New home construction mortgage

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Mark Bernhardt’s home is one of BC’s first Passive House buildings.

A new build is an opportunity to choose materials and features that may increase energy efficiency, lower your bills and add to your home’s resale value. A construction mortgage can help streamline your planning process, simplify your repayments and minimize costs where it matters most — at the start of your project.

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Key features.

Access to funds up front.

Get up to 80%* of the value of the home you plan to build so you can pay for each stage of construction as it happens.

Once your home or residential building is finished, the loan becomes a conventional mortgage with the fixed-term interest rate you locked in when you applied.

120-day guarantee on rates and terms.

Guarantee is subject to pre-approval, and the rate you get will depend on what you intend to do with the home:

Our fixed-term mortgage rates (3 years or longer) are great if you’re building a principal residence, even if it also includes a rental suite or laneway home.
Our 5-year Homeprime Open Term mortgage will help you avoid any early payment fees if you’re building a revenue-generating property or speculative construction project.

More to love about this mortgage.

Financing for up to 80% of the finished market value of your home (terms and conditions apply)

Your down payment will depend on the amount you’d like to borrow to pay for construction.

18-month build periods

You’ll only need to repay the interest on the amount that you’ve been advanced for the first 18 months of construction, or until the work on your home has been completed — whichever comes first.

Use your rental offset to help with qualification

If you’re building with potential suites or a laneway home, you can use the income from these properties to help you qualify for a mortgage on a higher purchasing price than you would otherwise.

Choose your rates, term and amortization

With a construction mortgage, you can choose from a variety of mortgage options to find the rates and terms for your lifestyle and budget. Explore all Vancity mortgage rates.

One of our mortgage specialists can help you understand the fees that may apply to the type of home you’re building.

Eligibility.

You are at least 19 years old.

You live in British Columbia and have a BC address.

The home you’re looking to purchase or build is in British Columbia.

You pass the stress test.

The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you'll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).

Take the next step.

Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.

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For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.

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Featured member: Bernhardt Contracting

Mark Bernhardt lives in a house that consumes up to 90% less heating and cooling energy than the norm, that never gets drafty in winter or overheated in summer. His family home is one of the first examples of a Passive House in BC. And he continues to build energy efficient houses and condos with his company Bernhard Contracting.

“One of the things that we really appreciated from Vancity is that they effectively took a risk on us,” he adds. “We were a relatively inexperienced developer and a relatively small building company. That willingness to put their money where their mouth is in terms of environmental sustainability is what draws us back to them every time. It’s incredible to have that kind of ally.”

Learn about how we aim to be Net-zero by 2040

Construction mortgage

Construction mortgage

Get building.

Key features.

Access to funds up front.

120-day guarantee on rates and terms.

More to love about this mortgage.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.

Featured member: Bernhardt Contracting

Construction mortgage

Construction mortgage

Get building.

Key features.

Access to funds up front.

120-day guarantee on rates and terms.

More to love about this mortgage.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

Explore other mortgage types.

Laneway house mortgage

Planet-Wise™ teardown financing

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.

Featured member: Bernhardt Contracting