Wondering How to Pay for Your Home Renovations?
Rita Cousins Senior Mortgage Advisor • July 13, 2020
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.
Benefits
- Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
- Pay less interest than credit card or personal loan rates
- Access funds immediately
- ๏ปฟSuitable 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!
Benefits
- 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.
Benefits
- Lower interest rates than non secured financing
- Access funds at any time
- Interest only payments
Talk to your mortgage broker today to review your renovation financing options!
Fraser Valley home prices have now fallen for seven straight months — here’s what it means for buyers and sellers. ๐ October 2025 Fraser Valley Market Overview Fraser Valley home prices have now fallen for seven straight months — the longest correction since 2019. According to the Fraser Valley Real Estate Board’s October report: ๐ Sales: 1,123 homes sold (+17% MoM / –16% YoY) ๐ Active Listings: 10,121 (+15% YoY) ๐ Sales-to-Active Ratio: 11% → firmly a buyer’s market ๐ฐ Benchmark Prices ๐ก Detached: $1,411,900 (–0.6% MoM / –5.1% YoY) ๐๏ธ Townhomes: $786,000 (–1.2% MoM / –5.6% YoY) ๐ข Condos: $506,400 (–0.8% MoM / –6.8% YoY) ๐ Composite: $919,900 (–0.7% MoM / –5.3% YoY) ๐น Interest Rates & Economy The Bank of Canada rate holds at 2.25%. Inflation is easing, but tariffs and a slower global economy add uncertainty. Major banks remain split — some expect stability through 2026, others forecast small rate cuts next year. ๐ฌ Real Client Story One of my recent clients moved from Vancouver Island to Langley to be closer to family — proof that even in a slower market, the right timing and strategy still create success. ๐ Read her review: ๐ https://rankmyagent.com/agent/reviews/171562 ๐งญ What This Means for You If you’re buying, inventory is strong and competition is light. If you’re selling, pricing for today’s reality — not last year’s memory — is key. After seven months of price declines, the market is recalibrating — not crashing. With realistic pricing and a clear plan, opportunities are still out there.
This year, as they have for years, thousands are again expected to attend Remembrance Day in Fort Langley and honour the memory of the community’s war dead at the largest memorial service in the Langley area. ๐ More Details Here
This top-floor home features a spacious layout, ample natural light, and a quiet location, just steps from shopping, parks, and public transit. Whether you're downsizing or buying your first home, this is one you’ll want to see in person. ๐More Details Here
