# How does the Dec 2024 switch rule apply to these products?

> Since Dec 15, 2024, borrowers can switch their insured 'Closed' mortgage at renewal without a stress test.

Category: Product Mechanics
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/product-mechanics/how-does-the-dec-2024-switch-rule-apply-to-these-products

## Answer
### Section Summary

- Trend: Open mortgages are declining in market share as 30-year amortizations make closed payments more manageable.
- Strategy: Always check for a 'Portable' feature in a closed mortgage; it offers 80% of the benefit of an open mortgage without the rate premium.

## Related guide
- https://ratellow.com/guides/open-vs-closed-mortgages

## Sources
- BANKOFCANADA — https://www.bankofcanada.ca/2023/12/staff-analytical-note-2023-19/#Introduction