Moving from Calgary to Edmonton: Should You Port or Renew Your Mortgage?

What Is Mortgage Porting?

Mortgage porting allows you to transfer your existing mortgage rate, term, and conditions from your current property to a new one. This can be a great option if you’re moving from Calgary to Edmonton, or between other Alberta cities such as Red Deer, Lethbridge, or St. Albert, and want to keep your low interest rate.

Modern Edmonton home at dusk, representing the move-up market many Calgarians consider when relocating north.

Pros of Porting:

• Avoids breaking your mortgage and paying refinance penalties

• Retains your current interest rate

• Keeps your lender relationship intact
  

Cons of Porting:

• May not be available if your new home’s purchase price or mortgage amount differs significantly

• Your lender must approve the new property

• Not all lenders allow seamless porting between provinces or certain regions
  

If your situation has changed or your mortgage term is nearing its end, it might make more sense to renew or refinance instead.

What Is Mortgage Renewal?

A mortgage renewal happens when your existing term ends, and you sign a new agreement, either with your current lender or a new one. When relocating within Alberta, renewal provides a fresh opportunity to adjust your rate, term, or mortgage features.

Benefits of Renewing:

• Opportunity to negotiate better rates or terms

• No penalties if done at term-end

• Can adjust to fit your new home’s value and financial goals
  

If you’re moving to Edmonton or nearby communities such as Sherwood Park, Spruce Grove, or Fort Saskatchewan, renewing could align your mortgage with your new lifestyle and budget.

Regional Housing Considerations

When moving from Calgary to Edmonton, or between cities like Airdrie, Okotoks, and Leduc, local housing prices and market dynamics play a key role in deciding whether to port or renew.

1. Home Price Differences

• Calgary often has slightly higher average home prices than Edmonton.

• If your new home costs less, your lender may not allow you to port the entire balance.

• If your new home costs more, you might need a mortgage refinance or blended rate solution.
  

2. Timing and Rate Changes

• If rates have risen since you first obtained your mortgage, porting could save you money.

• If rates have dropped, renewing with a lower rate may make more sense.
  

3. Property Type and Investment Goals If you are moving to a rental or secondary property, explore investment and rental property mortgages to see if your financing options differ from your primary residence.

Case Examples

Example 1: Moving from Calgary to Edmonton with a Low Fixed Rate

Sarah locked in a 5-year fixed mortgage in 2021 at 1.79%. She’s now relocating to Edmonton for work. Since rates are higher today, she ports her mortgage to maintain her rate and avoid a penalty. The port saves her several thousand dollars.

Example 2: Upsizing from Red Deer to Sherwood Park

Michael’s home in Red Deer sold for less than his new purchase in Sherwood Park. To cover the higher price, his lender offers a blended rate combining his old rate and the current rate. He keeps part of his low rate while increasing his mortgage amount slightly.

Example 3: Downsizing from Calgary to Lethbridge

After selling in Calgary, John and Linda purchase a smaller home in Lethbridge. Since the new mortgage amount is lower, porting isn’t available. They renew their mortgage term with a shorter amortization and save on long-term interest.

Should You Port or Renew When Moving Within Alberta?

Your decision depends on:

• Current vs. new mortgage rates

• Whether your new mortgage amount will increase or decrease

• How long you plan to stay in your new home

• The penalties associated with breaking your mortgage early
  

If you’re unsure, speaking with a broker can help you compare all scenarios, especially if you’re considering unique products like a reverse mortgage for long-term homeownership flexibility or a first-time home buyer mortgage for a family member relocating with you.

Final Thoughts

When relocating from Calgary to Edmonton or anywhere across Alberta—whether to St. Albert, Red Deer, or Medicine Hat, understanding your mortgage options can make a major difference in your financial outcome.

Happy couple outside their new Alberta home, celebrating a smooth move and mortgage transition between cities.

If you’re unsure whether to port or renew your mortgage, or want to see which option best fits your next move, contact Tina for a personalized review.

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