1 Year Fixed
5.79%
$3,157/mo
2 Year Fixed
4.84%
$2,876/mo
3 Year Fixed
3.99%
$1,970/mo
4 Year Fixed
4.59%
$2,804/mo
5 Year Open
4.95%
$2,908/mo
5 Year Variable
4.45%
$2,736/mo
Illustration purposes only. Use our Genesis Mortgage Calculator for a more detailed look.

Discover the Key Benefits of Choosing Home Renovation Loans
with Genesis Group.

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  • The Genesis Group exceeded my expectations! Purchasing an investment can be a scary process especially during this unprecedented time. I had the pleasure of working with Kirk and his assistant... read more

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    12/13/2024

    As a first-time homebuyer, navigating the mortgage process can be incredibly daunting, but The Genesis Group made it not only manageable but truly rewarding. I had the distinct pleasure of... read more

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    05/13/2024
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    11/13/2024

    If getting a mortgage was an Olympic sport, these guys would take gold—blindfolded, on a unicycle, while juggling flaming swords. They made the process so smooth, I was half convinced... read more

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Real results for Canadian homeowners

Kitchen transformation

Client added $40k in upgrades into their mortgage with minimal cash outlay.

Read case study

Basement finishing

Holdback released on inspection allowed client to build income suite.

Read case study

Compare paths

Modeled refinance vs HELOC vs loan for clarity on lowest total cost.

More success stories

FAQs About Home Renovation Loans

What is a home renovation loan in Canada and how does it work?

A home renovation loan provides funds to upgrade your property. It can be added to your mortgage at purchase, set up as a refinance of your existing mortgage, or arranged as a separate loan or line of credit. Funds are often released in stages or after inspection to confirm the work was completed as quoted.

What is the difference between a home renovation loan and a mortgage for renovations?

A renovation loan can be a stand-alone loan or line of credit. A mortgage for renovations usually rolls approved costs into your mortgage through a refinance or a purchase-plus-improvement program. We compare both and size the structure to your budget.

Can I add renovation costs to my mortgage when buying a home?

Yes. With a purchase plus improvement program you provide contractor quotes up front. The improvement amount is included in your approval and funds are released after the work is verified. See the related option: Purchase Plus Improvement.

Do I need an appraisal or inspections for a renovation mortgage?

Most lenders require an appraisal and may use staged inspections or a final inspection before releasing funds. We align quotes to policy so the appraiser and lawyer know exactly what to verify.

Is a HELOC better than a renovation loan for my project?

A HELOC offers flexible, interest-only access as you draw funds; a renovation loan or refinance can lock in a lower fixed payment. We model both paths and show total cost and cash flow. Learn more: HELOC in Canada.

How much can I borrow for home renovations in Canada?

Limits depend on equity, credit profile, income, and program rules. We size the loan using verified quotes and, when needed, the as-improved value. Start with the Mortgage Payment Calculator.

What documents do lenders ask for on a renovation mortgage?

Expect ID, income documents, recent mortgage statements, property tax bill, contractor quotes, and a budget or scope of work. If buying, include the purchase agreement and deposit proof. We give you a tidy checklist to keep things moving.

Are there extra costs with a mortgage for renovations?

Budget for appraisal and legal fees and, in some cases, lender or inspection fees. If you refinance mid-term, a prepayment penalty may apply. We compare total costs so the choice is clear. Review the Closing Costs Guide.

Get started

Ready to upgrade your home without the stress? We’ll package your quotes, negotiate the market, and guide every step until your dream space is complete.

Soft check • No impact on credit • FSRA-licensed

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5 Year - Variable

4.45%

This exclusive rate is available for High Ratio Mortgages and applies to both new purchases and some mortgage switches. With a guaranteed rate of Prime -1.00%, you’ll enjoy the freedom to make extra payments or increase your monthly payments by up to 20% per year.

And the best part? This is a full-frills mortgage—no hidden surprises or restrictive clauses like a bona fide sales clause!

Prime Rate @ 5.45%

4.45% - 5.50%

If you don’t qualify for our lowest advertised rate, don’t worry! We have other competitive options tailored to your needs. Factors such as your credit score and home equity will determine your final rate.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

5 Year - Open

4.95%

Enjoy a rate discount starting from Prime -0.50% for your term. This 5-year Adjustable Rate Mortgage (ARM) offers unmatched flexibility: pay it, lock it, break it, or change it—with no restrictions or penalties.

Perfect for insured, insurable, and uninsured new purchases and switches, this option is available for owner-occupied properties only.

Prime Rate @ 5.45%

4.95% - 6.75%

If you don’t qualify for our lowest advertised rate, don’t worry—there are still excellent low-rate options for you! Your final rate depends on factors such as your credit rating and home equity.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

5 Year - Fixed

4.24%

Lock in this competitive rate for High Ratio purchases! Enjoy the flexibility of making up to 20% lump sum payments annually, plus the option to increase your regular payments by up to 20%—perfect for managing your mortgage your way. Secure this rate for up to 120 days, giving you the confidence to plan ahead.

4.24% - 5.69%

Even if you don’t qualify for our lowest advertised rate, we’re here to help with a variety of competitive options designed to meet your needs. The rates above reflect realistic possibilities based on factors such as your credit score, home equity, and financial profile.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

4 Year - Fixed

4.59%

Take advantage of this competitive rate available for High Ratio purchases and select Insured transfers! Enjoy the flexibility of making up to 20% lump sum payments annually and increasing your regular payments by up to 20%. This is a full-featured mortgage designed to give you the freedom and flexibility you need. 

4.59% - 6.84%

If you don’t qualify for our lowest advertised rate, don’t worry—we’ve got a variety of low-rate options to fit your needs. The rates shown above reflect realistic scenarios and are influenced by factors like credit score, home equity, and financial profile.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

3 Year - Fixed

4.39%

Take advantage of this fantastic rate available exclusively for High Ratio deals! With the flexibility to make up to 15% lump sum payments annually and the option to increase your regular payments by up to 15%, this is a full-featured mortgage that adapts to your needs. Lock in this rate for up to 120 days and plan your homeownership journey with confidence.

4.39% - 5.79%

Don’t worry if you don’t qualify for our lowest advertised rate—we’ve got you covered with a range of low-rate options tailored to fit your unique circumstances. The rates above reflect realistic scenarios based on factors such as credit score, home equity, and financial profile.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

2 Year - Fixed

4.84%

Lock in this competitive rate for High Ratio purchases! Enjoy the flexibility of making up to 20% lump sum payments annually, plus the option to increase your regular payments by up to 20%—perfect for managing your mortgage your way. Secure this rate for up to 120 days, giving you the confidence to plan ahead.

4.84% - 6.19%

Even if you don’t qualify for our lowest advertised rate, we’re here to help with a variety of competitive options designed to meet your needs. The rates above reflect realistic possibilities based on factors such as your credit score, home equity, and financial profile.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

1 Year - Fixed

5.49%

Unlock this exclusive low rate for High Ratio purchases and Switches. Enjoy up to 20% lump sum payments annually and the flexibility to increase your payments by 20%! Plus, lock in this fully-loaded mortgage rate for up to 120 days—no hidden restrictions, just exceptional value.

5.49% - 6.99%

Even if you don’t qualify for our lowest rate, we’ve got plenty of low-rate options tailored to fit your unique situation. Your final rate depends on factors like your home equity and credit score, but with Genesis, you’ll always get the best-possible rate for your needs.

Note: Additional premiums may apply for rental properties, extended amortizations, non-standard properties, or alternative lending solutions.

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