How much can I borrow on a HELOC?

In Canada, the revolving part of a HELOC from a bank or other federally regulated lender can be up to 65% of your home's value. Your mortgage plus HELOC together can be up to 80%. Your actual limit is the smaller of those amounts and what you qualify for on your income, subject to lender approval.

The two HELOC limits

OSFI's rules for federally regulated lenders set two ceilings (sources: OSFI and the Financial Consumer Agency of Canada, checked October 2026):

65% of value for the revolving, non-amortizing part, the HELOC itself.
80% of value for everything secured on the home together, your mortgage plus the HELOC.

Anything between 65% and 80% has to be on an amortizing loan, one paid down on a set schedule, such as your mortgage.

The home value in both limits is the lender's appraised value. If the appraisal is lower than you expected, your HELOC limit falls with it.

Worked examples for a home with and without a mortgage

A home with no mortgage. Your home is valued at $1,000,000 and you owe nothing.

The HELOC alone can be up to 65%, or $650,000.
To reach the full 80%, $800,000, the extra $150,000 would need to be on an amortizing mortgage, not on the revolving line.

A home with a mortgage. Your home is valued at $900,000 and you owe $500,000.

80% of $900,000 is $720,000.
Subtract the mortgage: up to $220,000 of HELOC room.
The HELOC room is well under the 65% cap of $585,000, so the 80% limit is the one that binds.

Your income sets the real limit

The equity limit is a ceiling. The lender also checks that you could afford the line, generally as if it were fully drawn. The lender uses the stress test, which qualifies you at the greater of your contract rate plus 2 percentage points, or 5.25%. Your housing costs and other debts have to fit the lender's own debt-service limits. If your income does not support the full equity amount, the lender sets a lower limit.

Other routes when a bank HELOC is not enough

Ontario credit unions are provincially regulated and can set their own HELOC limits, often close to these. If you need more than a bank-style HELOC allows, or your income does not qualify, a refinance, an alternative lender or a second mortgage may be options, each at a different cost. We compare institutional options first.

What to do next

To estimate your HELOC room, try the HELOC room tool; results are estimates only, not an offer or advice. Or use our call-me-back form and we will walk through your HELOC room with you.

Common follow-up questions

Does my HELOC limit grow as I pay down my mortgage?

Often, on a combined or readvanceable product. As the mortgage balance falls, the available line can rise, up to the 65% cap. On a standalone HELOC, the limit stays as set unless you ask for an increase.

Can I get a HELOC above 80%?

Not with a federally regulated lender. Some alternative or private lenders lend above that. Borrowing above that line costs much more, and it usually comes as a second mortgage rather than a line of credit.

Will the lender re-appraise my home?

Usually, when you set up or increase a HELOC. Some lenders use an automated valuation for smaller limits.