Improvement Quotes
Understand the role of improvement quotes in Canadian real estate financing, how they affect renovation loans, and why accurate estimates are essential.
May 22, 2025
What are Improvement Quotes?
Improvement quotes are written estimates detailing the cost of planned renovations or upgrades to a property, typically required during mortgage applications or renovation planning.
Why Improvement Quotes Matter in Real Estate
In Canadian real estate, lenders often require improvement quotes when buyers apply for a Purchase Plus Improvements Mortgage or renovation loan. These quotes help verify the scope, budget, and feasibility of proposed upgrades.
Key details in an improvement quote include:- Itemized list of materials and labour
- Contractor contact information and credentials
- Estimated start and completion dates
- Total projected cost including taxes
Lenders use quotes to determine the additional funds to include in a mortgage. Funds are usually released after work is completed and verified. Buyers should obtain quotes from licensed and insured professionals to ensure lender acceptance.
Quotes also aid in comparing contractor bids and help property owners budget accurately for improvements. Having reliable improvement quotes supports both financing and project planning.
Example of Improvement Quotes
A buyer submits two improvement quotes totaling $30,000 for a new roof and energy-efficient windows, securing additional financing under a Purchase Plus Improvements Mortgage.
Key Takeaways
- Provide cost breakdown for property upgrades.
- Required for renovation financing approval.
- Must be detailed and contractor-issued.
- Help with budgeting and project planning.
- Funds released after verified completion.
Related Terms
- Purchase Plus Improvements Mortgage
- Home Renovation Loan
- Contractor Estimate
- Refinance
- Home Appraisal
The 8530 Cambie Street site in Vancouver, directly adjacent to Marine Drive Station. / Perkins&Will, PCI Developments
A sketch of Marine Gateway (left) and Marine Gateway 2 (right). / Perkins&Will, PCI Developments 
A rendering of Marine Gateway 2 at 8530 Cambie Street from along Cambie Street. / Perkins&Will, PCI Developments 
An aerial rendering of Marine Gateway (south) and Marine Gateway 2 (north). / Perkins&Will, PCI Developments 
A side view of Marine Gateway 2 and the layout and elevations of the industrial and retail space. / Perkins&Will, PCI Developments
A rendering of the elevated park at Marine Gateway 2. / Perkins&Will, PCI Developments 
Left: 1675-1685 Eglinton — Right: 1711-1741 Eglinton/Kirkor Architects and Planners, Shelborne Capital
101 Spadina/Audax, Devron Developments
340-376R Dufferin and 2 Melbourne/Sweeny &Co Architects Inc., Hullmark
1705 Weston/Graziani + Corazza Architects, Altree Developments
1276 Islington/Kirkor Architects and Planners, Ranee Management
3725 Bloor/Montgomery Sisam Architects Inc.
2-12 Cawthra/ZAS Architects + Interiors Inc, BV Realty Partners
The 807-815 Hornby Street site and its surrounding context, including nearby hotels. / Boniface Oleksiuk Politano Architects, Reliance Properties
A rendering of the hotel and residential lobbies along Hornby Street. / Boniface Oleksiuk Politano Architects, Reliance Properties
A rendering of the building from the corner of Hornby Street and Robson Street. / Boniface Oleksiuk Politano Architects, Reliance Properties
Renderings of the 35-storey tower proposed for 807-815 Hornby Street in Vancouver. / Boniface Oleksiuk Politano Architects, Reliance Properties