Your home equity could cost you less than you think. 1. Most Canadians assume HELOC rates are still sky-high — but in 2026, the typical rate is just 4.95% (prime 4.45% plus a 0.50% margin), which is a big drop from the 7.7% many sources still quote from 2023. → 4.95% 2. You can borrow up to 65% of your home’s appraised value through a standalone HELOC — so on a $600,000 home with a $200,000 mortgage, that’s up to $190,000 available without selling a single square foot. → $190,000 3. The minimum monthly payment on a HELOC covers interest only — at 4.95%, a $50,000 draw costs roughly $206 per month, which feels manageable, but your principal never shrinks unless you choose to pay it down. → $206/month 4. To qualify, you need at least 20% equity in your home, a credit score of 650 or higher, and proof of stable income — miss any one of these and most Canadian lenders will turn you away. → 650+ Full HELOC guide linked in bio🌐 getwealthy.blog #CanadaFinance #PersonalFinance #CanadianMoney #MoneyTips #Canada
Certified Financial Planner (CFP) and Chartered Investment Manager (CIM) with over 17 years of experience in Canadian personal finance. Spent 10+ years at one of Canada's Big Five banks, the last 7 focused exclusively on high-net-worth clients. Every guide is written with the same depth I bring to real client work — Canada-specific, CRA-verified, and always free.