How Much Equity Can I Take Out of My Home in Canada?
By Tiffany Quaye · Last reviewed 2026-08-01
The short answer
Most Canadian lenders allow you to borrow up to 80% of your home's appraised value. Subtract your existing mortgage balance from that figure to find your ceiling, then subtract closing costs, any penalty and any other charges registered against the property.
The calculation
| Step | Example |
|---|---|
| Appraised value | $700,000 |
| × 80% | $560,000 |
| − Mortgage balance | − $380,000 |
| = Ceiling before costs | $180,000 |
| − Penalty, legal, appraisal | − $6,000 (illustrative) |
| = Approximate net proceeds | $174,000 |
What can shrink the number
- An appraisal that comes in lower than you expected.
- A second mortgage, HELOC balance or lien already registered on title.
- Income that doesn't support the larger payment under debt service ratios.
- Property type — rural, unique or non-conforming properties may face tighter limits.
Questions people ask
Can I access more than 80% of my home's value?
Not through a standard refinance. Some private lenders go higher at a much higher cost, and that's a short-term tool with an exit plan, not a normal solution.
Does the appraisal use my purchase price?
No. It uses current market value based on comparable sales, which may be above or below what you paid.
Want this applied to your actual numbers?
Articles are general. Your file isn't. Bring your balances and your renewal date and I'll tell you what I'd do in your position.
Related reading
Not sure which option fits your situation?
Bring your numbers — mortgage balance, balances you're carrying, and what's stressing you out. I'll walk you through what's realistic, including when doing nothing is the better call.