The length of your mortgage contract with a specific lender, typically 1 to 10 years.
Do not confuse the term with the amortization. Your amortization might be 25 years, but your term might be 5 years. At the end of each term, you renew your mortgage (potentially with a different lender) until the full amortization is complete. The most common term in Canada is 5 years fixed. Shorter terms (1-3 years) offer flexibility, while longer terms (7-10 years) offer rate certainty but typically come with higher rates and larger prepayment penalties.
Related terms: Amortization | Mortgage Renewal | Fixed Rate Mortgage