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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 Nova Scotia 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 Nova Scotia and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Nova Scotia credit unions like Provincial Credit Union and East Coast Credit Union — can often result in a better mortgage rate.
While mortgage rates are set by the lending institutions, which in turn are influenced by the Bank of Canada's target rate, there are other factors that can affect your Nova Scotia mortgage rate.
1. Down payment
If you want to score a low mortgage rate in Nova Scotia, one of the most important factors is the size of your down payment. Across Canada, there are minimum down payment rules depending on the price of the home:
No matter the price of your home, a down payment of at least 20% is an important threshold. Not only are you more likely to qualify for cheap mortgage rates for a Nova Scotia home, but you won’t have to buy mortgage default insurance. It’s also important to note that mortgage insurance isn’t available for homes that cost more than $1 million, so a minimum 20% down payment becomes mandatory at that price point.
2. Debt service ratios
Lenders use two types of ratios to calculate the amount of debt you have relative to your income. These figures will typically also factor into any online Nova Scotia mortgage affordability calculator you use to help you set your budget as you shop for your new home. Here’s a guide to each type of debt service ratio.
3. Credit score
Having a high credit score is a great way to communicate to banks that you’re a safe bet when they lend you money. Some lenders do offer specialized mortgages in Nova Scotia for borrowers with bad credit, but they typically adjust their rates upward with these products to reflect the greater risk. The higher your credit score, the better your mortgage rate is going to be. Credit scores can range from 300 to 900, with higher scores indicating a longer and more positive credit history.
If you need to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), which is required if your down payment is below 20% of the home’s price, a minimum credit score of 600 is necessary to qualify. If your credit score is too low for a traditional lender like a big bank or credit union, you may have to look at mortgage rates from private Nova Scotia lenders.
4. Employment and income
Nova Scotia mortgage agents and lenders will want to know how much income you earn from all sources to understand how you will repay your mortgage loan. You will be asked for proof of income from your job as well as any income from investments or rental properties. Banks typically see a full-time, salaried job that you’ve worked at for several years as the safest type of employment income, compared to seasonal, part-time or temporary work.
If you’re self-employed, you’ll need to provide more documentation of your income and business. Typically this includes tax returns for the previous three years, proof that you are current on all HST or GST payments, articles of incorporation, proof of principal ownership in the business, GST or business license, your business’s credit score, and other business financial records.
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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 $285,366 in Nova Scotia and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Nova Scotia 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 |
| Nova Scotia | $242,494 | $253,094 | $258,677 | $237,381 | $227,821 | $234,658 | $259,257 | $246,068 | $243,463 | $254,323 | $268,949 | $265,888 | $260,148 | $270,675 | $282,418 | $285,366 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $1,630 in Nova Scotia 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,186 | $1,302 | $1,438 | $1,441 | $1,449 | $1,470 | $1,628 | $1,622 | $1,611 | $1,631 | $1,692 | $1,631 | $1,572 | $1,590 | $1,632 | $1,630 |
Closing costs are the one-time fees buyers pay upon purchasing property in Nova Scotia. Generally, closing costs include:
Nova Scotia 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%.
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.
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.
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.
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 banks and brokers to bring you competitive Nova Scotia house mortgage rates from lenders in Canada. 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.
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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