HELOC in Ontario: Home Equity Line of Credit Rates, Limits and Requirements
A home equity line gives you revolving access to your equity at a variable rate. Here are the loan-to-value limits that apply in Ontario and what they mean in dollars.
Who a heloc in Ontario covers
- Owners with meaningful equity wanting flexible access rather than a lump sum
- Renovators who do not know the final number yet
- Investors using equity as a down payment elsewhere
What Ontario lenders look for
| 65% standalone | The maximum for a pure home equity line with no mortgage component. |
| 80% combined | A HELOC can sit behind a mortgage up to 80% of the property value combined, but the revolving portion still cannot exceed 65%. |
| Interest-only payments | Most HELOCs require interest only, which keeps the payment low and the balance permanent unless you are disciplined. |
| Readvanceable mortgages | The line grows as the mortgage is paid down. Convenient, and it makes leaving that lender harder — which is rather the point. |
HELOC mortgage rates in Ontario
HELOCs price off prime, typically prime plus a half to a full point, and move the day prime moves. They are not on the fixed-rate board.
What a typical purchase looks like
| Typical price | $759,000 |
| Minimum down payment | $50,900 |
| Land transfer tax | $11,655 |
Averaged across 10 Ontario markets we track. Calculate yours →
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HELOC mortgages across Ontario
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Toronto | $1,058,658 | $80,866 | Affordability → |
| Mississauga | $1,014,120 | $76,412 | Affordability → |
| Brampton | $888,203 | $63,820 | Affordability → |
| Hamilton | $741,172 | $49,117 | Affordability → |
| Ottawa | $683,308 | $43,331 | Affordability → |
| London | $603,006 | $35,301 | Affordability → |
| Kitchener | $706,240 | $45,624 | Affordability → |
| Windsor | $530,000 | $28,000 | Affordability → |
| Oshawa | $693,677 | $44,368 | Affordability → |
| Barrie | $668,083 | $41,808 | Affordability → |
HELOC mortgage questions for Ontario
How much can I get?
Up to 65% of the property value as a revolving line, or up to 80% combined with your mortgage. On a $900,000 home with a $400,000 mortgage that is up to $320,000 of combined room.
Is a HELOC cheaper than a refinance?
The rate is usually higher, but there is no penalty and no legal cost to set one up alongside an existing mortgage. For an unknown or staged spend it is generally the better instrument.
Do I have to requalify?
Yes, and at the stress-test rate on the full limit rather than the drawn balance — which surprises people. A large unused line can also reduce what another lender will approve.
What does it cost to close in Ontario?
Ontario land transfer tax on a $759,000 purchase comes to $11,655, due in cash on closing. Full Ontario closing costs →
HELOC in Ontario?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
