Home equity loans in Ontario
This page covers the home equity loan for Ontario, where provincial licensing sets the outside limit and the lender sets the price.
How a home equity loan is priced and assessed in Ontario depends on the product and on the provincial rules that sit over it.
Home equity loans are one of the Ontario product pages on this site, and the description below applies to a contract signed with a lender licensed in Ontario.
The product in plain terms
Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.
A home equity loan converts property equity into credit, either as a lump sum or as a revolving limit secured by the property.
The asset is the lender's fallback, so the price is usually lower than for an unsecured equivalent.
Insurance on the asset is commonly required while the security is in place.
What Ontario adds
The federal Payday Lending Regulations (SOR/2024-114) list Ontario among the provinces that regulate payday lending, where the federal Payday Lending Regulations (SOR/2024-114) cap the cost of borrowing at $14 per $100 advanced.
Consumer lending in Ontario is licensed provincially or territorially, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position appears.
One of the covered Ontario places is Strathroy-Caradoc, counted at 23,871 residents in the 2021 Census.
527 places in Ontario have pages on this site, and the largest by 2021 Census population is Toronto at 2,794,356 residents. A home equity loan in Ontario is read against that position.
What the lender weighs
The purpose of the borrowing is recorded, though it rarely changes the price of a home equity loan.
Where the credit file is thin, a lender considering a home equity loan may look at banking conduct as well.
The lender sets the price for a home equity loan inside the legal ceiling, according to the risk it reads in the application.
Other borrowing
The pages below cover products that sit next to a home equity loan in Ontario.
- Personal loans: A fixed sum repaid on a schedule, usually unsecured, for almost any purpose a lender will accept.
- Unsecured loans: Borrowing with no asset pledged, priced for the risk the lender is taking on your file alone.
- Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.
Nothing on the Ontario home equity loan page is estimated; the payday position comes from the federal Payday Lending Regulations (SOR/2024-114).
Strathroy-Caradoc, at 23,871 residents in the 2021 Census, is one of the 527 covered Ontario places where a home equity loan could be arranged.
Where a figure for Ontario could not be verified, the page names the publisher rather than printing a number.
A home equity loan in Ontario is described here with the same structure used for every other product page.
The 527 covered Ontario places are all inside the same provincial framework for a home equity loan.
The Ontario pages place a home equity loan alongside 527 covered communities, including Strathroy-Caradoc at 23,871 residents.
For a home equity loan in Ontario, the surrounding places range from Toronto at 2,794,356 residents to smaller communities across the province.
For Ontario, the payday position and the product terms for a home equity loan come from separate published sources.
Strathroy-Caradoc is one of the 527 Ontario places on the site, and a home equity loan there follows the same provincial rules.
The record for a home equity loan in Ontario carries the provincial position and the product description together.
Anyone reading about a home equity loan in Ontario can compare the same product page for every other province.
loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.
Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.
Reading the national page beside the provincial version shows which parts of the cost come from the product and which come from the province.
Frequently asked questions
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