BREAKING: Bank Of Canada Holds Interest Rate Steady For Third Time

Mortgage Portability

Explore mortgage portability in Canada, how it works, and how homeowners can transfer their mortgage to a new property while preserving favorable terms.

Mortgage Portability

May 22, 2025


What is Mortgage Portability?

Mortgage portability is a feature that allows homeowners to transfer their existing mortgage to a new property without incurring prepayment penalties or renegotiating rates.

Why Mortgage Portability Matters in Real Estate

In Canadian real estate, mortgage portability helps homeowners retain favorable mortgage terms when moving to a new home. This is especially useful when interest rates have increased since the original mortgage was signed.

Key benefits:
  • Avoids early termination fees
  • Maintains current interest rate and mortgage term
  • May simplify the financing process on a new purchase

Most lenders offer portability for fixed-rate mortgages, but terms vary. Some allow partial porting (adding new funds to the existing mortgage), while others require the new home to close within a specific timeframe (usually 30–120 days).

Buyers should check with their lender about:
  • Eligibility requirements
  • Applicable fees
  • Time limits and new home criteria

Understanding mortgage portability allows homeowners to move with less financial disruption and preserves favorable loan terms in changing markets.

Example of Mortgage Portability

A homeowner sells their current home and uses mortgage portability to carry over their 2.8% rate to a new property, avoiding higher current market rates.

Key Takeaways

  • Lets you transfer your mortgage to a new home.
  • Avoids rate hikes and prepayment fees.
  • May require lender approval and timing alignment.
  • Common in fixed-rate mortgages.
  • Helps maintain affordability when relocating.

Related Terms

Additional Terms

Land Banking

Gentrification is the process by which a traditionally lower-income neighbourhood undergoes revitalization and attracts higher-income residents,. more

Land Assembly

Land assembly is the process of acquiring and consolidating multiple adjacent parcels of land under one ownership, typically for redevelopment or. more

Joint Venture

A joint venture in real estate is a partnership between two or more parties to develop, own, or operate a property or project, sharing risks, costs,. more

Infill Development

Infill development is the process of building new housing, commercial buildings, or amenities on vacant or underutilized land within existing urban areas.. more

Inclusionary Zoning

Inclusionary zoning is a municipal planning tool that requires or incentivizes developers to include a percentage of affordable housing units in new. more

Impact Fees

Impact fees are charges levied by municipalities on new developments to offset the cost of additional public infrastructure and services required by. more

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