Today’s Mortgage Rates updated as of November 20, 2024 1:12 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Nova Scotia housing sales have seen noted decreases from the five and 10-year averages. The number of houses sold has dropped, although there has been a small increase in the composite benchmark price, which has seen some small gains. Overall, however, average housing prices are down, with slight increases seen in condo apartments and town/row houses. Inventory is also decreasing, with the lowest levels seen in 15 years.
A new Mortgage Regulation Act (“MRA”) came into effect on November 1, 2021 in Nova Scotia. It replaces the Mortgage Brokers’ and Lenders’ Registration Act, introducing a stricter regulatory regime applying to:
As a result, borrowers, prospective borrowers and private investors will be protected against dishonest, misleading practices. To operate in Nova Scotia, all mortgage professionals must comply with new licensing, reporting, education, and record-keeping requirements, including transparency for:
Nova Scotia mortgage performance for the past 10 years has been choppy at best. As interest rates dropped following the “Great Recession,” Nova Scotia homes became more affordable. However, as more people purchased homes, it also increased the risk of mortgage defaults well into 2016.
With the arrival of the pandemic, drastic decreases in interest rates had a powerful impact on the housing market. Today, the province is faced with high inflation and the Bank of Canada’s drastic interest hikes to help reduce the rate of inflation. In the same 10-year period, the average scheduled monthly payment for new mortgages climbed from $1,010 in 2012 to $1,312 for new mortgage loans in 2022. This is still well under the national average of $1,758.
As a first-time buyer in Nova Scotia, you can use these tips to help reduce your overall costs and make getting a mortgage easier:
Shopping for the best rates can save you thousands of dollars per year. For example, if we look at the five-year fixed rate comparisons, the highest rate at Scotiabank costs you $3,330.77 a month, while the lowest rate at BMO is just $2,953.73. When you do the math, this works out to an annual savings of $4,164.48 and almost $350 each month. You could put this money towards a prepayment each year and pay your mortgage down faster while reducing how much interest you pay over the life of your mortgage.
Yes and no. The Nova Scotia mortgage rate market is not as competitive as larger provinces like Ontario. As a result, interest rates can be as much as 0.05 to 0.25 points higher compared to more populated areas in Canada. Home buyers will find fewer opportunities to negotiate rates due to a lack of competition. Shopping around should help you find the most competitive mortgage rates.
As the name implies, fixed rates are fixed at a specific rate for the full term of your mortgage, while variable rates follow prime rate trends. As a result, variable rates can be much lower than fixed rates at times. However, in the current market, higher interest rates will cost you more over the life of your mortgage if rates don’t drop enough in the future to help balance out the increases.
Closed mortgage rates tend to be lower than open mortgages making closed mortgages the better choice in most cases. However, with an open mortgage, you have the opportunity to make limitless prepayments to pay down your mortgage faster. That’s why the bank charges a higher interest rate to make up for their potential losses.
Yes. A mortgage broker in Nova Scotia will compare the rates different lenders are offering and help you choose the best option for your specific financial situation and goals.
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While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
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Citadel Mortgages is licensed in the following: Ontario FSRA 12993 – Saskatchewan FCAA 509446, Nova Scotia 2021-3000010 – Alberta, PEI, Nunavut, Newfoundland 21-07-CI083-1. New Brunswick 210031130, British Columbia X301267, Quebec AMF – 3003071684
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