New Construction Mortgage
New Construction Mortgage — Winnipeg
Financing your new build — whether it’s a custom home you’re constructing, a spec home purchase from a Manitoba builder, or a self-build on land you own.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
Five highlights of new construction mortgage in Winnipeg.
Progress draw mortgages
funds released in 3-5 stages as construction hits milestones (foundation, framing, lock-up, drywall, completion).
Completion mortgages
for buying a builder’s spec home; funds at possession, like a standard resale purchase.
Land + build combined financing on approved lots.
Builder relationships
we’ve financed clients through most Manitoba builders including Randall Homes, Ventura, Broadview, and Qualico.
New home warranty
we confirm your builder is registered with Manitoba’s New Home Warranty program before we fund.
Three Types of New Construction Financing
Type 1 — Builder’s Spec Home (Completion Mortgage): builder finishes the home, you take possession and financing at completion. Same as buying resale, except you sign the purchase agreement pre-completion — a standard pre-approval works.
Type 2 — Custom Build with a Builder (Progress Draw): you’ve hired a builder to construct on land you own or are purchasing. The lender releases funds in stages tied to construction progress, verified by on-site inspections, with interest-only payments during construction.
Type 3 — Self-Build (Owner-Builder): you’re general contractor on your own build. Hardest to finance — few lenders offer owner-builder programs, and those that do want extensive experience or a proven builder consultant.
Signs You Need a New Construction Broker
Your builder is on the smaller side
some lenders only fund builds by their approved builder list.
You’re doing a progress-draw self-build
very lender-specific expertise required.
You need land + construction combined financing.
Your builder’s completion is 6+ months out
you need extended rate holds or float-down provisions.
You’re building outside Winnipeg
rural or acreage builds require specialized lenders.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our New Construction Process
Discovery
builder, lot, timeline, and financing type (completion vs. progress draw).
Builder verification
confirm registration with Manitoba’s New Home Warranty program.
Pre-approval + rate hold
extended holds arranged for longer builds.
Draw coordination
appraiser confirms each construction milestone before funds release.
Completion + funding
final draw releases at possession; regular mortgage payments begin.
Frequently asked questions about new construction mortgage.
Still wondering about something? A quick, no-pressure call clears it up fastest.
A new construction mortgage in Canada is a loan that finances a newly built home — either as a completion mortgage (funded at possession from a builder) or a progress draw mortgage (funded in stages during construction). Both types are available in Manitoba, with different qualification and documentation requirements.
A progress draw mortgage in Manitoba releases funds in 3-5 stages as construction milestones are hit — typically foundation, framing, lock-up, drywall, and final completion. At each stage, an appraiser confirms the work, and the lender releases the corresponding portion of the mortgage. You pay interest-only on the drawn amount during construction.
Yes, you can get a mortgage before your new home is built in Winnipeg. Progress-draw mortgages fund during construction; pre-approvals with builders lock in a rate before you sign a purchase agreement on a spec home. Rate holds of 6-12 months are common for new construction.
No, you do not need a bigger down payment for a new construction home — the same minimum-down rules apply as for resale (5% on first $500K, 10% on the portion above, up to $1M home price). However, some lenders prefer 10-20% down on progress-draw builds for risk management.
Yes, new construction includes a warranty in Manitoba through the New Home Warranty Program of Manitoba (NHWPM) — mandatory for registered builders. Coverage includes 1-year workmanship and materials, 2-year mechanical systems, 5-year building envelope, and 10-year major structural defect.
A completion mortgage is the standard mortgage used when buying a newly built home from a builder — funds are released to the builder at the moment you take possession, similar to any resale purchase. Your closing date is your possession date, and you begin regular mortgage payments the following month.
Let’s talk about your new construction mortgage.
Free consultation with a licensed Manitoba mortgage broker — no pressure, no cost.