Mortgage: Compare the Best 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 = huge 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.

Mortgage Interest Savings in Canada:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate

Month	Average LR.ca 5-year fixed rate	Average bank 5-year fixed rate
Feb 2018	3.01%	5.14%
Mar 2018	3.07%	5.14%
Apr 2018	3.08%	5.14%
May 2018	3.18%	5.34%
Jun 2018	3.16%	5.34%
Jul 2018	3.14%	5.34%
Aug 2018	3.19%	5.34%
Sep 2018	3.17%	5.34%
Oct 2018	3.29%	5.34%
Nov 2018	3.37%	5.34%
Dec 2018	3.42%	5.34%
Jan 2019	3.33%	5.34%

Feb 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019

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

Per lifetime

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.

Mortgage Interest Savings in Canada:
5-year variable vs. 5-year fixed from LR.ca

Month	Average LR.ca 5-year fixed rate	Average LR.ca 5-year variable rate
Feb 2018	3.01%	2.22%
Mar 2018	3.07%	2.21%
Apr 2018	3.08%	2.19%
May 2018	3.18%	2.22%
Jun 2018	3.16%	2.16%
Jul 2018	3.14%	2.32%
Aug 2018	3.19%	2.45%
Sep 2018	3.17%	2.42%
Oct 2018	3.29%	2.48%
Nov 2018	3.37%	2.62%
Dec 2018	3.42%	2.61%
Jan 2019	3.33%	2.63%

Feb 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019

On average, our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage that’s an average savings of:

^$142

Per month

^$1,705

Per year

^$42,618

Per lifetime

Variable or fixed: which is more popular?

It’s a key question Canadian borrowers face: variable or fixed? Let’s just say that of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since 2014, the majority have taken 5-year variable rate loans. It’s a trend we see continuing into 2017 as variable rates remain more competitive than fixed rates.

5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝

57%

of Canadians apply for 5-year variable mortgages

43%

of Canadians apply for 5-year fixed mortgages

✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.

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

Nova Scotia

Canada

Average home prices by province and territory

Nova Scotia vs. Canada

Province and territory	Average home price (2016)*	Year-over-year change
Nova Scotia	$218,332	+1.7%
Alberta	$395,648	+2.7%
British Columbia	$625,871	-6.4%
Manitoba	$282,511	+4.2%
Newfoundland and Labrador	$265,395	-2.4%
New Brunswick	$158,295	+2.0%
Northwest Territories	$423,222	-0.1%
Ontario	$571,696	+21.2%
Prince Edward Island	$165,406	+0.0%
Quebec	$291,232	+2.6%
Saskatchewan	$292,303	+0.4%
Yukon	$289,312	-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

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.

Mortgage news and blog