Skip to content
Independent and free · we never estimate the value of a specific address · rules checked against OSFI, the Bank Act, FCAC and assessors, Nov 1, 2026Who runs this site
Revalued.caYour home's value, and what it unlocksAsk Mitey
Methodology

Rules, formulas, sources and changelog

Every lending limit, qualifying rule, fee and assumption Revalued.ca uses, the formulas behind each calculator, every primary source with the date we checked it, and a dated changelog. Rules last checked November 1, 2026. We never estimate the value of a specific property.

Facts checked How we check facts

Formulas

  • Refinance limit = 80% × appraised value (Bank Act s. 418). Cash in hand = limit − mortgage − HELOC − other secured debt − penalty − costs. Example: $1,000,000 → $800,000.
  • HELOC limit = min(65% × value, 80% × value − mortgage − other) (OSFI B-20 + Bank Act). Example: $1,000,000 with $400,000 owing → $400,000.
  • Value needed for cash C: refinance (C + owed + penalty + costs) ÷ 0.80; HELOC max((C + HELOC + costs) ÷ 0.65, (C + HELOC + costs + mortgage + other) ÷ 0.80). Cushion = 1 − needed ÷ your value.
  • Qualifying: payment at max(rate + 2, 5.25)% with semi-annual compounding; GDS ≤ 39%, TDS ≤ 44% (property tax, heating and half of condo fees included).
  • Penalty = max(3 months' interest, IRD) for fixed; 3 months' interest for variable. IRD = balance × (rate − comparable) × years left; posted-rate method: comparable = today's rate − (posted at signing − your rate).
  • Secondary suite: loan = min(90% × finished value, $2,000,000, mortgage + cost); premium from CMHC's standard table above 80% (estimate).
  • Appeal saving = (assessed − your value) × tax rate; deadline = notice date + the province's days, or its fixed date.

Every value we use

Rules and estimates
ItemValueSource
Most a federally regulated lender can lend against a home without mortgage insurance, all mortgages combined (Bank Act s. 418)0.8Justice Laws
Most the revolving (HELOC) part can be, as a share of value (OSFI B-20)0.65OSFI
B-20 maximum for non-conforming residential mortgages0.65OSFI
Insured refinance to add housing units: up to this share of the value after completion0.9Justice Laws
Insured secondary-suite refinance: maximum amount ($)2000000Department of Finance Canada
Insured secondary-suite refinance: maximum dwelling units including the existing one4Department of Finance Canada
Insured secondary-suite refinance: maximum amortization (years)30Department of Finance Canada
Qualifying-rate buffer over the contract rate (percentage points)2OSFI
Qualifying-rate floor (%)5.25OSFI
Housing-cost share of gross income (CMHC's insured limit; many lenders use it for uninsured too)39CMHC
All-debt share of gross income (CMHC's insured limit)44CMHC
Years over which we assume a lender tests a HELOC limit (practice varies)25Our estimate
Months of interest in the usual minimum prepayment penalty (FCAC)3Financial Consumer Agency of Canada
CMHC's stated appraisal cost, low end (undated page; likely old) ($)250CMHC
CMHC's stated appraisal cost, high end ($)350CMHC
Appraisal fee we use in estimates ($); quotes vary by city, property and appraiser450Our estimate
Legal fees and registration on a refinance or new HELOC ($, our estimate; some lenders cover them)1200Our estimate
Mortgage discharge fee when switching lenders ($, our estimate)350Our estimate
Days a bank has to answer a complaint before you can go to its external complaints body56Financial Consumer Agency of Canada

Changelog

  • 2026-11-01: Site rebuilt on the MITEY site kit around one job: what your home is worth to a lender, the assessor and an algorithm, and how much you can borrow against it. Lending limits (Bank Act s. 418, OSFI B-20, OSFI MQR), the secondary-suite insured refinance (SOR/2012-281 s. 6.1, in force for applications from January 15, 2025) and assessment-appeal rules for all ten provinces checked against primary sources.
  • 2026-11-01: Corrected common claims: the 80% refinance limit comes from the Bank Act, not B-20; the secondary-suite refinance started January 15, 2025 (not December 15, 2024); New Brunswick's request-for-review window is 30 days; Nova Scotia's final appeal body is now the NS Regulatory and Appeals Board.
  • 2026-10-29: Bank of Canada policy rate rose from 2.25% to 2.50%; lenders' prime moved to 4.70%.

