Canadians have pushed HELOC borrowing to about $179 billion, rising at the fastest pace in 13 years while home prices remain flat or cooling. Homeowners are using their equity to cover rising living costs, pre-construction shortfalls, high interest debt, and cash flow gaps on investment properties, which signals mounting financial stress. HELOCs can be powerful when used for emergencies or strategic investing, but regulators warn that poor use is increasing default risk and exposing how stretched many households are.