房子里的钱为什么一定要睡觉？
A $1M home with $700,000 of equity: is that just wealth, or also capital capacity?
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
The chapter covers mortgages, home equity, HELOCs, refinancing and the Smith Manoeuvre. It does not teach the mechanics step by step; it asks whether $700,000 of equity inside a $1,000,000 home is only wealth, or also latent capital capacity. Owning an asset is not the same as deploying it well.
It is equally clear that borrowing against a principal residence puts the home itself behind the risk.
进入这些概念：
核心不是教具体操作，而是问：
一套价值 100 万的房子里有 70 万净值，这 70 万究竟只是“财富”，还是一种潜在的资本能力？
再次强化：拥有资产 ≠ 有效配置资产。
同时要讲清楚：以自住房做抵押，意味着风险最终落在你的家上。
Borrowing to invest involves risk, including the risk that the value of your investment falls while the loan remains payable in full. This page describes how these arrangements work in general and is not a recommendation to borrow or an offer of credit. Suitability depends on individual circumstances. This page summarises publicly available Canada Revenue Agency material and general mechanics. It is not tax advice, and deductibility depends on individual circumstances and current legislation. Wallace Wang Financial Services does not prepare tax returns or provide tax opinions.