All sources

Primary sources (checked dates shown)

  1. Justice Laws — Bank Act, s. 418: 80% limit on uninsured residential loans (including refinances) (effective September 1, 2026). Checked .
  2. OSFI — Guideline B-20: Residential mortgage underwriting (HELOC 65%, appraisals, AVMs) (effective October 31, 2017). Checked .
  3. OSFI — Minimum qualifying rate for uninsured mortgages (effective January 29, 2026). Checked .
  4. OSFI — Straight switches exempt from the prescribed MQR; portfolio LTI limits (effective November 21, 2024). Checked .
  5. Justice Laws — Eligible Mortgage Loan Regulations (SOR/2012-281), s. 6.1: insured loans to add housing units (effective January 15, 2025). Checked .
  6. Department of Finance Canada — Mortgage insurance rule changes to help homeowners add secondary suites (effective January 15, 2025). Checked .
  7. Department of Finance Canada — Fall Economic Statement: refinancing up to 90% to build secondary suites (effective December 10, 2024). Checked .
  8. Financial Consumer Agency of Canada — Borrowing money using home equity (effective October 15, 2025). Checked .
  9. Financial Consumer Agency of Canada — Reduce mortgage prepayment penalties (effective October 15, 2025). Checked .
  10. Financial Consumer Agency of Canada — File a complaint with a financial institution (56 days, OBSI) (effective September 16, 2026). Checked .
  11. Appraisal Institute of Canada — For residential property owners (who pays, CUSPAP). Checked .
  12. Appraisal Institute of Canada — What appraisers do (AACI, CRA designations; three approaches). Checked .
  13. Appraisal Institute of Canada — Find an appraiser. Checked .
  14. Appraisal Institute of Canada — Addressing your concerns (professional practice complaints). Checked .
  15. CMHC — Your home value (appraisal shortfalls) (effective March 31, 2018). Checked .
  16. CMHC — How much will my home really cost (appraisal $250–$350; undated). Checked .
  17. CMHC — Calculating GDS / TDS. Checked .
  18. Justice Laws — Interest Act, s. 6 (rates stated yearly or half-yearly). Checked .
  19. Bank of Canada — Target for the overnight rate (series V39079): 2.50% from October 29, 2026 (effective October 29, 2026). Checked .
  20. MPAC — Notices and notifications (2026 valuation date). Checked .
  21. MPAC — Request for Reconsideration. Checked .
  22. Tribunals Ontario — Assessment Review Board FAQ (deadlines, $132.50 fee) (effective October 28, 2026). Checked .
  23. Town of LaSalle — Property assessments (2026 postponement). Checked .
  24. BC Assessment — Appeal guide. Checked .
  25. Government of British Columbia — Property Assessment Review Panels. Checked .
  26. Government of British Columbia — Appeal fee changes (residential unchanged) (effective February 3, 2023). Checked .
  27. Government of Alberta — Property assessment. Checked .
  28. Government of Alberta — Property assessment complaints and appeals (LARB, CARB). Checked .
  29. City of Calgary — Customer review period. Checked .
  30. City of Calgary Assessment Review Board — File a complaint (fees). Checked .
  31. SAMA — Revaluations (2023 base date; next 2029/2027). Checked .
  32. SAMA — Appeals. Checked .
  33. City of Saskatoon — 2026 assessment notice info sheet. Checked .
  34. City of Regina — Fact sheet: assessment appeal process. Checked .
  35. City of Winnipeg — Assessment FAQ (two-year cycle; April 1, 2025 reference date). Checked .
  36. City of Winnipeg — 2027 assessment preview program (notices June 4, 2026). Checked .
  37. City of Winnipeg — Board of Revision: realty assessment revision. Checked .
  38. Government of Manitoba — Bulletin 2026-21: 2026 Board of Revision. Checked .
  39. Ville de Montréal — Dépôt des rôles d'évaluation foncière 2026-2027-2028 (effective September 10, 2025). Checked .
  40. Ville de Montréal — Demander une révision du rôle d'évaluation foncière. Checked .
  41. Service New Brunswick — Property assessment FAQ. Checked .
  42. Service New Brunswick — File a Request for Review (30 days, free). Checked .
  43. Government of New Brunswick — 2026 property assessment notices mailed (freeze, Feb. 18 deadline) (effective January 19, 2026). Checked .
  44. PVSC — Assessment cycle. Checked .
  45. PVSC — Appeal your assessment (31 days, no fee). Checked .
  46. PVSC — Appeal process (NSAAT, NSRAB). Checked .
  47. Government of PEI — Property assessment referral and appeal. Checked .
  48. Island Regulatory and Appeals Commission — Property tax appeals. Checked .
  49. Government of PEI — Real Property Assessment Act. Checked .
  50. Municipal Assessment Agency — How to appeal (60 days). Checked .
  51. Municipal Assessment Agency — Assessment appeal process. Checked .
  52. City of St. John's — Appeal your property assessment. Checked .