I currently have a fixed term mortgage that matures in 2015. I also have a preconstruction that has a tentative occupancy date in January 2013. I am planning to sell my current residence and move into the preconstruction when it is ready for occupancy. I just had a meeting with my financial advisor about the various options for my mortgage when I move. It seems like there are two options: port my mortgage or break my mortgage contract. The fee for breaking my contract will be $10k+. So you can understand why I would lean on porting instead. With porting, I am given a deadline of 6 months. If I require an extension, it is at the sole discretion of the bank manager. As we all know, preconstruction occupancy dates and registration dates vary immensly. Not to mention how many days on the market my current residence will be listed for until it sells. With so many variables, it is difficult to estimate that registration of the condo would be complete within the 6month time limit. I am extremely flexible in terms of when I sell my current residence (since I have the option of moving back to my parents for the interim between waiting for occupancy).I want to take advantage of the spring real estate market to sell my current residence but understand that this may not happen because of the porting deadline. My question to you guys, is what are most people doing with your mortgages. Surely I can't be the only person faced with this dilemma of moving into a new construction. I need the most financially efficient way of moving. Your thoughts are greatly appreciated!