Canadians are responsible when it comes to managing their home equity. According to the Association of Accredited Mortgage Professionals survey, the average Canadian has 72% equity in their home compared to 43% in the US.
The Canadian Government announced a Home Renovation Tax Credit with the 2009 Federal Budget. This will allow home owners to claim eligible home renovation expenses on their 2009 income tax up to a maximum of $1,350.
| 6 Months | 4.60% | 3.85% |
| 1 Year | 3.65% | 2.49% |
| 2 Years | 3.95% | 2.95% |
| 3 Years | 5.04% | 3.69% |
| 4 Years | 5.14% | 3.89% |
| 5 Years | 5.39% | 3.69% |
| 7 Years | 6.30% | 4.95% |
| 10 Years | 6.50% | 5.20% |
| Variable | NA | 1.80% |
