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Purchase Advantage Plus™

In a market where rising house prices make it difficult to find (and afford) your dream home, seeing the potential in a more attainable property, which may require a few renovations and some TLC, can often lead to creating the home of your dreams!

Canada Guaranty recognizes that home improvements are one of the wisest investments a borrower can make. The Purchase Advantage Plus™ product allows borrowers to complete desired upgrades and enhancements when they first move in, by including those costs within one easy-to-manage mortgage loan.


  • Standard premium rates apply.
  • Low minimum down payment of 5% (for 1-2 units).
  • Lending value is based on the lesser of the improved property value or the purchase price, plus direct costs associated with the improvements.
  • Ability to complete minor renovations or improvements when first taking possession of the home.
  • Allows one to take advantage of lower interest rates on the mortgage loan as opposed to using high interest rate credit cards or personal lines of credit to finance the improvements.
  • Assists in budgeting for the completed renovations versus incurring additional monthly payments for renovations at a later time.


1. Quotes must be provided:
The borrower is required to provide a list of quotes representing the amount or value for the work that will be completed.

2. The lending value of the home must be determined:
The lending value is based on the lesser of the improved property value or the purchase price, plus all costs associated with the improvements.

3. The mortgage amount must then be determined:
Once the lending value is determined, the down payment is taken into account, the appropriate insurance premium is calculated and the final mortgage amount is advanced.


For complete product guidelines and applicable premium rates, please visit the Canada Guaranty website to review the Purchase Advantage Plus™ product sheet. To discuss whether your clients qualify for approval, please contact your dedicated Account Executive or speak directly with a Canada Guaranty Underwriter at: 1.877.244.8422

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