- Porting moves your existing rate, balance and term to a new property.
- Banks set a window between selling and buying; outside it, the penalty applies.
- If you need more money, the extra is usually blended at a current rate.
- You still need to qualify for the new mortgage.
What does each big bank say about porting a mortgage?
From each bank’s own pages; details and conditions are on the bank profiles.
| Bank | Portability |
|---|---|
| RBC Royal Bank | Port when buying and selling at the same time; extra money can be blended at the current rate. |
| TD Canada Trust | Port a fixed-rate mortgage (rate, balance, term and amortization) with no prepayment charge, on an approved new application; no window stated. |
| Scotiabank | Listed as a way to avoid charges; not available on every mortgage solution. |
| BMO Bank of Montreal | Port a fixed closed mortgage; extra money blended at the current fixed posted rate. |
| CIBC | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
| National Bank | Rollover Mortgage: balance, rate and term move to a new National Bank mortgage for your next home, and the prepayment charge is recovered; no window stated. |
How do blending and requalifying work when you port?
If the new home costs more, banks typically let you borrow the extra and blend it with your existing rate (a “blend and increase”). If it costs less, you may have to pay down part of the balance, and a penalty can apply to that part. You must qualify for the new mortgage, including the stress test if you borrow more.
Timing matters most. Get the bank’s porting terms in writing before you list your home, and line up closing dates inside the window.
Should you port your mortgage or break it and take a new rate?
Porting is not automatically cheaper. If your rate is above today’s, breaking could win, but only if the interest you save beats the penalty. Example: $420,000 at 5.79% with 36 months left, signed when the bank’s 5-year posted rate was 7.09%. Using RBC’s published rule and posted rates (November 2, 2026), breaking costs about $10,584. Taking RBC’s 5.09% 3-year special for the same 36 months would save about $8,514 of interest, so breaking would cost about $2,070 more than porting.
The break-even: breaking only pays if the new rate is below about 4.92% for the rest of the term. If your rate is already below today’s rates, porting wins on both counts: no penalty and a lower rate.
| Amount | |
|---|---|
| Penalty to break (estimate) | $10,584 |
| Interest saved at the new rate over 36 months | $8,514 |
| Break-even new rate | 4.92% |
| Breaking costs more by | $2,070 |
What if your next home needs a smaller mortgage?
If you port $420,000 but the new home only needs $300,000, the $120,000 you repay can carry a penalty. On the example above that is about $3,024. If the bank let you use a 10% annual privilege first (say $48,000 on a $480,000 original mortgage), the estimate falls to about $1,814. Whether it does is a question for your bank.
How does porting a mortgage work, step by step?
- Check your contract, then ask your bank whether your mortgage is portable and on what conditions.
- Get the porting terms in writing before you list: the window between selling and buying, how extra money is priced and what happens if you borrow less.
- Apply for the mortgage on the new home. You must qualify for the new mortgage, and the bank will assess the new property.
- Line up both closing dates inside the bank’s window.
- On closing, your rate, balance and remaining term move to the new home. Extra borrowing is blended or added at a current rate; an amount you no longer need may have to be repaid, possibly with a penalty on that part.
What can stop a port from working?
- Timing. RBC describes porting when you are buying a new property at the same time as selling your existing one. If you need to buy first, ask about bridge financing, which is a separate product.
- Qualifying again. You must qualify for the new mortgage, including the stress test if you borrow more.
- The product and the property. BMO’s Portable Mortgage Option covers fixed closed mortgages moved to a new mortgage of the same type; Scotiabank says the new home must meet its residential standards and maximum loan amounts, and that portability may not be available for every mortgage solution.
- Cash back. CIBC says you may have to repay cash back if you port.
What should you ask your bank before you list your home?
- Is my mortgage portable, and how long can I take between selling and buying?
- If closing dates don’t line up, is the penalty charged and refunded, or waived?
- How would extra money be priced, at what rate and for what term, and does my maturity date stay the same?
- What happens if the new mortgage is smaller, and can I use this year’s prepayment privilege first?
- Do any fees apply, and do I have to repay a cash-back?
Get the answers in writing, then price breaking instead in the penalty estimator.
Worked example: moving with 30 months left at BMO
$380,000 at 4.69%, signed when the posted rate was 6.89%. Breaking would cost about $7,980 with today’s BMO posted rates.
Porting avoids that. If the new home needs $150,000 more, BMO blends the extra at its current fixed posted rate (6.09% on November 2, 2026): a simple weighted average gives about 5.09% on $530,000. Ask BMO for its exact blended rate; banks may calculate it differently.
Computed by this site’s engine from each bank’s published rates (November 2, 2026) and the rules cited below. An example, not a quote.
What this means for you
- Ask about porting before you list your home, and get the deadline in writing.
- Compare the blended rate with a new mortgage elsewhere plus the penalty; porting usually wins when the penalty is large.
- Only CIBC states a timing allowance on its web pages (a delayed port up to 120 days); ask the others for their window in writing.
Rules change. Every figure on this page links to the official source and shows when we checked it. If something looks out of date, tell us and we will re-check.
Frequently asked questions
Can I port a variable-rate mortgage?
It depends on the bank. CIBC says every CIBC mortgage can be ported except its Variable Flex Mortgage; BMO and TD describe porting for fixed-rate mortgages; Scotiabank says portability may not be available for all mortgage solutions; RBC and National Bank don’t limit it by rate type on the pages we read. Ask your bank before you list.
What if I buy before I sell?
Ask the bank: porting rules usually describe selling and buying within a set window, and bridge financing is a separate product.
Is porting always cheaper than breaking?
Not always. If your rate is well above today’s rates and the penalty is small, breaking and taking a new rate can cost less. Compare the penalty with the interest you would save over the rest of the term; the example above works through it.
Does porting keep my maturity date?
CIBC describes its portability option as moving your term, principal and maturity date to the new property. RBC and BMO describe blending any extra money at a current rate, so ask your bank how the extra borrowing and its term are set.
Sources
- Breaking your mortgage contract (blend-and-extend, changing lenders) — FCAC, checked Oct 31, 2026
- Reduce or avoid prepayment penalties — FCAC, checked Oct 31, 2026
- Porting a mortgage — RBC Royal Bank, checked Oct 31, 2026
- Understanding mortgage prepayment charges — RBC Royal Bank, checked Oct 31, 2026
- Mortgage rates — RBC Royal Bank, checked Nov 2, 2026
- Pay down your mortgage faster (Double-Up, lump sums, skip a payment) — RBC Royal Bank, checked Oct 31, 2026
- Paying off your mortgage faster (prepayment privileges, prepayment charges, portability) — BMO, checked Nov 2, 2026
- What you need to know: mortgages and mortgage prepayment charges (PDF) — Scotiabank, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.
