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Every home equity product converts unsecured or absent debt into debt secured against your home. A missed payment then has a path to foreclosure it did not previously have. Federal rules cap combined mortgage and home-equity borrowing at 80 percent of the home's value, and a standalone HELOC at 65 percent.
In Ontario, charges are registered under the Land Titles system through Teraview, and the discharge process is electronic and comparatively fast. The provincial rules are on the Ontario page.
Most lenders advance to a combined loan-to-value of 80% on a primary residence, with some second-mortgage lenders going higher at higher rates. Given Toronto property values, 80% LTV often unlocks a substantial amount even where the equity percentage is modest.
Appraisal, legal, and registration costs apply on a new charge. Ontario's land transfer tax applies on a purchase, doubled inside the City of Toronto by the municipal tax. Refinancing existing equity avoids it entirely, which is often the deciding factor between refinancing and moving.
