Home Equity Line of Credit
Home Equity Line of Credit (HELOC) in Canada
A Home Equity Line of Credit (HELOC) lets you access the equity in your home while giving you flexible control over your mortgage. With a HELOC, you can split your mortgage into different portions, each with its own term and interest rate — for example, a fixed-rate portion for stability and a variable-rate portion to take advantage of lower rates. This flexibility lets you tailor your financing strategy to both your comfort level and market conditions.
With a HELOC, homeowners can access up to 65% of their home’s appraised value, while the combined total of their mortgage and HELOC cannot exceed 80% of the property’s value. For example, if your home is worth $800,000, you could borrow up to $640,000 in total, with $520,000 available through a HELOC.
A HELOC lets you pay off your mortgage faster using prepayment privileges while keeping your funds flexible. Unlike a traditional mortgage, extra payments aren’t locked in—you can reduce your balance and later re-access those funds if needed. As your mortgage balance decreases, your available credit grows, creating a convenient financial safety net for renovations, investments, education, or unexpected expenses.
Your home equity isn’t just sitting idle—it’s a powerful financial resource that can grow and work for you.
Ready to apply for a HELOC? Talk to one of our mortgage agents.
What Is a HELOC — and Why Choose One?
A HELOC is a revolving line of credit secured by your home. Think of it as a flexible, low-cost borrowing tool: you can borrow, repay, and borrow again without reapplying. It’s perfect when you need ongoing flexibility rather than a one-time lump sum.
- Renovations and value-added upgrades
- Investment opportunities or down payments
- Education and major life events
- Consolidating high-interest debt into a lower-cost plan
Here is how we helped Nadia and Owe
We helped Nadia and Owen plan their basement suite project by providing staged access to funds — for design, permits, and construction — without affecting their low-rate first mortgage. Using a HELOC, they drew funds as each milestone was reached and paid interest only on what they used. The project was completed smoothly, cash flow remained predictable, and the upgrades increased their home’s long-term value.
Stories like Nadia and Owen’s are just the beginning — we’ll help you create a plan tailored to your goals.
What Are the Risks?
- Your home is your security — missed payments put it at risk.
- Variable rates can fluctuate — plan for changes in prime.
- Discipline is key — revolving access requires a clear strategy.
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