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Shopping for a mortgage in Nova Scotia? You’ve come to the right spot.
LowestRates.ca helps you find and compare the best mortgage rates from 75+ Canadian banks and brokers across the country.
Our service is free to use and there’s no obligation on your part.
Select the type of mortgage you’re interested in and our comparison engine will pull together the current mortgage rates in Nova Scotia — just like that.
Keep scrolling to learn more about Nova Scotia mortgage rates in 2021.
2.65%
4.09%
4.10%
Mortgages come in two varieties: conventional and high-ratio.
If you have a substantial down payment — 20% of the purchase price of your new home or more —you qualify for a conventional mortgage. That means your lender is backing the mortgage without any additional guarantees.
If you have less than 20% for a down payment, you’ll be taking on a high-ratio mortgage. You’ll need to buy mortgage insurance, which guarantees your lender will be repaid. However, the premiums are rolled into your monthly mortgage payment, which will increase the cost.
Take a look at our comparison of high-ratio mortgages vs. conventional mortgage rates in Nova Scotia. No matter which one you go for, you’re getting a great deal.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 05/21 | 2.13% | 2.20% |
| 06/21 | 2.20% | 2.17% |
| 07/21 | 2.19% | 2.29% |
| 08/21 | 2.07% | 1.77% |
| 09/21 | 2.02% | 1.74% |
| 10/21 | 2.12% | 1.87% |
| 11/21 | 2.41% | 2.18% |
| 12/21 | 2.48% | 2.25% |
| 01/22 | 2.55% | 2.31% |
| 02/22 | 2.76% | 2.49% |
| 03/22 | 3.06% | 2.79% |
| 04/22 | 3.64% | 3.37% |
Last Updated: May 1, 2022
After conventional and high ratio mortgages, there are two other categories of mortgages available in Nova Scotia: variable mortgages and fixed rate mortgages.
With a Nova Scotia fixed rate mortgage, you’ll pay interest at a set rate for the entire term of your mortgage loan — that’s the main reason why the most popular mortgage type in Nova Scotia are 5-year fixed rates.
With a variable Nova Scotia mortgage rate, your interest payments will fluctuate as rates move up or down. Variable rate mortgages usually cost less than fixed-rate loans — and they can save you even more money if rates fall over the term of your mortgage. But you could end up paying more if rates increase. Is the risk worth it? A mortgage broker can help you weigh the pros and cons of each option.
We’ve pulled data from LowestRates.ca’s user database to see how variable rates stack up against fixed rates for 5-year mortgages in Nova Scotia. Check out our graph to see the average Nova Scotia mortgage rates for both fixed and variable rates.
| Month | Fixed | Variable |
|---|---|---|
| 05/21 | 2.15% | 1.55% |
| 06/21 | 2.16% | 1.57% |
| 07/21 | 2.22% | 1.50% |
| 08/21 | 1.96% | 1.27% |
| 09/21 | 1.92% | 1.27% |
| 10/21 | 2.05% | 1.24% |
| 11/21 | 2.32% | 1.19% |
| 12/21 | 2.39% | 1.18% |
| 01/22 | 2.47% | 1.23% |
| 02/22 | 2.67% | 1.26% |
| 03/22 | 2.99% | 1.52% |
| 04/22 | 3.53% | 1.87% |
Last Updated: May 1, 2022
In the big picture, the state of the economy drives mortgage interest rates. Interest rates on mortgage loans are generally higher when economic growth is strong and they fall when the economy slows.
Read More
A single-family home purchased with a 5% down payment will cost $1,335.85 per month and carry a mortgage loan of $303,330.25.
(Assumptions: a 2% interest rate on a 25-year term and the purchase price falls within the average [$319,2954].)
A single-family home purchased with a 20% down payment will cost $1,081.65 per month and carry a mortgage loan of $255,436.
(Assumptions: a 2% interest rate on a 25-year term and the purchase price falls within the average [$319,2954].)
