Canada HELOC Rates 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 Canada and what they mean in dollars.
Who this 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 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. |
What it costs
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.
| Lender | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 4.15% |
| MCAP | Monoline | 4.16% |
| First National | Monoline | 4.17% |
| Merix Financial | Monoline | 4.18% |
| RFA Mortgage Corporation | Monoline | 4.19% |
Lowest five-year fixed on the uninsured shelf, 2026-08-21. Full board →
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
HELOC by province
Land transfer tax, minimum down payment and typical prices differ by province.
Questions
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.
Have a heloc file looked at
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
Send us the file