Can I take my mortgage with me when I buy a new home in Ontario?

Mortgage portability allows you to transfer your existing mortgage — including its rate, remaining term, and balance — from your current property to a new one. This is valuable when you have a favourable rate locked in and selling your home before the term ends would otherwise trigger a prepayment penalty.

To port a mortgage, you must qualify for the new property under the lender's current rules, as if it were a new application. If you need additional funds beyond the ported amount to cover a higher purchase price, the extra amount is typically blended with your existing rate at a new rate for the combined balance.

Timing is critical: most lenders allow only a short window — often 30 to 90 days — between selling your existing home and closing on the new one. Missing that window means you lose the port and owe a penalty. Not all mortgage products are portable; products with very short terms or certain promotional rates may exclude portability. Before listing your home, confirm with your lender whether your mortgage is portable and what the timing rules are. Your mortgage broker can advise on timing strategy and your lawyer will ensure the discharge and new registration are coordinated properly.