[Tryzik]

For anyone that has recently initiated or been recently looking at HELOC options, what is the best option right now?

I know MDJ made a post a couple years ago on this and there is a comparison chart for all the available readvanceable mortgages in Canada but this was made almost 2 years ago.

Has anything other than rates changed or new options added to this list that important to consider? What rates are being offered today and what are people finding is the best option if someone were to begin the Smith Manoeuvre today?

Is it still a tossup between the MDJ's three favourites depending on which offers the lowest rate?

 

[FrugalTrader]

I'm not sure about the current rates, but PM me if you want a name of my broker to get rate info.

 

[Mike H.]

The Manulife One line of credit merits a look. The revolving portion is at prime+1 and the fixed rates are quite competitve. There's no appraisal or legal fees to set up; and a monthly $14 account fee.

http://www.manulifeone.ca

 

[HaroldCrump]

$14 a month sounds excessive - and for what?
Many institutions are offering P + 1 for HELOC, and actually P + 0.75% is more common so +1 is not really a deal.
At this time, I might consider paying fees for a HELOC if the rate is Prime minus something and not plus.

 

[canabiz]

If you are looking for the best rates and if you happen to be a professional (engineer, accountant, doctor etc), check out National Bank.

I was approved for prime + 1% a few months ago but recently got the rate adjusted to prime because National Bank has attractive banking packages for the aforementioned professionals (I am an engineer by training).

Every little bit helps. I don't think you can get HELOC at prime anywhere else at the moment. TD had a big campaign last summer but that seems like so long ago...