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Improvement Quotes

Understand the role of improvement quotes in Canadian real estate financing, how they affect renovation loans, and why accurate estimates are essential.

Improvement Quotes

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

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

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