The two most common ways to terminate a mortgage note in Canada are called standard termination. This is when you either refinance or sell the property. And then there are the less common ways to terminate a mortgage which are foreclosure or a short sale. Finally, you can terminate a loan in Canada by paying it off.
Carefully examine the paperwork from the closing, and find the promissory note which will detail the terms or penalty to terminate your mortgage note. If you have any questions contact the bank or The Canadian Mortgage and Housing Corporation at http://www.cmhc-schl.gc.ca/en/index.cfm
