Mortgage Term
The length of time you're committed to current mortgage conditions — typically 1 to 10 years, with 5 years being the Canadian standard.
The mortgage term is how long you're locked into your current interest rate and conditions. At the end of the term, you renew into new conditions based on the market rates at that time. Canadian terms range from 6 months to 10 years, with 5-year being the longtime default. In 2026, 3-year fixed terms have become the dominant choice as borrowers hedge against a rate-cutting cycle. Term is distinct from amortization: a 5-year term inside a 25-year amortization means 20 years of amortization remain to renew after your current term ends.
Related Terms
The total length of time required to pay off your mortgage in full — typically 25 years in Canada, up to 30 years for first-time buyers and all buyers of new construction on insured mortgages.
The process of setting new mortgage terms when your current term ends — you can stay with your lender or switch without re-qualifying (uninsured, unchanged amount).
A mortgage where the interest rate is locked for the full term, keeping your monthly payment constant regardless of Bank of Canada decisions.
Related Guides
Related FAQs
- What's the difference between insured and uninsured mortgage renewals?
- How does mortgage insurance enable lower down payments?
- What property considerations impact my mortgage application?
- When should I start my mortgage renewal process?
- What are Loan-to-Income (LTI) limits and how will they affect institutional mortgage portfolios?