How much equity do you actually have?
It is simpler to figure out than most people think, and the number often surprises them in a good way.
The simple math
Two numbers give you a rough idea:
- What your home is worth today (a realistic estimate, not a dream number)
- What you still owe on your mortgage and any secured lines
Subtract the second from the first, and that gap is your equity. That is the whole formula.
How much of it you can actually use
Lenders do not let you borrow against every dollar of equity. As a general rule in Canada, you can access up to a portion of your home’s value through the right product, with the exact amount depending on the lender, the product, and your situation. The honest answer to “how much can I take out” is that it depends, and figuring out your real number is exactly what I help with.
A realistic home value
Be honest about your home’s value, not aspirational. Recent sales of similar homes nearby are a better guide than what you hope it is worth. If you want, I can help you land on a realistic figure as part of a free chat.
What the number unlocks
Once you know your rough equity, the real question becomes the fun one: what do you want it to do? Clear debt, buy the cottage, upsize, invest, or just breathe easier each month. The number is only the starting point.
Want me to run your actual numbers with you?
It is free, and there is zero obligation.
General education, not financial advice. Any figures are illustrative only and subject to lender approval (O.A.C.). Lora Fenn, Mortgage Agent Level 1, Lic. #M25003153, Dominion Lending Centres YBM Group (FSRA #11129). 705-881-2780 · lfenn@dominionlending.ca · lorafenn.ca