We all know Vancouver market has been cooling down. However, when you look at the mortgage approvals and funding counts, it still shows a good outcome.
Some of it is due to increasing number of people applying for Home Equity Line of Credit. Again, most of them are using them to consolidate their existing loans.
Very smart move for the economic turn down period. Saving hundreds of dollars in interests is the way to go for sure. Even if you do not need the cash right away but want to weather the financial storm for next several months, it is worthwhile to look into equity built for your home.
They are referred as HELOC(Home Equity Line of Credit).
Currently, TD Canada Trust is offering HELOC up to 80% of your current home value. Yes, you need a job with secure income. 
The rate is Prime + 1%. The prime is at 4% but it will most likely come down in a week or so.
So, check out what options you might have to cut down your monthly spending.
John Hahn
TD Canada Trust Mortgage Manager
