Posted on
March 17, 2025
by
Melissa Thimot
Spring is just around the corner -- even if there’s still snow on the ground! As the weather warms up, many homeowners start thinking about renovations to refresh their space, improve energy efficiency, or add value to their property.
Whether you're upgrading your kitchen, adding a rental suite, or making energy-efficient improvements, there are several financing options to help make your project a reality.
One of the most cost-effective ways to fund a renovation is by leveraging your mortgage:
Refinancing: If your home’s value has increased, you may be able to refinance your mortgage and access additional funds at a lower interest rate compared to personal loans or credit cards.
Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home equity, giving you flexibility to withdraw funds as needed during your renovation.
Purchase Plus Improvements Mortgage: If you’re buying a home that needs work, this option lets you roll renovation costs into your mortgage right from the start.
Renovation-specific loans: Some lenders offer loans specifically designed for home renovations, providing structured repayment terms and competitive rates.
Government programs to consider
There are also government-backed programs designed to support home renovations:
Greener Homes Loan: If you’re planning energy-efficient upgrades like new insulation, windows, or a heat pump, you could qualify for an interest-free loan of up to $40,000 through this federal program.
Secondary Suites Loan: Homeowners looking to create a legal secondary suite may be eligible for financing assistance to help offset construction costs. This is particularly beneficial if you plan to rent out the space for additional income.
Provincial rebates and incentives: Many provinces offer additional rebates and incentives for energy-efficient home upgrades, such as grants for solar panels, insulation, and high-efficiency heating systems. These programs vary by province and can help offset renovation costs significantly, making eco-friendly upgrades more affordable.
Municipal incentives: Some cities and municipalities also provide rebates or financing for home improvements, particularly those focused on sustainability and accessibility. Happy to share if there are any additional programs in your area.
Finding the right option for you
Each financing option has its benefits and requirements, so it’s crucial to find what fits your needs.
Consider factors like interest rates, repayment flexibility, and eligibility criteria before making a decision.
No matter the size of your project, the right financing can bring your vision to life without added financial stress.
Thinking about a spring reno? Let’s explore your options -- reach out today!
Paul Macara
Mortgage Professional
(250) 857-4741
paul@macaramortgages.com
