HELOC interest rates in Canada are lower than ever as the Loonie rises. As a result, HELOCs are being applied for en masse. Canadian banks, like all American banks, are eager to provide home equity line of credit financing. There is no risk to the banks in Canada, and they make nothing but money with their interest rates.
Canadian HELOC rates have been staying pretty low at the variable home equity loan rate and the fixed HELOC rate. You must shop around a little to ensure you don't get hosed with a bad rate. Found a good article on Canadian HELOC interest rates over at Zulit.com. Goes into depth on HELOC in Canada and what borrowers can expect with a home equity loan.
