HomebuyingREPORT: Canadian mortgage rates and housing market trends 2020
Experts say we haven’t yet seen the full effects of COVID-19 on the housing market.
Compare the best current mortgage rates in Nova Scotia for free.
On average, Canadians save thousands of dollars per year by comparing rates with us.
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Compare mortgage rates in Nova Scotia.
Shopping for a mortgage in Nova Scotia? You’re at the right spot. LowestRates.ca helps you find and compare the best rates from the leading mortgage brokers and banks in the province. Our service is free to use and there’s no obligation on your part. Just select the type of mortgage you’re interested in and our comparison engine will pull together the lowest rates — just like that.
Lower rates = bigger savings.
Here’s why you should shop around before you settle on a mortgage rate: over the past two years, the rates on our site have been far, far lower than posted bank rates. In fact, our 5-year fixed rates average less than 2.5%, while the bank’s rates average over 4.5%.
On a $400,000 mortgage, the average difference in rates would result in more than $100,000 of savings over the life of your loan. Whether you’re house hunting in Halifax or in Kentville, savings like that can have a massive impact on your finances.
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:
$439 Per Month
$5,264 Per Year
$131,596 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in Nova Scotia vs 5-year bank rate
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| 02/18 | 3.01% | 5.14% |
| 03/18 | 3.07% | 5.14% |
| 04/18 | 3.08% | 5.14% |
| 05/18 | 3.18% | 5.34% |
| 06/18 | 3.16% | 5.34% |
| 07/18 | 3.14% | 5.34% |
| 08/18 | 3.19% | 5.34% |
| 09/18 | 3.17% | 5.34% |
| 10/18 | 3.29% | 5.34% |
| 11/18 | 3.37% | 5.34% |
| 12/18 | 3.42% | 5.34% |
| 01/19 | 3.33% | 5.34% |
Variable or fixed: which is lower?
You can save big money by shopping around for a mortgage, but how do the best variable rates compare to the best fixed rates? We compared the LR.ca 5-year fixed rate mortgages and LR.ca 5-year variable rate mortgages that Canadians have been applying for on our site to find out: variable rates are almost half a percentage point lower, and they’ll probably stay lower in 2017.
On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:
$142 Per Month
$1,705 Per Year
$42,618 In a Lifetime
5-year fixed mortgage rate in Nova Scotia vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 5-year variable rate |
|---|---|---|
| 02/18 | 3.01% | 2.22% |
| 03/18 | 3.07% | 2.21% |
| 04/18 | 3.08% | 2.19% |
| 05/18 | 3.18% | 2.22% |
| 06/18 | 3.16% | 2.16% |
| 07/18 | 3.14% | 2.32% |
| 08/18 | 3.19% | 2.45% |
| 09/18 | 3.17% | 2.42% |
| 10/18 | 3.29% | 2.48% |
| 11/18 | 3.37% | 2.62% |
| 12/18 | 3.42% | 2.61% |
| 01/19 | 3.33% | 2.63% |
Focus On
Nova Scotia housing.
Nova Scotia has had a sustained period of flat to slightly down home prices, with the average resale property selling for slightly over $200,000. Experts point to an abundance of inventory and tepid demand from buyers, even in urban areas like Halifax and Sydney.
With mortgage rates falling and prices at a standstill, the overall affordability of Nova Scotia housing has increased over the past year, which is good news for residents looking to purchase a home or move up the property ladder.
Resale Home Prices in Nova Scotia
| Quarter | Nova Scotia | Canada |
|---|---|---|
| Q1/13 | $218,768 | $367,382 |
| Q2/13 | $214,631 | $372,775 |
| Q3/13 | $217,626 | $388,651 |
| Q4/13 | $221,000 | $381,900 |
| Q1/14 | $210,450 | $399,945 |
| Q2/14 | $215,147 | $402,605 |
| Q3/14 | $215,147 | $409,388 |
| Q4/14 | $215,148 | $416,410 |
| Q1/15 | $215,149 | $425,062 |
| Q2/15 | $215,150 | $438,866 |
| Q3/15 | $225,000 | $445,000 |
| Q4/15 | $220,500 | $438,200 |
| Q1/16 | $215,000 | $440,800 |
| Q2/16 | $220,000 | $441,800 |
Two-Storey Home and Condo Prices by Province
| Province | Two Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
Your Nova Scotia mortgage questions, answered.
Variable or fixed: which is more popular?
Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since the start of 2014, most have taken variable rate loans. Of course, variable rates have been significantly lower than fixed rates, and look set to remain that way for the foreseeable future.
5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
- of Canadians apply for 5-year variable mortgages
- 57%
- of Canadians apply for 5-year fixed mortgages
- 43%
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
About Nova Scotia
Even though it’s the second smallest province in Canada by area, Nova Scotia is home to more than 900,000 people. This relatively large population makes Nova Scotia the second most densely populated province in the country, with 17 residents per square kilometer, according to Statistics Canada. One of Canada's three Maritime Provinces, Nova Scotia’s vehicle license plate description is 'Canada's Ocean Playground,' and for good reason — the province has more than 7,400 kilometres of coastline! Residents and visitors can enjoy the varied nature of the province, from bucolic inland farms to the stunning scenery of Cape Breton and bustling urban life in Halifax. The province boasts a thriving economy driven mainly by fishing, forestry and tourism.
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