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How comparing mortgage quotes works. Hint: it’s free!
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Nunavut mortgage rate by talking to a licensed broker or agent.
Compare mortgage rates in Nunavut.
Shopping for a mortgage rate in Nunavut? LowestRates.ca has you covered. With our free, no obligation service, we can help you find and compare the best rates from 75+ banks and brokers across Canada.
Check out the charts below to see how much you can save by comparing rates.
As low as
As low as
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
Conventional vs. high-ratio mortgages: which is cheaper?
There are two different kinds of mortgages in Nunavut, Canada: conventional mortgages and high-ratio mortgages.
Conventional mortgages require potential homeowners to make a down payment of at least 20% of the home’s purchasing price. Most homeowners try to aim for this option.
High-ratio mortgages are typically used when a buyer can only put down less than 20% on a new home. In Nunavut, if your mortgage down payment is less than 20%, you’ll be obligated to buy mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC).
Check out Nunavut’s 5-year mortgage rates comparing conventional vs. high-ratio mortgages.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Nunavut
Average Conventional Rate
Average High Ratio Rate
Last Updated: May 1, 2022
Fixed rate vs. variable rate mortgages: which is cheaper?
When pursuing a mortgage, one of the first decisions you’ll need to make is whether you wanted a fixed mortgage rate or a variable mortgage rate. Fixed mortgage rates in Nunavut remain the same throughout your entire mortgage term. Many homebuyers choose this option since it provides a measure of predictability — you know what to expect and you can budget accordingly. Variable mortgage rates in Nunavut, Canada, on the other hand, rely on market conditions to determine your interest rate.
How do Nunavut’s best variable mortgage rates stack up against the best fixed rates? We compared LR.ca 5-year variable rate mortgages and LR.ca 5-year fixed rate mortgages in Nunavut that Canadians have applied for on our site to find out. Turns out, fixed rates are just a bit lower. For Nunavut borrowers looking for the lowest rate, fixed is the way to go.
Take a look at the chart to see the best fixed mortgage rates in Nunavut.
5-year fixed vs. 5-year variable mortgage rates in Nunavut
Last Updated: May 1, 2022
Factors that affect your Nunavut mortgage rate
Once you decide you’re ready to purchase a home, you’ll have to apply for a mortgage loan through a mortgage agent in Nunavut. They’ll also help determine mortgage rates for your Nunavut house, condo or townhome. Lenders want to trust that you’ll be able to pay the loan back. To make that assessment, they’ll review certain criteria like your down payment, debt service ratio, total debt service credit ratio, credit score and income.
Down payment: When making a mortgage down payment in Nunavut, you’ll need to cover between 5% to 20% of your home’s total purchasing price. If that down payment is less than 20%, you’ll be required to purchase CMHC mortgage insurance, which adds to your overall home ownership expenses. The federal government lays out the following rules when it comes to down payments:
A home that costs $500,000 or less: the down payment must be at least 5% of the purchase price
A home that costs $500,000 to $999,999: the homebuyer must put down 5% on the first $500,000 of the purchase price and 10% for the portion above the purchase price (if it's above $500,000)
A home that costs $1 million or more: 20% of the purchase price
You’ll notice there aren’t any 0 down mortgage options in Nunavut. Those opportunities are no longer available in Canada.
Debt service ratios: Lenders rely on calculators to gauge Nunavut mortgage affordability. To help estimate a mortgage interest rate in Nunavut, lenders will want to look at your gross debt service ratio (GDS) and your total debt service ratio (TDS). These two debt ratios both play an important role in getting you Nunavut’s best mortgage rates. Learn more about both below:
Gross Debt Service ratio: GDS estimates how much of your gross income will go toward housing. Using a calculator for your Nunavut mortgage rate, lenders will add up your mortgage, property taxes, heating costs, and half of your condo fees (if you opt for a condo). This total is then divided by your total salary. Lenders typically want to see a GDS of 35% or less.
