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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Halifax and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Halifax and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Nova Scotia credit unions like League Savings and Mortgage — can often result in a better mortgage rate.
There are a number of factors that determine whether you get the cheapest mortgage rates in Halifax. Below are some of the factors that lenders look at when they calculate your mortgage rate on a Halifax home.
1. Down payment
The down payment will be the biggest factor when it comes to the amount of your mortgage loan in Halifax. It will also play a part in determining your mortgage rate. In Canada, you must make a down payment of at least 5% of the total purchase price, but it may be higher in some cases. The federal government sets the rules around the down payment requirements. Here’s what’s required:
If the down payment is less than 20%, you’re required to get mortgage default insurance.
2. Debt service ratios
Halifax’s best mortgage lenders will also be looking at the amount of debt you’ll have when you get a mortgage. They will be looking at two debt ratios in particular:
3. Credit score
Your credit score will also play a role in whether you’ll get the lowest mortgage interest rate for a Halifax home. A credit score ranges from 300 to 900, and gives lenders a snapshot of what kind of borrower you are. If you have a high credit score, it shows that the risk of you being unable to pay back a loan is low. If your credit score is low, it appears as though you’re more likely to default on a loan. Most lenders will want you to have a credit score of at least 600 before they consider lending to you. But if your score is excellent, your lender will usually reward you by giving you one of the best mortgage rates in Halifax (or Canada for that matter).
4. Employment and income
Mortgage companies in Halifax will need to know what your annual income is, how long you’ve been with your current employer, and your type of employment (full-time, contract, or part-time work). In the event that you’re self-employed, your lender will require additional documentation, such as copies of your income tax returns, bank statements showing income and expenses, and notices of assessment showing that you’ve paid all your taxes.
In case you’re unsure, Halifax’s mortgage rates for a house are the same as they would be for a condo.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.38%. That’s 5 bps above the average high-ratio 5-year fixed rate, which stands at 4.33%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 12/24 | 4.79% | 4.56% |
| 01/25 | 4.80% | 4.60% |
| 02/25 | 4.80% | 4.57% |
| 03/25 | 4.68% | 4.45% |
| 04/25 | 4.67% | 4.46% |
| 05/25 | 4.75% | 4.62% |
| 06/25 | 4.73% | 4.63% |
| 07/25 | 4.60% | 4.40% |
| 08/25 | 4.61% | 4.44% |
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 3.99%. That’s 51 bps below the 5-year variable rate, which stands at 4.50%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.59% | 4.50% |
| 12/25 | 3.99% | 4.50% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $327,430 in Halifax and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Halifax from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Halifax | $281,251 | $296,622 | $303,968 | $277,720 | $266,669 | $272,371 | $300,755 | $287,424 | $287,231 | $297,661 | $313,471 | $305,591 | $301,631 | $312,075 | $323,298 | $327,430 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,844 in Halifax by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,345 | $1,494 | $1,661 | $1,660 | $1,677 | $1,691 | $1,869 | $1,888 | $1,878 | $1,890 | $1,956 | $1,849 | $1,803 | $1,815 | $1,851 | $1,844 |
Closing costs are the one-time fees buyers pay upon purchasing property in Halifax. Generally, closing costs include:
Nova Scotia, and by extension, Halifax, does not have a provincial land tax. Instead, municipalities can charge the Municipal Deed Transfer Tax (DTT), which ranges from 0.5% to 1.5%.
A mortgage term and an amortization period are two different things, and it’s easy to get confused.
The term is the length of the mortgage you’re getting, which is typically five years. However, mortgage terms can be as short as six months and as long as 10 years. When the term is up, you can renew your mortgage with the same lender or shop around for a better rate. Over time, you’ll likely have multiple mortgages from one or more lenders.
The amortization period is the length of time it’s expected to pay off your mortgage (both principal and interest). The typical amortization period is 25 years, but you can get a mortgage with a 30-year (and sometimes a 35-year) amortization. However, in order to get a mortgage with an amortization of more than 25 years, you need to put at least 20% down. If you want to get an amortization of 15 or 20 years, that’s also possible. The shorter the amortization period, the less interest you’ll pay.
Buyers not only need to compare current mortgage rates in Halifax, they also need to choose between an open and closed mortgage.
A closed mortgage typically has a lower interest rate than an open mortgage, but it comes with restrictions. For instance, you might only be able to make one mortgage prepayment annually that’s limited to a certain percentage of the original mortgage amount. There are also financial penalties if you decide to refinance or pay off your mortgage before the term ends. The restrictions and penalties vary from lender to lender so it’s best to review what they are before signing on the dotted line.
An open mortgage is more flexible, but it has a higher interest rate than a closed mortgage. You can pay off the entire mortgage whenever you like without having to pay a penalty. Open mortgages typically have a term of five years or less. These types of mortgages are for people who want to make extra payments whenever they’d like, who intend to pay off the mortgage early, or expect to sell and pay off their mortgage in the near future.
While getting one of the best home mortgage rates in Halifax is important for home buyers, there are other things you should consider before choosing a mortgage:
LowestRates.ca works to bring you Halifax's best mortgage rates from top banks and brokers in Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Halifax. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
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We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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