Canadian financing has a signature quirk: mortgages commonly pair long amortizations (up to 25 years or more) with short terms (often five years or less). When the term ends, the loan renews at prevailing rates, so renewal risk is a recurring fact of Canadian ownership.
Market structure in brief
- Provinces run their own processes: land transfer taxes, legal practice and closing customs vary meaningfully between provinces.
- Down payment minimums scale with price under federal mortgage rules, with insurance requirements for high-ratio loans.
- Both square feet and meters appear in practice; Quebec runs a civil-law property system distinct from the rest.