The HELOC: The Most Advantageous Credit for Homeowners
If you own property in Quebec and its value has increased, you've likely built up significant equity. A Home Equity Line of Credit (HELOC) lets you access this equity at the prime rate — around 5-6%, far below credit card rates (19-22%).
Unlike a conventional loan, a HELOC is revolving: you repay, and can borrow again as needed, without reapplying for credit.
Common Uses of a HELOC
HELOC Conditions in Quebec
HELOC in Your City
Frequently Asked Questions
What is a Home Equity Line of Credit (HELOC)?+
A Home Equity Line of Credit is a revolving credit secured by your property. You can borrow, repay, and borrow again up to the approved limit, at the prime rate plus a small margin.
How much can you borrow with a HELOC?+
In Canada, you can borrow up to 65% of your property's value with a HELOC. The combined mortgage + HELOC cannot exceed 80% of the value. For example, a $600,000 home could support a HELOC up to $390,000 (65%).
What are the HELOC rates?+
A HELOC rate is generally the prime rate + 0.5% to 1%. In 2026, with a prime rate around 4.45%, a HELOC negotiates between 4.95% and 5.45% — much less than a credit card (19-22%).
Is HELOC interest tax deductible?+
If HELOC funds are used to generate income (rental property, stock market investments), the interest may be tax deductible in Canada. Consult an accountant for your specific situation.
What's the difference between a HELOC and refinancing?+
Refinancing replaces your mortgage with a new, higher-amount one. A HELOC is a separate line of credit attached to your property. HELOC offers more flexibility (repay anytime) but at a variable rate. Refinancing offers the stability of a fixed rate.
Can you open a HELOC on a rental property?+
Yes, but conditions differ. For a rental property, the HELOC is typically limited to 65% of value and rates may be slightly higher. Our OACIQ brokers can analyze your specific situation.