The amortization period is the total number of years you will need to completely pay off your mortgage. The most common amortization period is 25 years. This is also the longest period allowed if your down payment is less than 20% and your loan needs to be insured by a mortgage insurer like CMHC.
It's often advantageous to choose a shorter amortization period, because by paying off your mortgage more quickly you’ll save on interest.
To see how choosing a different amortization period affects the total amount you pay, use our calculator.