Total Debt Service ratio: A TDS makes up your GDS ratio and any other necessary monthly payments. For your Nunavut mortgage, a calculator will be used to tally your credit card debt, loan payments, car payments, etc., which will then be divided by your income. In this case, lenders are expecting a score of 42% or less.
Credit score: If you have bad credit, a mortgage in Nunavut may be hard to obtain. Credit scores range from 300 to 900, but most financial institutions want to see a score of at least 600. And, if your down payment is less than 20%, the CMHC will require a credit score of at least 680. To get a low mortgage rate in Nunavut, you’ll want to work on upping that score, which can be done by reducing your amount of credit card applications or checks, using different types of credit, keeping an eye on your payment history, and other methods.
Income: Mortgage lenders are very interested in an applicant’s income because it helps determine whether they can pay the money back. When you apply for a mortgage application, they’ll want to see all types of income you’re earning, such as paid salaries, rental income and investments. If you’re self-employed, they’ll want to view your tax returns from the past three years; copies of articles of incorporation, business or GST licences for your business; your personal and business credit score, and other documents that would prove income and cash flow.
Typical mortgage amount in Nunavut
To guess a typical mortgage amount, you’ll need to factor in location, your down payment, and what the average mortgage rate in Nunavut currently is.
Remember, if your down payment is less than 20%, you’ll need to buy CMHC mortgage insurance. Unfortunately, no zero down payment mortgages in Nunavut exist.
Nunavut’s housing market and home prices
Housing prices in Nunavut can be quite expensive. For example, in the territory’s capital Iqaluit — its largest community and only city — would-be buyers of single-detached homes will need an income level of approximately $139,000, according to the Canadian Mortgage and Housing Corporation. Because of population growth in Nunavut, demand for housing continues to climb.
Nunavut closing costs and land transfer tax
Before you can call your housing purchase a done deal, you’ll need to pay some closing costs. So you don’t end up surprised or overwhelmed by these fees, it’s best to budget 1.5% of the home’s total price to cover these items (excluding the down payment).
Closing costs may include:
Mortgage default insurance (if applicable)
Property valuation fees
Home inspection fees
Nunavut follows the same rules as the rest of the Northwest Territories when it comes to a land transfer tax. For property values at $100,000,000 or less, fees cost $1.50 per every $1,000 value. Properties at a value of over $100,000,000 have a fee of $1.00 for every $1,000.
To break that down further, if you bought a $200,000 townhome, your total fee (200 x $1.50) would be $300.
Information for first-time home buyers in Nunavut
While searching for the best mortgage interest rates today in Nunavut is important, you’ll also want to find other ways to reduce costs. Here are some ways to consider saving:
Brokers vs bank mortgage rates in Nunavut: If you’re wondering who has the best mortgage rates in Nunavut, you’ll need to take your pick between brokers and bankers. Mortgage brokers in Nunavut have the pick of the litter when it comes to mortgage products. Unlike bank lenders, they’re not tied to any particular financial institution's products. This means they have more flexibility and can choose a more competitive offering. Of course, this doesn’t always mean that they always offer cheap mortgage rates in Nunavut. Bank lenders can reward long-term, loyal customers with competitive rates of their own.
There is a third option but it’s typically not recommended. That’s private mortgage rates in Nunavut. Private mortgages are typically given by private corporations and lenders who give money out of their own pockets. These are temporary measures that come with shorter terms and higher interest rates. Even with private lenders, Canadian’s can’t pursue a no-down-payment mortgage in Nunavut.
First-Time Home Buyers Tax Credit: Although first-time home buyers aren’t eligible for a zero-down Nunavut mortgage, they can apply for a non-refundable tax credit of $5,000. The credit is available in both Canada’s provinces and territories and was created to help lessen the financial strain of closing costs.
First-time Home Buyers Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their Newfoundland and Labrador 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.
GST/HST New Housing rebate: Another credit that will help first-time homebuyers enter the housing market is the GST/HST New Housing rebate. Applicants are eligible if they’re new abode will be their primary place of residence and they’ve just bought a new or considerably renovated property from a builder. Those purchasing a share of interest in co-operative housing are also eligible.
The Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: To help seniors aged 65 and above and persons with disabilities afford renovations for the purpose of accessibility, the federal government provides a non-refundable tax credit of up to $10,000. The funds must specifically account for renovation expenses.
Your questions about Nunavut mortgages, answered.
Still wondering what the best mortgage rate in Nunavut is? Read on for answers to some of the most asked questions.
What’s the difference between a mortgage term and an amortization period?
Mortgage term: A mortgage term is the amount of time you’ll be committed to paying your mortgage to a particular lender. Most Canadians opt for a five-year mortgage, but your window can range in Nunavut from paying 6-month mortgage rates to 10 years of payments. Once the term is done, you can renew your contract at a new rate.
Amortization period: An amortization period describes the duration of your mortgage. This includes not only paying down the mortgage itself, but also its loan principal plus interest. For Canadians, the maximum amortization period is 35 years. However, if you can only make a down payment of less than 20%, then you’ll be obligated to buy CMHC mortgage insurance, which has a maximum amortization period of 25 years.
What’s the difference between an open mortgage vs. a closed mortgage?
Open mortgage: Canadians pursue open mortgages when they want greater options when it comes to the terms around repayment. These mortgages can be paid off completely at any time, and typically are given short terms (like up to five years). Open mortgage interest rates in Nunavut are often higher than closed mortgage rates. These higher open mortgage rates in Nunavut are given because borrowers have the option to make additional or increased monthly payments, finish paying their mortgage ahead of the deadline or move their mortgage to another lender in the future.
Closed mortgage: Likewise, closed mortgage rates in Nunavut are lower because borrowers have to make their payments on a fixed schedule for the full length of the term. Borrowers who want to get out of the schedule to either refinance, renegotiate or pay down the mortgage with a lump sum will be charged a fee. Each lender has its own rules when it comes to this, so you’ll need to read the fine print.
How much does it cost to live in Nunavut?
Now that you have an idea around what are current mortgage rates in Nunavut, it’s helpful to understand some of the costs of living in the territory.
The price of food in Nunavut is higher than it is in more southern parts of Canada but there are programs in place that help make fruits and vegetables more affordable. If you’re not used to budgeting for groceries, it would be a good habit to start if you plan to move to Nunavut.
The city centre Iqaluit doesn’t have public transportation, so that means a vehicle is necessary for getting around. Aside from the cost of the vehicle itself, you’ll need to factor auto insurance into your budget. Compared to the price of auto insurance in other provinces and territories, Nunavut falls smack dab in the middle. Shop around with LowestRates.ca to find a cheap rate on auto insurance in Nunavut.
How much does getting a lower interest rate matter in Nunavut?
Getting the lowest mortgage rate in Nunavut is just one part of home ownership. You’ll also want to consider prepayment privileges, penalties and portability:
Prepayment privileges: A prepayment privilege lets you pay down your mortgage in advance without taking on any financial penalties. Whether you go with a bank or broker, they’re going to come with their individual prepayment terms. You’ll want to squarely ask what they are before signing any contracts.
Penalties: Penalties are essentially fees given if you break the terms of your mortgage agreement. Sometimes this winds up happening when borrowers need to refinance or move. If you feel like you’re stuck with an above average mortgage rate for Nunavut, and think you can get a much cheaper deal, incurring a penalty could be worth it in the long haul. You’ll need to double-check your calculations are correct before making any major decisions.
Portability: If you want to steer clear of penalties, you could try negotiating a portable mortgage. This covers you in case you wind up moving before the mortgage ends. In this instance, you’d transfer your mortgage to a new home and combine it with an additional mortgage loan.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works with 75+ 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. LowestRates.ca 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 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.
In a new suburb, builders will often have a model home on site to showcase the soon-to-be-built-homes. Fully furnished and beautifully decorated, this home is meant to entice you to buy one in the new neighbourhood.
If you have a sneaking suspicion that everything is more expensive these days, you’re right. Canada’s inflation rate hit an 18-year high in October of last year, sending consumer prices soaring. So much so that the cost of living has increased by nearly 5%, according to Statistics Canada.