Short-term mortgages are mortgages with a shorter loan term than the typical mortgage, which is usually 25 years. In Ontario, short-term mortgages are typically offered by banks and other financial institutions as a way for borrowers to pay off their mortgage more quickly or to take advantage of lower interest rates.

Short-term mortgages may have loan terms as short as six months or as long as ten years, and they may have fixed or variable interest rates. The terms and conditions of a short-term mortgage will depend on the lender and the borrower's financial situation.

Short-term mortgages may be suitable for borrowers who want to pay off their mortgage more quickly or who want to take advantage of lower interest rates. However, it's important for borrowers to be aware that short-term mortgages may have higher monthly payments than longer-term mortgages, as they have a shorter repayment period.