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BEST MORTGAGE RATES IN Nova Scotia

When you are shopping for the best mortgage rates in Nova Scotia, it can be overwhelming trying to navigate the many options available. This overview offers an easy-to-use guide to find the ideal mortgage for you.

Nova Scotia Housing Market

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.

MORTGAGE RATES NOVA SCOTIA

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC.png

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

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5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

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5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

Nova Scotia Mortgage Regulation

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:

  • Mortgage brokerages
  • Associate mortgage brokers
  • Mortgage lenders
  • Mortgage administrators

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:

  • Total borrowing costs
  • All loan fees
  • Interest rates charged

Nova Scotia Mortgage Performance

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.

Nova Scotia Mortgage Rate Market

Nova Scotia’s population hovers at about one million people. Although it is the largest population in Atlantic Canada, the mortgage rate market is not as competitive as larger provinces like Ontario. For example, Nova Scotia has 72 mortgage lenders, while Ontario has 113. With less competition, the mortgage rate market tends to be slightly higher, with fewer opportunities to negotiate a lower rate.

Tips for First-Time Homebuyers In Nova Scotia

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:

  • Incentives: Take advantage of the First-time homebuyer’s incentive and Down Payment Assistance Programs. This will help lower the cost of buying a home and provide loan assistance to make it easier to afford your down payment.
  • Preapproval: Make sure you are pre-approved for your mortgage before you start your home search so you can a) Lock into the current rate to avoid increases and b) Understand how much you can afford for your mortgage. If mortgage rates increase, your lender will honour the pre-approved rate based on the agreed-upon period (which is usually about 90 days). However, if rates drop, you’re still entitled to receive the better rate.
  • Down payment: Make sure you understand how much you need for your down payment, and try to contribute as much as you can to reduce how much interest you’ll pay.
  • Use a mortgage broker: Work with a mortgage broker to do your comparison shopping and help you find the best mortgage rates in Nova Scotia.

Current Mortgage Rates in Nova Scotia

Here is a quick overview of current mortgage rates in Nova Scotia:

TERM LENGTH

BANK RATES

CITADEL MORTGAGES RATES

1-Year Fixed

2-Year Fixed

3-Year Fixed

4-Year Fixed

5-Year Fixed

5-Year Variable

Manulife One 5-Year Fixed

Manulife One HELOC

Compare Nova Scotia Mortgage Rates From Lenders

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC.png

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

citadel-mortgages.png

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

citadel-mortgages.png

3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

citadel-mortgages.png

5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

How to Find The Best Mortgage Rates In Nova Scotia

It’s not easy trying to find the best mortgage rates in Nova Scotia. However, with the help of a mortgage broker, you can receive a comprehensive overview of the best rates suited to your financial situation. This is important, as low credit scores, a lack of credit history, or being self-employed can all impact the types of lenders willing to offer you a mortgage. These scenarios also impact your interest rates. A mortgage broker will discuss your needs and find the best solution for you.

Frequently Asked Questions About Mortgages in Nova Scotia

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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DISCLAIMER

Citadel Mortgages operates an information-based website that displays mortgage rates from its partners. While the company strives to provide the best possible rates, it cannot guarantee their accuracy at all times. Therefore, Citadel Mortgages accepts no liability for the precision of the information presented and is not accountable for any damages resulting from its use. Terms and conditions apply, and it is necessary to speak with a mortgage broker for further details. Please note that the rates displayed in this article are for article use only.

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BMO 5-year Fixed Mortgage Rate

5.64%

BMO Mortgage Rates - Citadel Mortgages

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

6.09%

HSBC.png

3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

7.00%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

5-Year Variable Mortgage Rate

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No

Pre-approval

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10%

Pre-approval

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10%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Variable High Ratio Mortgage Rate

6.10%

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3-Year-Variable

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No

Pre-approval

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20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year High Ratio Variable Mortgage Rate

5.90%

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5-Year-Variable

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Manulife 1 Year Fixed Insured Mortgage Rate

6.84%

Best Mortgage Rates Manulife Bank - Citadel Mortgages

1-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 1 Year Fixed High Ratio Mortgage Rate

6.44%

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1-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Manulife 2 Year Fixed Insured Mortgage Rate

6.69%

Best Mortgage Rates Manulife Bank - Citadel Mortgages

2-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 2 Year Fixed High Ratio Mortgage Rate

6.24%

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2-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Manulife 3 Year Fixed Insured Mortgage Rate

6.49%

Best Mortgage Rates Manulife Bank - Citadel Mortgages

3-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Fixed High Ratio Mortgage Rate

5.54%

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3-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Manulife 4 Year Fixed Insured Mortgage Rate

6.54%

Best Mortgage Rates Manulife Bank - Citadel Mortgages

4-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4 Year Fixed High Ratio Mortgage Rate

5.54%

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4-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment