You'll have to pay a mortgage prepayment charge if you:
- Refinance your mortgage before the end of the term
- Renegotiate the terms and conditions of your mortgage before the end of the term
- Prepay more than 10% of the principal amount in a year
- Prepay your mortgage in full before the end of the term
- Transfer your mortgage loan to another
To learn more, you can visit the Financial Consumer Agency of Canada (FCAC) website.