You love that home but don’t have money for renovations?  Yes, you do! Learn how the “Canadian Home Customization Plan” is helping homebuyers find their dream home.

FACT – 95% of buyers report that on showings there is always “something” they would like to change with the house and will simply move on to the next listing because they do not think renovations are even possible.

The CHRP is a financing program that provides buyers (first-time and repeat buyers) the opportunity to add to their mortgage up to 10% of the purchase price to a maximum of 40k for renovations to customize the home to their tastes.  Chattels (i.e. – furniture, appliances, blinds – items that are not affixed to the property) cannot be included in the improvements amount.

Key advantages of using this program:

  • Allows you to personalize a new home to your own taste
  • Potentially decreases the amount of homes you view while searching for your new home
  • Saves thousands in interest compared to financing renovations outside of your mortgage
  • Allows you to revisit properties you previously may have walked away from

Here are some examples of how the program can be used to customize your new home:

  • kitchen renovation
  • finish basement into a suite for rental income
  • new flooring
  • bathroom renovation
  • new roof
  • painting
  • electrical fixtures
  • when in doubt, if it adds value and improves the home then it will qualify!

Why is this program so handy?

This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.


  • Purchase Price $500,000
  • Renovations/improvements costs $25,000
  • Total Purchase Price including renovations/improvements $525,000
  • Lending Value $525,000
  • Minimum 5% down payment $27,500 (5% of total Lending Value)
  • With the addition of the 25k improvements your down payment needs to be increased by only $1,250.00.

Steps involved to utilize this program:

  1. Discuss with the Morrison Mortgage Team in order to find out if this program is best suited for your situation.
  2. Provide quotations, for the improvements you would like to add to your mortgage, to the Morrison Mortgage Team from a contractor/tradesman in order to submit for lender approval.
  3. Once you take possession of your new home begin the work asap. Once you have completed the work please contact Morrison Mortgage Team to advise as the lender requires an inspection to confirm work is complete.
  4. Once the inspection has been completed the holdback of improvement funds will be provided to you by your solicitor/notary.

PLEASE NOTE: this program is similar to a construction mortgage where the money is provided to you once the improvements have been completed. If your contractor/tradesman requires a deposit or payment prior to all work being complete you will have to provide this from your own resources.

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