Using a Progress Draw Mortgage

Planning to build a new home? A progress draw mortgage may allow you to complete the lot purchase and construction process through scheduled payments based on the terms of your mortgage agreement. The City will work with your lawyer and lender to complete the purchase process.

📋 Homeowner Purchase Terms

• A 10% deposit is required when the Sales Agreement is signed.
• Construction must begin within six (6) months of placing the deposit.
• The remaining lot balance must be paid within 12 months of placing the deposit.

🏦 Eligible Lenders

A progress draw mortgage must be provided by a Canadian chartered bank or credit union authorized to do business in Canada.

Please note: Progress draw mortgages must meet the City’s requirements and be provided by an eligible lender.