Moving to another province with a mortgage means two transactions in two markets, often with a lawyer or notary in each, and a decision about the mortgage you already have: take it with you, pay it off and start again, or carry two properties for a while. This page covers the mortgage side of the move. The rest of the move (income tax, benefits, health coverage, the cost of living) is in our moving provinces guide, and other changes during your term are in the mortgage renewal and management hub.
Your options for the existing mortgage
| Option | How it works | Fits when |
|---|---|---|
| Port the mortgage | The mortgage moves to the new home with your rate and term | Your lender lends in the new province, your rate is worth keeping and the closing dates can line up |
| Break it and get a new mortgage | You pay the prepayment penalty and borrow again, from any lender | Rates have fallen since you signed, your lender won’t port, or the timing can’t work |
| Port and borrow more | The ported balance keeps its rate and new money is blended in | The new home needs a bigger mortgage |
Porting across provinces. A port works the same way between provinces as within one, as long as your lender lends where you are moving and the new property meets its rules. The conditions that decide it are the portability window (the time allowed between the two closings), requalifying for the new property and how extra money is priced. How to port your mortgage covers each step and the blended-rate calculation.
Breaking the mortgage. Breaking a closed mortgage, paying it off early or prepaying more than your privileges allow usually costs the higher of 3 months' interest and the interest rate differential (IRD) on a fixed rate, and typically 3 months' interest on a variable rate; your mortgage contract sets the exact method and comparison rate, and a federally regulated lender must tell you how it calculates the penalty. How the interest rate differential (IRD) is worked out, and why it is largest when rates have fallen, is on how mortgage penalties are calculated. To weigh the penalty against a lower rate, use the break-even calculation; should I break my mortgage? covers the decision.
Sell first, buy first or close on the same day
Distance makes timing harder: you may be buying in a market you can only visit a few times, and both closings need a lawyer or notary in the right province.
Sell first, then buy
| Advantage | Disadvantage |
|---|---|
| You know exactly how much equity you have | You need somewhere to live in between (a rental, family, short-term housing) |
| No bridge financing | You may feel rushed to buy in an unfamiliar market |
| Your purchase offer doesn’t depend on a sale | Two moves, and possibly storage costs |
| Lower financial risk | A port may fail if the purchase closes after the portability window |
Buy first, then sell
| Advantage | Disadvantage |
|---|---|
| You move straight into the new home | You may carry two mortgages at once |
| No rush to buy | You need bridge financing or savings for the down payment |
| One move | If the old home is slow to sell, cash flow gets tight |
| Time to prepare the new home | The lender may not qualify you for both mortgages |
Close both on the same day, or close together
| Advantage | Disadvantage |
|---|---|
| One move and no bridge loan | Hard to coordinate across provinces and time zones |
| The simplest case for porting | If either deal falls through, you are exposed |
| Usually the lowest total cost | Needs a lawyer or notary in each province who can coordinate |
If you buy before your sale closes, bridge financing covers the down payment until the sale money arrives. Lenders usually want a firm sale agreement first. The bridge financing calculator estimates the cost.
Province-specific costs to budget for
Land transfer tax. What you pay to register the purchase depends on the province you move to. Ontario, British Columbia, Quebec, Manitoba, New Brunswick, Prince Edward Island and Nova Scotia charge a transfer tax, and Toronto adds a municipal tax on top of Ontario’s; Alberta, Saskatchewan and Newfoundland and Labrador charge registration fees instead. First-time buyer relief differs too. In Prince Edward Island, no real property transfer tax is payable when the buyer is a first-time home buyer who files a declaration at registration and intends to live in the home as their principal residence; the tax becomes payable if they don't live there for at least 183 consecutive days after the deed is registered. A first-time home buyer is a Canadian citizen or permanent resident who has lived in PEI for the six months before registration (or filed PEI returns in two of the last six years), has never held an interest in a principal residence and hasn't used the exemption before. The land transfer tax calculator has the rates, rebates and a calculator for each province and territory. Someone moving from a province with registration fees only to one with a transfer tax often finds it the largest new closing cost.
Home prices. Prices and property taxes vary widely between cities, so the mortgage you need in the new province may be much larger or smaller than the one you have. That decides whether you port the same amount, port and borrow more, or port less (which can bring a prepayment penalty on the part repaid). The housing market pages have current prices for each province and major city, and monthly carrying costs adds up what owning costs beyond the mortgage payment.
Insurance and legal fees. Home insurance rates differ by province, and a lawyer or notary licensed in the new province handles the purchase.
Taxes and employer relocation benefits
Your province of residence for income tax is the province where you live on December 31, so a move changes the provincial tax you pay for the whole year. The income tax hub has each province’s brackets and a calculator, and the tax side of moving provinces covers what changes in the year you move.
If your employer is paying for the move, some relocation benefits are taxable and some aren’t; is relocation assistance taxable? explains which. If you pay the costs yourself and move to work at a new location, you may be able to claim them; see the moving expenses deduction.
Relocation checklist for your mortgage
Three to six months before the move
- Read your mortgage contract: portability, the portability window and how the penalty is calculated
- Ask your lender whether it lends in the new province and whether your mortgage can be ported there
- Get a penalty quote, so you can compare porting with breaking
- Get preapproved for the price range in the new province
- Look up the land transfer tax, property tax and home insurance costs in the new province
One to three months before
- List your home, or confirm what your employer’s relocation package covers
- Hire a lawyer or notary in each province
- Book inspections in the new province, with someone you trust attending if you can’t
- Arrange home insurance for the new property
At closing
- Set both closing dates inside the portability window, or arrange bridge financing
- Confirm the old mortgage is discharged and the new one (or the ported one) registered
- Update your address with the Canada Revenue Agency, your bank and your insurer
Related pages
Sources
The figures and rules on this page come from these sources, last checked against them on September 29, 2026. How we check facts.
- Financial Consumer Agency of Canada: Breaking your mortgage contract
- Financial Consumer Agency of Canada: Mortgage fees: Prepayment penalties
- Government of Prince Edward Island: Real Property Transfer Tax Act
- RBC: Variable Rate Mortgage | RBC Royal Bank of Canada