Purchase Plus Improvements

Tanya Toye • April 26, 2023

The best place to start the mortgage process is with a pre-approval. But once you’ve been pre-approved for a mortgage and you’ve been shopping with location in mind, what happens when you can’t find a suitable property?


There's no doubt about it; finding the perfect property within your price range is a difficult task, especially for first-time homebuyers. So, before buyer’s fatigue sets in, maybe you should consider adding the cost of renovations into your purchase.


Buying a property and including the cost of renovations into the mortgage is available through a program called purchase plus improvements. When purchasing a home, you can add the cost of home upgrades into your mortgage, making it a great option if you can’t find something move-in ready and aren’t afraid to do a little work!


But while this sounds simple enough, in all honestly, it’s quite the process. There are some pretty strict rules to follow, but nothing that you can’t handle with the guidance of an independent mortgage professional.


Here’s a quick overview of the process. Firstly, you must provide quotes to the lender ahead of time for the work you would like to complete. It’s good to note that the renovations will have to increase the value of the property accordingly. From there, the lender doesn’t give you the money to do the upgrades; you have to come up with that yourself. However, once the work has been completed and verified by an appraiser, the lender will reimburse you and include the money in your mortgage.


This program isn’t for everyone. Buying a home is a stressful endeavour in and of itself. The added stress of having to undertake renovations right away might not be a good idea. But then again, if you have the financial wherewithal to handle the cost of renovations and like the idea of making it yours from the start, then this might be just the option you’ve been looking for!


Please connect directly; it would be a pleasure to walk through the exact process and outline what securing a purchase plus improvements would look like for you!

Tanya Toye

Mortgage Broker

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Employment and Mortgage Qualification: What Lenders Look For

By Tanya Toye • September 30, 2026
When you apply for a mortgage, your employment history and status carry a lot of weight. Even if you feel secure in your job, lenders need proof that your income is reliable and will continue. To them, your employment status is one of the strongest indicators of whether you can make your mortgage payments long term. Here’s how lenders typically view different employment situations: Permanent Employment This is the gold standard. Once you’ve passed any probationary period and hold permanent status, lenders see you as a lower risk. It shows that your employer is committed to you, and your income is steady. Probationary Periods If you’re still on probation—usually 3 to 6 months, though sometimes longer—lenders may hesitate. That’s because your employer can end your contract without cause during this period. Once probation is over, you’re considered more secure. That said, context matters. If you’ve worked with the same company for years as a contractor and just transitioned into full-time employment, lenders may accept a letter from your employer confirming that probation is waived. Documentation is key here. Parental Leave Being on or about to take parental leave doesn’t mean you can’t qualify for a mortgage. As long as you have a letter from your employer guaranteeing your position and return-to-work date, lenders can use your regular salary—not your leave income—when assessing your application. Term Contracts This is one of the trickiest categories. Even highly skilled professionals with strong incomes can face challenges here. A term contract has a start and end date, which makes lenders question the stability of your future income. To use term-contract income, lenders generally want to see at least two years of history, or proof that your contract has already been renewed. The more evidence you can show of consistent employment, the stronger your case will be. The Bottom Line If you’re planning to apply for a mortgage, it’s important to understand how your employment status could affect your approval. Whether you’re starting a new job, coming back from leave, or working under contract, lenders want documentation that proves your income is reliable. 📞 If you’ve recently changed jobs or are planning a career shift, let’s connect. I can help you prepare your file so you qualify with confidence and avoid surprises in the approval process.

Homeowner Credit is Becoming Part of the Longer-Term Financial Conversation

By Tanya Toye • September 29, 2026
Credit has traditionally been viewed as something you use for a specific purpose: buying a home, financing a major purchase or covering an unexpected expense. But with higher living costs, slower economic conditions and less financial flexibility, credit is increasingly becoming part of a longer-term financial conversation. That doesn’t mean taking on debt indefinitely or relying on borrowing to solve every financial challenge. But it’s important to understand the tools available and the necessity of making thoughtful decisions about when and how credit may fit into your broader financial plan. A Fresh Take on Credit In many ways, households are beginning to approach financial management with more of a business mindset. Businesses regularly evaluate cashflow, consider available sources of financing and balance immediate needs against longer-term objectives. They don’t necessarily borrow simply because credit is available. They consider why they need the funds, what the financing will cost and how it fits into their overall strategy. The same thinking can be useful for homeowners. When household budgets are under pressure, the question isn’t always, “How can I avoid using credit?” It may also be, “What options are available and do any of them make sense for my situation?” That could mean refinancing, consolidating certain debts, using a home equity line of credit or considering another form of financing. The appropriate option depends on your circumstances, objectives and ability to manage the associated costs.  Home Equity May Be Part of the Conversation For homeowners who have built significant equity, your home can represent an important financial resource. That’s one reason I’m seeing more openness to conversations about reverse mortgages. A reverse mortgage isn’t appropriate for everyone, and it shouldn’t be viewed as a simple solution to financial challenges. For the right homeowner and in the right circumstances, however, it may provide access to home equity and improve cashflow without requiring you to sell or move. The important thing is understanding how the option works, what it costs and how it affects your broader financial picture. Credit Requires Discipline Regardless of the type of credit being considered, having a plan is essential. Before taking on additional borrowing costs, it’s worthwhile understanding why you need the funds, how much is appropriate, the overall cost of borrowing and how your longer-term repayment or exit strategy looks. Credit can provide flexibility when financial circumstances are changing. But its value comes from using it intentionally and responsibly – as one part of a larger plan designed to support financial stability and resilience. The goal isn’t simply to borrow more – it’s to understand your options and make credit work within a financial strategy that makes sense for you. Let’s talk about how you may be able to leverage credit to your advantage. Contact Tanya: 604-788-8693 | tanya@tanyatoye.ca