Porting Your Mortgage to a New Property
You have a great mortgage rate and you’re ready to move. Do you have to give it up? Not necessarily. Many mortgages in Canada are “portable,” meaning you can transfer them to your new property. Here’s how it works.
What Is Mortgage Portability?
Porting lets you move your existing mortgage — same rate, same term remaining — from your current home to your next one. Instead of breaking your mortgage and paying penalties, you simply transfer it.
When Porting Makes Sense
- Your rate is lower than current rates: Why give up 3.5% when current rates are higher?
- You have significant time left on your term: Penalties can be substantial with years remaining
- Your new home is similar in price: Porting is simplest when mortgage amounts are close
The Porting Process
- Confirm portability: Check that your mortgage allows porting (most fixed-rate mortgages do)
- Timing window: Most lenders require you to close on both properties within 30-120 days
- Re-qualification: You’ll need to qualify for the mortgage on the new property
- Appraisal: The new property will be appraised
- Legal work: Standard mortgage registration on the new property
Blend and Extend: When You Need More
- What if your new home costs more and you need a larger mortgage? Many lenders offer “blend and extend” — your existing mortgage amount stays at your old rate, and the additional amount comes at current rates. Your overall rate is a weighted blend.
💡 Calculate Before Deciding
Porting isn’t always the best option. Sometimes breaking your mortgage and getting a new one makes more sense — especially if rates have dropped or if blend-and-extend results in an unfavorable blended rate. We’ll run the numbers both ways.
Variable Rate Mortgages
Variable rate mortgages typically can’t be ported because they don’t have a fixed rate to preserve. However, they usually have much smaller prepayment penalties (3 months’ interest), making breaking less costly.
⚠️ Watch The Timing
The porting window is strict. If you sell your home and can’t close on the new one within the required timeframe, you may lose your ability to port and face full prepayment penalties. Plan your timing carefully.
Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC
Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.
© 2026 Elevation Mortgage · Independent Mortgage Brokers · Serving Alberta & BC