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More information

Clarence Maquito, Real Estate Broker

Sutton Group-Admiral Realty Inc, Brokerage

Direct: 416-930-2021

Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that you, as a buyer, may wish to make to your newly-acquired home.

This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. You can obtain a single first mortgage, make a single mortgage payment, and benefit from first mortgage interest rates.


The insured loan will be based on the lower of:

  • The purchase price plus the actual cost of improvements, or,

  • The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.

Applicants must have the following:

  • A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements)

  • Cost estimates for renovations/improvements

  • Qualifications to obtain a CMHC-insured loan through an approved lender

  • For more information, please call CMHC at (416) 221-2642 or visit



Purchase Price


Renovations/Improvements Costs


Total Cost


Lending Value


Maximum Mortgage (95%)


Minimum 5% Down Payment

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