There are two time periods of importance with a mortgage: the term (the length of time you are locked into a specific loan with a specific lender), and the amortization period (the length of time it takes to pay off your entire mortgage). The average mortgage term in Canada is five years, and the range is from six months to ten years. In addition, most Canadian mortgages have an amortization period of 25 years. It is possible to go up to 40 years for amortization, but these longer mortgages have other complications, such as not being insured by the CMHC.