VANCOUVER, B.C.–Vancity Credit Union said it is expanding its home renovation financing program to cover wildfire protection improvements, becoming the first financial institution in British Columbia to offer a lending option aligned with FireSmart BC recommendations.
Vancity said its Planet-Wise Home Renovation program will now provide financing for wildfire mitigation improvements identified through a free FireSmart BC Wildfire Mitigation Program Assessment.
The assessments identify steps homeowners can take to reduce wildfire risks to their homes and properties. Eligible improvements can include noncombustible roofing and siding, ember-resistant vents and vegetation management, including tree and brush removal.
Response to Climate Change
“As climate change increases the frequency and severity of wildfires across British Columbia, many homeowners are looking for practical ways to better protect their homes and families,” Alison Coates, Vancity’s director of climate strategy and performance, said in a statement. “By expanding our Planet-Wise Home Renovation program to include wildfire resilience measures, we’re helping remove financial barriers to upgrades that can make homes and communities more resilient.”
Vancity said an analysis of its mortgage portfolio found 33% of its existing mortgages have some degree of wildfire exposure.
Change in Focus
The Planet-Wise program has previously focused primarily on helping members finance energy-efficiency improvements and projects intended to reduce emissions. Vancity said the expansion adds financing for improvements designed to help homeowners adapt to the effects of climate change.
FireSmart BC is a provincial initiative focused on reducing wildfire risks to homes, communities and forests through property and community-level mitigation measures.
“While many FireSmart BC recommendations are free or low-cost, some larger improvements may be financially out of reach,” Rachel Woodhurst, program lead for FireSmart BC, said in a statement. “Partnering with Vancity’s Planet Wise Home Renovation program offers homeowners a practical approach to reduce financial barriers, and provides an important example of how financial institutions can help turn wildfire resilience guidance into action.”
How to Qualify
To qualify for financing, homeowners must first complete a free FireSmart BC Wildfire Mitigation Program Assessment in a participating British Columbia community. Homeowners receive a personalized report identifying recommended improvements, and eligible projects can then be financed through Vancity, subject to the credit union’s standard lending criteria.
Vancity offers several financing options under the program, including term loans, unsecured lines of credit and creditline mortgages. Term loan rates start at prime plus 0.75%, with amortization periods of up to 15 years.
Vancity has approximately 588,000 members and more than 60 branches and offices across British Columbia, with $41 billion in assets and assets under administration.
