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The 35% federal rate cap applies everywhere in Canada, but provinces differ on licensing and lender obligations.
| Province | Rate cap | High-cost credit licensing | Regulator |
|---|---|---|---|
| Alberta | 35% APR | HCC licence for products >=32% APR | Service Alberta, Consumer Protection Act Payday Loans Regulation |
| British Columbia | 35% APR | HCC licence for products >=32% APR | Consumer Protection BC, BPCPA Part 6.1 |
| Manitoba | 35% APR | HCC grantor licences exist | Consumer Protection Office, Manitoba |
| New Brunswick | 35% APR | No separate provincial high-cost credit licensing band; federal 35% APR cap governs | Financial and Consumer Services Commission |
| Newfoundland and Labrador | 35% APR | NL HCC regime recent | Digital Government and Service NL |
| Nova Scotia | 35% APR | None | Service Nova Scotia |
| Ontario | 35% APR | None | Consumer Protection Ontario |
| Prince Edward Island | 35% APR | None | Consumer Services PEI |
| Quebec | 35% APR | high-cost regime: rate > BoC rate + 22 pts triggers added obligations incl. ability-to-pay assessment | Office de la protection du consommateur |
| Saskatchewan | 35% APR | None | Financial and Consumer Affairs Authority |
| Northwest Territories | 35% APR | None | NWT Consumer Affairs |
| Nunavut | 35% APR | None | Nunavut Consumer Affairs |
| Yukon | 35% APR | None | Yukon Consumer Services |
Most lenders advance to a combined loan-to-value of 80% on a primary residence, meaning your mortgage plus the new borrowing cannot exceed 80% of the property's value. Some second-mortgage lenders go higher at higher rates. On a $900,000 home with a $500,000 mortgage, 80% LTV means roughly $220,000 of accessible equity before costs.
Usually on rate, because the property secures it, but not always in total. Appraisal, legal and registration costs apply on a new charge, and those fixed costs can outweigh the rate saving on smaller amounts. Below roughly $25,000 an unsecured personal loan is often the cheaper route once fees are counted.
A HELOC is revolving: you draw what you need, pay interest only on the balance, and it has no end date. A home equity loan advances a lump sum repaid on a fixed schedule. The HELOC suits costs that arrive over time; the loan suits a known amount with a payoff date you want to hold yourself to.
Not the mortgage itself, but the new charge registers behind it on title, which is why a second mortgage prices higher than a first: the second lender is paid after the first if the property is sold. If you are already near renewal, refinancing the whole mortgage may cost less than adding a second charge.
