If you applied through the bank directly and they denied your mortgage application for which ever , I would say 6 to 8 months.What you need to know as to what prompted the decline in the first place.Now, if you were dealing with bank directly, you might not get a straight answer depending on who you speaking to. I would suggest you find a mortgage broker as they can analyze your situation and provide you with a straight talk .

You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.

Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.