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May 31
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May 27
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When you find the best quote, secure your Northwest Territories mortgage rate by talking to a licensed broker or agent.

Compare mortgage interest rates today in the Northwest Territories

Are you hunting for the lowest mortgage rates in the Northwest Territories (NWT) for 2021? You’ve come to the right place. helps you find and compare the best mortgage interest rates in the NWT from the 50+ banks and brokers across Canada. Our free, no-obligation service makes shopping around for a mortgage rate fast and easy.

Many visitors to have the following questions:

You’ll get the answers to all of these questions, plus you'll see how much you can save by comparing rates in the charts below.

When you’re ready, compare the best mortgage interest rates in the Northwest Territories. It just takes 3 minutes.

Conventional vs. high-ratio mortgages: which is cheaper?

There are so many types of mortgages out there that it’s easy to get confused. To get you started, you’ll need to consider your mortgage down payment on your Northwest Territories home.

If you’re able to put more than 20% of the value of the home as a down payment, you’ll be offered a conventional mortgage contract. On the other hand, if you put down less than 20% of the purchase price of the home as a down payment, you’ll be offered a high-ratio mortgage contract. You can get both on

We’ve also pulled a sample of rates to show you the difference between high-ratio and conventional mortgages. Keep in mind that homebuyers with high-ratio mortgages are required to purchase mortgage insurance from the CMHC, which means rates are often lower.

To see a comparison of high-ratio mortgages and conventional mortgages in the Northwest Territories, check out this graph.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Northwest Territories

DateAverage Conventional RateAverage High Ratio Rate
05/22 4.05%3.73%
06/22 4.38%4.02%
07/22 4.88%4.50%
08/22 4.78%4.36%
09/22 4.76%4.36%
10/22 5.11%4.71%
11/22 5.43%5.13%
12/22 5.22%4.81%
01/23 5.19%4.75%
02/23 5.10%4.68%
03/23 5.05%4.77%
04/23 4.79%4.45%

Last Updated: May 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

When it comes to choosing your rate structure, a variable mortgage rate loan for a Northwest Territories homebuyer has been known to yield more savings than a fixed rate mortgage rate loan for a Northwest Territories homebuyer.

So what are the current mortgage rates in the Northwest Territories? How do variable mortgage rates in the Northwest Territories, Canada compare to fixed rates?

To find out, we took a closer look at the 5-year variable mortgage rates and 5-year fixed mortgage rates that residents of NWT have applied for on our site. We discovered that with either type of rate, you’re getting a great deal. Check out our chart and see for yourself.

5-year fixed vs. 5-year variable mortgage rates in Northwest Territories

05/22 3.91%2.26%
06/22 4.26%2.70%
07/22 4.73%3.21%
08/22 4.59%3.78%
09/22 4.59%4.23%
10/22 4.99%4.58%
11/22 5.24%5.06%
12/22 4.97%5.34%
01/23 4.87%5.67%
02/23 4.83%5.89%
03/23 4.88%5.87%
04/23 4.63%5.85%

Last Updated: May 1, 2023

Factors that affect your Northwest Territories mortgage rate

Before a bank, mortgage company or broker in the Northwest Territories will be willing to lend you the money for your mortgage, they will want to get a sense of your financial health. To do this they will consider a few different things.

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Typical mortgage amount in the Northwest Territories

To calculate what the size of the mortgage on your Northwest Territories property will be,  we first need to know where you plan on buying,  the size of your down payment and your mortgage interest rate.

On a Northwest Territories detached home worth $359,280, a buyer who can make a 20% down payment will have to borrow $287,424.

On the same home, a buyer who can only make a 10% down payment will have to borrow $323,352.

Plus, keep in mind, if your down payment is less than 20% you will need to get mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC). This will protect your lender if for some reason you are unable to make your mortgage payments

With CMHC mortgage loan insurance you can qualify for a mortgage for up to 95% of the purchase price of your NWT home.

Northwest Territories’ housing market and home prices

The average price of resale residential homes sold across the Northwest Territories in January 2021 rose 16% to $359,280 vs. $309,071 in January 2020.

Northwest Territories closing costs and land transfer tax

When buying a new home it’s important to budget for all of the costs that are associated with finalizing the purchase. Here’s what you need to know.

Property valuation (appraisal) fee: The home you are buying becomes the collateral for the mortgage loan you are taking out. Simply put, if one day you can no longer pay your mortgage, the lender takes possession of your house. They can then sell the house in order to get back the money they loaned you for your mortgage. A property valuation or appraisal is an independent evaluation of the value of your home and ensures the lender that your house is worth the amount of mortgage they are lending you. Approximate cost: $400 to $500.

Home inspection fee: The house you’ve decided to buy may look like it’s in great shape but there could be underlying issues that you don’t realize. Before you sign on the dotted line have a licensed home inspector go through the home you’re considering. They’ll check everything out and provide you with a report that summarizes their findings and recommendations. Approximate $450 plus taxes.

Title insurance: Sometimes people don’t discover their home has a defect till after they’ve bought it and moved in--sometimes months later. By having title insurance, the homebuyer is protected. It covers any losses that might incur due to undetected or unknown defects to the property. Title insurance can be purchased through your lawyer. Expect to pay around $250.

Mortgage default insurance: If you can only afford a down payment on your new Northwest Territories home that is less than 20% you are obligated to purchase mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC).

Legal fees: Buying a home is a legal transaction therefore it will require a real estate lawyer to look after all the necessary paperwork. Budget for $2,000 to $3,000 for this cost.

Land transfer tax: When one person exchanges a piece of property with another land transfer tax must be paid. In the Northwest Territories on properties that are $1 million dollars and less you will pay $1.50 for every $1,000. On properties that are over $1 million, you will pay $1,500 plus $1 for every $1,000.

Home insurance: Homeowners insurance covers the cost to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover the replacement cost of furniture, clothing, and other possessions that you keep in your home.


Information for first-time homebuyers in Northwest Territories

By now you realize that buying a new home is an expensive proposition. But there are some ways you could save some money.

How much of a down payment do you need?

To give yourself the best chance at the lowest mortgage rate and to avoid the additional cost that would come with having to get a high-ratio mortgage insured by the CMHC, make sure your down payment is 20% or more on the purchase price of your new home. Even knocking a quarter percent off your mortgage rate will end up saving you thousands of dollars in interest over the lifetime of your mortgage.

You may be wondering if there is such a thing as a no-down-payment mortgage in the Northwest Territories. The answer is no. The Canadian government outlawed no-down-payment mortgages in 2008.

If you find you don’t have any money for a down payment you could borrow the money from a private lender. This can be expensive, though. How expensive are private mortgage rates in the Northwest Territories? It’s an unregulated industry, so the broker and lender can set the rate. In some cases, the interest rate can be as high as 20%.

Want to know how much mortgage you can afford in the Northwest Territories? Use this mortgage affordability calculator provided by the CMHC.

Want to see how much a lower interest rate can lower the monthly mortgage payment on your new Northwest Territories home? Try this mortgage rates and payment calculator.

First-Time Home Buyer Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their Northwest Territory home purchase through a shared equity mortgage with the Government of Canada. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment will lower your mortgage carrying costs, making homeownership more affordable.

First-Time Home Buyers’ Tax Credit: This is a $5,000 non-refundable tax credit designed to help buyers manage the closing costs of purchasing a new home. This credit is applicable across Canada.

GST/HST New Housing Rebate: As a new homeowner in the Northwest Territories, you may be entitled to a rebate on some of the HST you paid on the purchase price or cost of a new-build home or a substantially renovated home. GST/HST New Housing has all of the details.

Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: If you’ve purchased a house in the Northwest Territories and made additions, alterations, or renovations to it in order to make it more accessible to a disabled person or senior citizen, you can take advantage of the HATC tax credit to deduct up to $10,000 from the amount of taxes you owe to the CRA.

Your questions about Northwest Territory mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

Mortgage term: The mortgage term is the amount of time that you commit to your mortgage rate, lender and the terms and conditions of the contract. At the end of the term, you’ll renew your contract with the mortgage company for the remaining principal at a new rate. The process repeats until you’ve paid off the mortgage on your Northwest Territory home. A mortgage term can vary in length, from six months to 10 years, with the most common term in Canada being five years.

Amortization period: The amortization period is the amount of time it will take you to pay off your entire mortgage. In Canada, the maximum amortization period is 35 years. But, if your down payment was less than 20% and you were required to purchase mortgage insurance from the Canadian Mortgage Housing Corporation (CMHC), then your maximum amortization period is 25 years.

What’s the difference between an open mortgage vs. a closed mortgage?

That rate you end up getting for your mortgage loan will depend on whether you opt for an open mortgage or closed mortgage.

Some home buyers prefer an open mortgage because it gives you the flexibility to pay off your mortgage at any time. With a closed mortgage, if you pay it off before the mortgage term ends, you have to pay a penalty.

However, taking a closed mortgage means you’ll get a lower interest rate. Rates for open mortgages in the Northwest Territories and across the country are usually higher.

How much does it cost to live in the Northwest Territories?

Owning a Home: According to the Canadian Real Estate Association, the average price of a residential home in the Northwest Territories as of January 2021, is $359,280.

Renting an Apartment: These were the average rents in Yellowknife, Northwest Territories in 2020.

  • 1-bedroom Rental Apartment: $1,621/mth.
  • 2-bedroom Rental Apartment: $1,839/mth.

Car Insurance: Residents of the Northwest Territories pay some of the lowest car insurance rates in Canada. The average cost of an insurance policy for a driver in the Northwest Territories is $978 per year according to the Insurance Bureau of Canada.

How much does getting a lower interest rate matter in Northwest Territories?

Few things in life are black and white, but when it comes to saving money on your mortgage there is no grey area when it comes to mortgage rates — the lower your mortgage rate the more you will save on the cost of interest over the lifetime of your mortgage.

The lowest rate possible isn’t the only thing you should want your new mortgage to have.

Another important feature it should include is prepayment privileges. Having prepayment privileges will give you the ability to make extra payments on your mortgage if you have some money to spare down the road. For example, if you receive a bonus or raise, or inherit money from a relative. Making just one extra payment will reduce your mortgage principal, amortization period and the cost of interest.

One other smart thing your mortgage should have is portability. Someday you may decide to buy another home or maybe you’ll get a can’t-pass-it-up job opportunity in another province and have to move. With a portable mortgage, you can take your mortgage with you and use it to finance your new home. You’ll save money because having a portable mortgage means you’ll avoid the charges that would occur if you had to close one mortgage and open a new one.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. 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.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on 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.

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