The average house in Nova Scotia cost $319,295 in early 2021. Here's the average price broken down by region.
BY REGION5
CONDO PRICES
The amortization period on your mortgage is the total number of years you expect it will take to pay off the entire loan. Most new mortgages come with amortizations of 25 years, although periods range from six months to 30 years.
The shorter the term, the higher your monthly payment. This is because you have less time to pay off the principal. Not only that, but banks prefer customers who stretch out their mortgage payments over decades. Therefore, the rates on 6-month mortgages in Nova Scotia will be much higher than on a standard 5-year mortgage.
The mortgage term is a shorter period— usually, four or five years — which represents the length of time your lender will provide your mortgage loan at a given interest rate. At the end of the term, you’ll renegotiate your mortgage for a new term, either with your existing lender or a new financial institution. Lenders offer terms ranging from six months to 10 years.14
The difference between open and closed mortgages is simple: With an open mortgage, you can pay off, refinance or renegotiate your agreement before term ends without paying a penalty. If you have a closed mortgage, you must wait until the end of your term to make payment on your mortgage principal or renegotiate its terms.
Closed mortgage rates in Nova Scotia (and in Canada) generally are cheaper. You’ll also usually have the ability to make limited payments against your mortgage principal without penalty.
People who expect to be able to make larger payments against their principal—say from bonuses at work or inheritances—may prefer open mortgages.
The reason rates on open mortgages in Nova Scotia are higher is because lenders depend on the revenue you provide with your payments. If you pay off your mortgage sooner than scheduled, they will want to collect the maximum amount of interest.
Open mortgages may carry higher interest rates, but the ability to make large payments against the principal can save you money in the long run.
According to Statistics Canada, the median family income in Nova Scotia stood at $68,100 in 2018, second only to Prince Edward Island among the Maritime provinces, and then by only $400.
That’s not an especially high income compared to the rest of Canada. But Nova Scotia—and the Maritimes in general—make up for the difference in affordability.
The average housing price is almost half the national average and well below average outside of the Halifax urban market, according to the Canadian Real Estate Association.
Rents are competitive, too. The average two-bedroom apartment in Halifax cost $1,225 in 2020, according the Canada Mortgage and Housing Corp. The provincial average came in at $1,183.17
Nova Scotia’s average gasoline price, meanwhile, is high, second only to the price in Quebec and Newfoundland, Gasbuddy.com reports. But drivers catch a break on auto insurance premiums with averages that are generally lower than most other provinces.18
Still have questions about whether you can truly afford to buy a home? We recommend this mortgage affordability calculator for Nova Scotia from the Canadian Mortgage and Housing Corporation.
For would-be homeowners in Nova Scotia, mortgage interest rates are only part of the equation when it comes to figuring out which mortgage is best for you.
For example, some mortgages allow you to make lump-sum payments on your mortgage principal without penalty. An open mortgage lets you pay off the entire amount whenever you like— but you’ll pay a higher interest rate for the privilege.
Other mortgages allow prepayments, typically around 10% to 20% of the principal each year. If you’re expecting windfall income, say bonuses at work or large commissions, consider pre-payment options when choosing your mortgage. Paying more each month today may help you save money in the long run if you expect to be able to make large payments against your principal down the road.
You should also consider whether you want a “portable” mortgage when you buy your home. Portability allows you to transfer the balance of your mortgage, its term, and interest rate to the purchase of a new home if you decide to move before your mortgage term ends. This means you avoid penalties for breaking a mortgage early, which can be very costly
But remember, not all mortgages are portable, especially variable rate mortgages. If you think you might need to sell your home before the end of your mortgage term—maybe you have a growing family—think twice before signing up for that low-interest variable rate plan.20
To find your cheapest mortgage rate in Nova Scotia, we recommend shopping the market. You can also see how much different interest rates affect the size of your monthly payments with our Nova Scotia mortgage calculator.
LowestRates.ca works with 75+ banks and brokers to bring you competitive Nova Scotia house 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.
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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.
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