Breaking the mortgage early usually triggers a prepayment penalty, and Canadian mortgages compound semi-annually, which affects how that penalty is calculated, so the payout figure is not simply the balance owing. Some lenders allow porting a low rate to a new property, and legal fees of $800 to $1,500 apply to closing the new purchase either way.
The math changes if your sale is driven by downsizing, health or a life change rather than by choice, since a low rate on a home that no longer fits your needs is not really an advantage you are using. Get your hand-reviewed valuation from Joel Dyck to see what the trade-off actually looks like in dollars.
Get your hand-reviewed valuation from Joel Dyck.