Porting A Mortgage

Explore what porting a mortgage means in Canadian real estate, how it works, and how it can help homeowners save on penalties and retain low interest rates.

Porting A Mortgage

May 22, 2025


What is Porting a Mortgage?

Porting a mortgage is the process of transferring an existing mortgage, including its interest rate and terms, from one property to another when a homeowner moves.

Why Porting a Mortgage Matters in Real Estate

In Canada, many mortgages are portable, meaning they can be moved from one property to another without incurring early prepayment penalties. This is particularly beneficial when interest rates are lower on the original mortgage than current market rates.

To port a mortgage, the homeowner must:
  • Sell their existing property
  • Purchase a new property within a specified timeframe
  • Meet lender approval for the new home and mortgage amount
Porting can be straightforward for a mortgage of equal or lesser value. If the new home costs more, the borrower may need a ‘blend and extend’ option — combining the old rate with a new rate for the extra amount.

Not all mortgages are portable, and rules vary by lender. Buyers should confirm porting eligibility before making relocation decisions. Timing is crucial, as porting typically must be completed within 30 to 120 days of the original home’s sale.
Understanding mortgage portability allows homeowners to retain favourable rates, reduce penalties, and maintain continuity when upgrading or relocating.

Example of Porting a Mortgage in Action

A homeowner sells their condo in Calgary and buys a detached home. They port their 2.9% mortgage rate to the new property, avoiding higher market rates and penalty fees.

Key Takeaways

  • Allows mortgage transfer between properties.
  • Helps avoid prepayment penalties.
  • May require requalification and timing alignment.
  • Beneficial when current rates are higher than original.
  • Must confirm with lender before planning to port.

Related Terms

Additional Terms

Walkability

Walkability refers to how friendly an area is to walking, measured by the accessibility of amenities, safety, sidewalk infrastructure, and overall. more

Urban Planning

Urban planning is the process by which municipalities and regional governments design and regulate land use, infrastructure, and community. more

Transfer of Ownership

Transfer of ownership is the legal process by which the title of a property is passed from one party to another, typically through sale, inheritance,. more

Tenant Mix

Tenant mix refers to the variety and composition of tenants within a commercial or mixed-use property, strategically curated to enhance customer. more

Site Remediation

Site remediation is the process of cleaning up contaminated land to meet environmental standards and make the property safe for use or redevelopment.. more

Rental Suite

A rental suite is a self-contained living unit within a home or property that is rented out to a tenant, commonly located in a basement or accessory. more

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