The RBC Green Home Mortgage

An RBC Green Home Mortgage aims to make owning an energy-efficient home accessible, with
lower mortgage payments combined with the potentially reduced operating costs of the home itself.

What is an energy-efficient home?

An energy-efficient or “green” home is designed to be more environmentally sustainable, compared to a traditionally built new home, by relying on less energy. The home should have all or most of the following features for high energy performance and reduced or no greenhouse gas emissions:

  • High R-value insulation
  • High-efficiency windows and doors
  • Smart and energy-efficient lighting
  • Onsite renewable energy generation, such as a solar
  • panel system
  • A programmable and high-efficiency heating and cooling system

Depending on the individual building certifications,energy-efficient homes typically have an energy performance considerably better than traditionally built homes.

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The benefits of the RBC Green Home Mortgage

Lower monthly mortgage payments

An RBC Green Home Mortgage comes with the option to extend the amortization period to up to 35 years (compared to a traditional mortgage with a 30-year amortization).

Financing for upgrades

You may want to include the costs of energy-efficient upgrades you select as part of your purchase price. Speak to your RBC mortgage advisor to learn more.

Complete your mortgage from the comfort of your home

As always you can connect with an RBC mortgage advisor online or by phone and complete your documents electronically. It’s simple, convenient and secure.

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PLUS...

You may be eligible for one of our current in-market mortgage offers,depending on your purchase date.

Mortgage default insurance is a requirement of the Bank Act as a condition to obtain mortgage financing when homebuyers make less than a 20% down payment towards the purchase price of a home.

When you apply for your RBC Green Home Mortgage to purchase and own an energy-efficient home, you can also apply for a 25% partial premium refund.

* RBC Green Home Mortgage is a loan secured against residential property, where the residential property meets a certain energy efficient standard. Only certain properties are eligible for the RBC Green Home Mortgage program. RBC’s standard lending criteria applies. RBC may in its sole and absolute discretion determine the energy efficient standards and criteria that apply. The residential home must have: (1) received, or expect to receive based on their design, construction and operation plans, certification according to third-party verified building standards, for example, but not limited to, ENERGY STAR for New Homes, LEED, Canadian Home Builders Association, BC Energy Step Code; or (2) achieved, based on a third-party assessment, GHG emissions performance in the top 15% of their city. The borrower will be required to provide evidence in a form and substance satisfactory to RBC that confirms the home meets the energy efficient standard RBC applies at the time of closing.

1 Must be purchased from an accredited RBC Preferred Builder which has provided evidence to RBC that the home is going to be certified. Some of the common certifications eligible under the Green Home Program are, but may not be limited to, ENERGY STAR for New Homes (Version 17.1+), LEEDs Canada for Homes (Gold or Platinum), Toronto Green Standards V.4+, BC Step Code Step 4 (part 9) and Step 3 (part 3), CHBA’s Net Zero and Net Zero Ready. This list is based on RBC’s Sustainable Finance Framework and subject to change without further notice.

2 Subject to eligibility. Selecting a longer amortization could potentially result in higher total interest costs. Upfront premium discount to further lower mortgage payments is available through CMHC and for select eligible homes.

3 For more information on how energy efficient enhancements could lower home operating costs visit: https://www.enerquality.ca/certification/(external site opens in a new window) and https://natural-resources.canada.ca/energy-efficiency/energy-star/new-homes/energy-starr-certified-homes.

4 A 25% mortgage insurance premium rebate is available if your new build home falls under the CMHC Eco Plus program, Sagen Energy Efficient Housing Program or Canada Guaranty Energy- Efficient Advantage Program. For additional information about the mortgage default insurance premiums and rates, please visit cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-eco-programs/cmhc-eco-plus.

** Source: RBC Thought Leadership article, https://thoughtleadership.rbc.com/high-rise-low-carbon-canadas-40-billion-net-zero-building-challenge/

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