Spoke Guide

Porting a Mortgage in Canada — keep your rate when you move

Porting lets you transfer your existing mortgage — and its rate — to a new property when you move. It can save thousands in penalties. Here's exactly how it works.

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How porting works

Mortgage portability — the complete guide

Most closed mortgages in Canada are "portable" — but the process has important conditions and timing requirements.

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What porting means

Porting transfers your existing mortgage balance and rate to a new property — avoiding the prepayment penalty you'd otherwise pay to break your mortgage early.

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Time limits apply

Most lenders require you to close on the new property within 30–120 days of selling the old one. Missing the window typically triggers the full penalty.

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You must re-qualify

Even though you're keeping your rate, you must re-qualify under current rules — including the stress test — on the new property. Your income and debt ratios are reassessed.

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Blend & extend for top-ups

If your new home costs more, you can "blend and extend" — topping up the mortgage at today's rate blended with your existing rate, without paying a penalty.

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Not all mortgages are portable

Variable rate mortgages and some fixed products aren't portable. Check your mortgage terms or call us to confirm before listing your home.

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Routes to Renewals product

Renewal time is the best opportunity to reassess porting, switching, or refinancing. We compare all options before you sign anything.

Common questions
Should I port my mortgage or break it and get a new one?
It depends on your penalty vs. the rate difference. If today's rates are lower than your existing rate, breaking and getting a new mortgage may be cheaper overall — even after the penalty. We run the math for you before you decide.
Can I port to a less expensive home?
Yes, but you'll need to make a partial prepayment to reduce the balance to the new property's purchase price. Depending on your mortgage terms, this may trigger a partial penalty on the portion being paid down.
What if the sale and purchase don't close on the same day?
Most lenders allow a gap of up to 120 days between the sale and new purchase closing. Some require bridge financing to cover the gap — we arrange this as part of the porting process.
More questions
Does porting affect my renewal date?
No — when you port, your term continues from the same start date. If you have 2 years left before renewal, you'll still have 2 years left on the new property (unless you blend and extend, which resets the term).
My lender said my mortgage isn't portable — what are my options?
You'll need to break the mortgage and pay the prepayment penalty. We can calculate whether refinancing or waiting until your renewal date makes more financial sense, and source the best new rate from 50+ lenders.

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